BY BESTENIGAR KARA
The Singapore-based Family Office Insider, a platform that gathers family offices and ultra-high-net-worth individuals (UHNWIs), plans to launch an office in Turkey in the upcoming period. “We aim to establish connections with family offices with assets of at least USD 30m in Turkey. We will be one of the key players in this region with all our might. For this purpose, we plan to establish our Istanbul branch this year,” Family Office Insider Founder and Chairman Maxwell Nee told TR MONITOR.
The number of UHNWIs, meaning people with a net worth of at least USD 30m, surged by 4.2% to over 626,600 worldwide while they hiked 9.7% from 1,761 to 1,932 in Turkey in 2023, year-over-year, according to a report by the UK-based real estate consultancy Knight Frank. On the other hand, a family office is a privately held company that handles investment and wealth management for a wealthy family with at least USD 50-100m in investable assets to grow and transfer the wealth across generations effectively.
From this perspective, Family Office Insider, which brings together UHNWIs and family offices, offers exclusive co-investment opportunities, introductions, private events, business partnerships, efficient due diligence, and a consortium of like-minded members. While the networking platform is only accessed by invitation and referral, it allows its members to invest and trade with each other, engage socially, and make connections that aren’t accessible to third parties. Apart from Singapore, Family Office Insider operates offices in Australia and Canada. The events held by Family Office Insider bring together principals and decision-makers who traditionally handle investments and the wealth management of family wealth. With these events, the platform aims for effective portfolio management through investment diversification, cross-border investment, tax efficiency, growing net wealth, and wealth transfer across generations.
Family Office Insider held its first event in Istanbul, hosted by the Australia-based sustainability packaging and building materials manufacturer and international ESG (Environmental, Social, and Governance) investing partner Wandarra, on March 20 as part of its Europe tour. The Istanbul event, attended by ESG and sustainability experts from Australia and Singapore, included dialogues and discussions that surround the United Nations (UN) Sustainable Development Goals (SDG) to attain UN syndicated funding and higher ESG scores and in exceptional cases, funded philanthropic efforts that are guided through the capital markets. At the event, the Family Insider Office Board and top executives convened with around 50 professionals from Turkey, including entrepreneurs, investors, and family offices.
Following Istanbul, Family Office Insider’s Europe tour will continue in March, April, and May to Germany, Belgium, Netherlands, Denmark, Spain, Croatia, and Serbia. “We established Family Office Insider in May 2023. It attracted 100 family businesses, entrepreneurs, family offices, celebrities, and athletes in ten months. We aim to raise this figure to 1,000 in three to five years,” Nee said, stressing that Istanbul is equipped to create and implement wealth for generations in sectors such as real estate, financial and credit markets, media and entertainment, construction, food security, and sustainability with agricultural technologies. “Sustainability with agricultural technologies is a critical sector that will bring the world closer to the ‘Net Zero’ target in 2050, a goal Turkey has also signed.”
“TURKEY CAN MOVE CAPITAL TO MOST EFFICIENT PLACES”
One of the reasons why Istanbul was the first stop of Family Office Insider’s Europe tour is that it is a financial hub by definition in many ways, according to Family Office Insider Board Member Daren Marks. “There is a lot of capital flow in the city, which has gotten east and west,” he said.
To him, Turkey also has dense trade and generational wealth. “This capital always tries to find a home. Given the international global nature of capital and Turkey as a former empire, the country understands what it means to move capital to the most efficient places,” Marks added.
It’s also noteworthy that Singapore and Austria are powerful in the sectors such as agriculture, technology, fintech, and ESG. However, Turks generally head towards the U.S. and Europe for these areas. “A lot is also going on the other side of the world. That’s why we want to demonstrate that there is another world out there for Turks to invest their family money in,” Marks noted.
From left to right: Family Office Insider Founder and Chairman Maxwell Nee, Wandarra CEO Steve Tiley, Equitas Managing Director Andreas Jerschensky, Family Office Insider Board Member Daren Marks
Family offices on the rise in top-tier finance centers
According to Family Office Insider Board Member Nesli Atac, the establishment of family offices has surged in top-tier finance centers like Australia and Singapore over the last 10-15 years. “Our members invest and trade with each other, engage in social interaction, and establish connections inaccessible to third parties. We learn firsthand investment trends worldwide and build trust-based, sustainable international friendships. We all respect each other’s capital,” Atac said.
