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 October 18, Steven Cash will be speaking on a panel, "Becoming A Risk-Oriented Advisor," at the 2019 Family Wealth Alliance Fall Forum in Chicago, IL.
On October 15, Von Sanborn will co-chair three panels and Art Requenez will speak at Private Wealth Management LATAM, an executive education program presented by The Wharton School of the University of Pennsylvania in partnership with its Family Business and Office School and held in Miami, FL.
Warren Whitaker participated in a task force discussion on government policy, focusing on taxing wealth, at the inaugural New York Times DealBook DC Strategy Forum, held at The Watergate Hotel in Washington, DC.
On July 15, Angela Titus McEwan and Von Sanborn will be speaking at a Family Governance Symposium presented by the New York State Bar Association and held in New York City.
Stephen Ziobrowski, Carl Merino and Seth Mersky co-authored an article, "IRS Clarifies Foreign Partner Withholding Rules," which was published on WealthManagement.com and distributed in Trusts & Estates magazine's weekly e-newsletter, The Estate Planner.
Manuel Garcia-Linares is quoted in an article, "Start Early, Keep it Local, and Keep it Customized: Wealth Management in the Gables," published in the October 2019 issue of Coral Gables Magazine.
Warren Whitaker is noted in a September 19 special section of The New York Times, "How Do You Fix … All of It?" The special section focuses on findings from the inaugural New York Times DealBook DC Strategy Forum, at which Whitaker participated in a task force discussion on the best way to tax the wealthy in the U.S.
Day Pitney Press Release
Day Pitney LLP and Boca Raton associate A. Michael Wargon are featured in a profile, "Deep Roots. More Talent.," published in the September 2019 issue of The Boca Raton Observer magazine.
Day Pitney LLP is pleased to announce that the firm and 16 attorneys in its Individual Clients department have been ranked in the 2019 Chambers High Net Worth (HNW) Guide*, a Chambers and Partners publication specifically aimed at the international private wealth market.