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Goals change over time, both in their definition and their priority. Financial markets also change over time, requiring investors to periodically revise their family goal matrix and re-examine their choice of ideal portfolios to fund family goals. Like all long-lasting marriages, flexibility is required to keep the investment portfolio in close com...

While global investors have been curbing their home country biases, most remain too heavily invested in their local markets. The authors believe the lowest risk strategy to realize the global equity risk premium is through a market capitalization weighted approach, which eliminates the risk of overweighting a poor performing region.

With interest rates at historic lows, investment strategies that worked in the past may be inadequate for the future. Although the prospects for traditional investments might seem impaired if rates reverse course, other sources of return may be available if one also considers managers versed in long/short investing across multiple asset classes.

Emerging markets have been left behind during the bull run of 2013 as confidence in them has waned during a period of rising interest rates. Understanding the investment opportunity, however, requires a deep dive into the substantial structural differences between emerging markets and developed markets.

Traditional investment managers, looking for a way to boost returns and beat industry benchmarks, have begun to notice that many of the evaluation factors that socially responsible investment managers use also provide valuable insight into the overall financial health and performance of companies.

Information security in the family office context needs to a collaborative effort between the family, the office, and any intertwined vendors. This article from Plante Moran’s IT security consulting group discusses key factors in improving the security of the family office’s confidential information.

The process to execute and close deals continues to challenge investors flush with cash. The trend in deal volume over the last several quarters brings this to light. Nevertheless, the M&A community continues to churn with activity as buyers and sellers try to create mutually beneficial outcomes. Whether you are a buyer or seller, the featured ...

One of the things we’ve learned is that a family contract can be a valuable tool to help families build trust and avoid conflicts. We’ve also found that for a contract to work well, everyone who signs the contract should have a say in how the contract is written. That doesn’t mean you will get everything you want and, as you proba...

New Hampshire’s directed trust statutes provide families with maximum flexibility and control in the creation and ongoing administration of trusts. This paper explores the benefits of directed trusts and illustrated a typical NH directed trust structure.

Since 2006, New Hampshire has permitted the formation of family trust companies. This paper summarizes the advantages of creating family trust companies in a favorable site such as New Hampshire.

In prior rising rate environments, various parts of the municipal yield curve reacted differently based on economic conditions and the pace and scale of Fed activity. An analysis of historical changes in monetary policy shows that in the past three rising rate environments, a hypothetical investor who stayed the course through the tightening ...

Unlike corporations, municipalities are perpetual entities that cannot be liquidated through bankruptcy. Thus, Chapter 9 of the Bankruptcy Code is dedicated to the unique circumstances of municipalities. This report explains the key components of Chapter 9, identifies entities eligible to file, reviews state actions to deter future filings by local...

Rising rates can spook bond investors, since rates and bond values are inversely related. As a result, investors sometimes sell following a sharp price decline, hoping to reinvest as the market recovers, effectively “selling low.”

We believe recent volatility in high yield bonds is largely the result of fund flows – not fundamentals or widespread credit concerns. It is an example of inefficiency in the high yield market, as technicals are important for the short-term but fundamentals matter in the end.

Few problems are as vexing and seemingly impossible to resolve for families, advisors and trustees as the active alcoholic or addict, particularly those who continue to use after treatment. While low recovery rates for treatment and subsequent relapse may be understandable in the aggregate, on the individual level the experience is frustrating and ...