Von Sanborn was quoted in an article, "U.S. Family Offices Face Increasing Competition from Foreign Families," published by Private Asset Management. The article discusses an uptick in international family offices seeking a presence in the United States, driven mainly by investment benefits from tax reform, political instability in their home countries and a desire for geographic diversity.
Sanborn told Private Asset Management the increase in U.S.-bound movement can be tied to the Tax Cuts and Jobs Act of 2017, which "makes it much more efficient to invest in the U.S. in a sound economic way," along with political instability in the home countries of families and a desire for increased geographic diversity of their investment programs. "They are looking for the same thing with programs such as currency diversity in order to have some amount of hedging vis-à-vis their home currency. We have also seen a number of Latin American family offices doing the same thing for the public equity and public debt markets and to have what they perceive to be better access to U.S. managers," he added.
As noted in the article, the influx of high and ultra-high-net-worth investors has led to more deal competition among family offices already competing with professional investors and private equity. "One continuing trend we see is non-U.S. family offices coming in to directly invest in U.S. real estate as well as direct investments in U.S. portfolio companies in order to avoid advisory fees by making direct investments on their own," commented Sanborn. "There seems to be a perception that if you're a family office outside the U.S. you may not have the same access to products and bankers in the U.S. until you have an office here with boots on the ground. Consequently, we have seen a number of families set up satellite offices within the U.S. to avoid this."
On June 7, Tina Albright will be speaking on a panel, "Family Office & Next Gen Planning," at the Transcontinental Trusts International Forum in Bermuda.
On June 6, Von Sanborn will serve as the moderator at an Opportunity Zones program presented by the National Association of Corporate Directors (NACD) Connecticut Chapter and held at the Shore & Country Club in Norwalk, CT.
Dan Gottfried spoke on a panel, "The Qualified Business Income Deduction for Real Estate Investors and Professionals," at the 31st Annual Real Property, Trust and Estate (RPTE) National CLE Conference, presented by the American Bar Association and held in Boston, MA.
Dina Kapur Sanna will be speaking on two panels at International Estate & Tax Planning 2019, a conference presented by the Practising Law Institute and held in New York, NY.
Carl Merino spoke on a panel, "Non-Residents Acquiring Real Estate: Compare & Contrast Between the U.S. & UK," at the U.S.-UK Tax Planning conference, presented by KNect365 and held in New York, NY.
Day Pitney's Family Office practice has been selected as a finalist in the Family Offices—Client Initiative category of the 2019 Wealth Management.com Industry Awards for the Day Pitney Family Office Investing SeriesTM.
Day Pitney Press Release
Tina Albright and Rebecca Tunney were quoted in an article, "USA Update: Engaging Women in Wealth Management," published by Citywealth.
Daniel Gottfried, chair of Day Pitney's International Transactions practice was quoted in an article, "Who Can You Trust in the Cryptocurrency Economy?," published by the Robb Report.
Jared Ross was quoted in an article, "Ultra-Rich Scout Direct Real Estate Investments," published by Banker & Tradesman.