![]() "We've had to restrict who's been able to invest through the family office," said Bradley Van Buren, an attorney and partner at Holland & Knight in Boston who works with family offices. The designation of that person rather than a husband and wife, means providing services to a spouse's parents, siblings or nieces and nephews could force registration as a commercial investment adviser. When the SEC defined family members in rules issued in June 2011, it said families could designate a common ancestor, whose descendants could be served by the office. ![]() They also don't have to disclose equity holdings even after rules enacted in the wake of the 2008 financial crisis increased oversight of investment advisers. They typically don't have to register with the SEC like other money managers, avoiding certain compliance costs. ![]() "If you're a commercial adviser, the purpose of registering is to make sure there is a certain level of available information and compliance in place for their investors' protection."įamily offices, which have existed for more than a century to handle the financial affairs of the wealthy, oversee an estimated $4 trillion globally. "There isn't any real compelling reason for the public to know how a family office operates," said David Guin, a partner at Withers Bergman who specializes in securities regulation for family offices. By winning SEC approval, the single-family offices are redefining how broad they can be without divulging information about the wealth they manage or triggering regulatory scrutiny. Duncan and descendants of the New York banking dynasty of Joseph S. The Streep decision followed similar orders granted to the offices that serve the billionaire heirs of energy tycoon Dan L. Two people familiar with the matter said the former sister-in-law is the Oscar-winning actress, whose brother Dana was recently divorced from Mary Simon, a daughter of the former treasury secretary. 20 granted their petition, according to an SEC document that didn't identify Streep. Securities and Exchange Commission after a 2011 rule tightened the definition of family clients. The Simons, who have advised their former sister-in-law for 26 years, sought permission from the U.S. Ford in the 1970s, that means they can keep managing money for Meryl Streep and her foundation within their family office. Simon, Treasury secretary under Presidents Richard Nixon and Gerald R. ![]() that manage the wealth of a single family are winning the right to serve in-laws and their relatives.įor the descendants of William E. ![]()
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