家族辦公室?連傳媒大亨默多克都說好!

2019/01/22 來源:金融界

媒體集團默多克家族,身邊人才濟濟,為何需要成立家族辦公室?

傳媒大亨魯伯特·默多克(下稱「老默多克」)的兒子詹姆斯·默多克正在建立自己的家族辦公室。

此前,沃特·迪斯尼公司出資713億美元收購了21世紀福克斯大部分股權(詹姆斯·默多克為21世紀福克斯現任CEO)。根據彭博億萬富翁指數(Bloomberg Billionaires Index),這筆交易為老默多克的財富增加了40億美元,淨資產增加至180億美元。

詹姆斯和他的5個兄弟姐妹也是擁有福克斯股票的家族信託受益者。據彭博社計算,如果收益平均分成,他們每人可獲得約20億美元。

據媒體披露,總部位於內華達州的裡諾(Reno)家族信託公司擁有價值大約150億美元的21世紀福克斯股票和10億美元的新聞集團股票。而這家家族信託的實際控制人就是老默多克。換而言之,一直以來,老默多克的財富一直掌控在自己手中。

1. 牆外開花牆內也香

家族辦公室又稱家族理財室,是由一支涉及多個不同範疇的專業管理團隊組成,為富豪家族管理財富。

根據國際家族辦公室協會(International Family Office Association,IFOA)的定義,家族辦公室是專為高資產人士與家庭服務的中立機構,主要從家族成員的需求與利益出發,提供包括行政管理、稽核督察、稅務、慈善事業、家族價值與教育、家族企業治理、生活目標實踐、投資事務等服務,致力於協助企業跨代傳承財富與價值。

事實上,早在6世紀的歐洲,就已經出現家族辦公室的概念。

在當時,由國王的管家來管理皇室財富,後來有貴族要求加入,令管理財富概念逐漸系統化,演變成如今的家族辦公室。

梅隆銀行創辦人托馬斯·梅隆(Thomas Mellon)於1868年創立全球首個家族辦公室,其目標是聘請一支專業團隊,為複雜的家庭提供全面的投資、會計、法律、教育和禮賓服務,以保護他們的子孫後代。

洛克菲勒也追隨他的腳步,於19世紀80年代末成立家族辦公室,在專業經理人協助下,將家族旗下所有資產集中管理。

據悉,洛克菲勒家族的家族辦公室設在紐約洛克菲勒30廣場(30 Rockefeller Plaza)56樓,一共聘請了200位專業經理人協助管理其家族財富。

摩根大通創始人約翰·皮爾龐特·摩根亦是如此。

如今,家族辦公室的概念在國內外眾多顯赫的富豪家族間愈發普及。包括美國著名脫口秀主持人奧普拉·溫弗瑞、戴爾公司CEO邁克爾·戴爾,以及Facebook創始人馬克·祖克柏在內的美國億萬富翁,都將財富投入到諸如家族辦公室一類的機構,並處理房屋、旅行等個人事宜。

與此同時,中國中信銀行私人銀行與中國胡潤研究院2018年11月1日聯合發布的《2018中國企業家家族傳承白皮書》(下稱“《白皮書》”)指出,近兩三年內,負責代管或專門管理家族財產的“家族辦公室”也被引入中國市場。其中,最有影響力的是阿里巴巴集團核心創始人在香港設立的家族辦公室,它負責管理馬雲和蔡崇信的部分財富。

白皮書認為,一個家族若有10億元以上財產,需要單一的家族辦公室來管理;若是家族財產在10億元以下、1億元以上(含1億)的,則需要使用聯合家族辦公室服務。調研數據顯示,10%的中國企業家已經設立或委託家族辦公室助力家族傳承,63.2%的企業家現階段未設立,但未來會考慮。

2. 緣何家族辦公室盛寵不衰

公開資料顯示,當前,全球億萬富翁控制了近9兆美元的資產,其中約4兆美元放在家族辦公室中,這一數字甚至超過全球對衝基金管理的資產總額,相當於全球證券市場6%的投資額。

究竟是什麽讓家族辦公室盛寵不衰?

據《福克斯》報導,在美國,家族辦公室通過將資本部署到收益率更高、流動性更強的資產,來應對長期低利率環境和與機構相關的高額費用。

瑞銀集團(UBS)和康普頓財富公司(Campden Wealth)在最新聯合發布的全球家族辦公室資產投資調查報告中指出,2017年,大多數家族辦公室采取平衡的投資策略(45%),1/3則偏向保守(以歐洲為主),只有23%的投資策略比較激進(以北美和亞太地區為主)。

在投資類別上,股票由於流動性強、長期收益可觀,在家族辦公室的投資組合中一直佔據關鍵位置。2017年股票投資平均佔比28%(同比增加4.8%,下同)。其中發達市場股市佔22%(+3.8%),新興市場股市佔6%(+1%)。

此外,對私募股權(PE)的投資也依然保持強勢,PE基金佔比7.6%(+2.8%),直投佔比14%(+0.1%),是富豪最熱衷投資的第二大資產類別。

傳統的房地產投資也沒有被家族辦公室冷落。2017年直接投資的部分增加了2.3%,達到了17%,佔比17%(+2.3%)。歐洲的家族辦公室對房產投資尤為熱衷,平均佔比23%。

由於對衝基金近年來表現不佳,在投資組合中的佔比再次遭到削減,僅佔5.7%(-3.2%)。同時,和2016年相比,家族辦公室持有現金佔比有所下降(-3.9%)。

報告顯示,2017年家族辦公室的投資收益十分可觀,平均綜合回報率為15.5%,遠高於2016年(7%)和2015年(0.3%)。其中,亞太地區的家族辦公室回報率最高,達到了16.4%。

雖然家族辦公室投資大多選擇規避風險的投資方式,但創新投資選擇不斷出現,投資背後的動機也在不斷發展,社會和環境影響成為一個重要的考慮因素。

值得注意的是,自2000年以來,隨著全球財富快速增長,家族辦公室的發展十分迅速。參與上述調查的家族辦公室有2/3是2000年之後才成立的。

《經濟學人》雜誌分析,這是因為近年來,金融領域中“流動性事件”的增多,比如首次公開發行(IPO)後,有大量的現金需要管理;此外,作為一股“時尚潮流”,尤其是亞洲去年年底,有4位中國大亨將超過170億美元財富轉移到家族信託中。

Winners FO 觀點:

高資產家族非常重視家族財富的保護,由於人治方式容易因情緒而出現錯誤,導致富不過三代,遺憾頻傳。而家族辦公室所運用的家族信託,能夠完全體現設立人(委託人)的意願,制定資產處置及給付條件,並透過家族委員會進行管理及限度內的調整,讓家族財富永續成為必然。

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