近日，建信信托凭借在家族信托领域的规模引领、专业深耕、创新突破与责任担当，实力斩获《亚洲银 行家》财富与社会奖项计划——"年度领军家族信托受托机构"殊荣。作为建设银行控股的头部信托机 构、建行集团综合化经营的一支重要力量，建信信托家族财富业务在总行私人银行部的指导下，深耕家 族信托领域十余年，始终秉持"百年之约︱一诺千金"的信念，以专业服务守护众多家族的财富传承与精 神延续，并以1400余亿元家族信托存量规模领跑行业，成为行业规范化、高质量发展的标杆典范。 专业深耕沉淀经验支撑规模化运营 建信信托依托建设银行强大的股东背景与资源优势，以及覆盖全国核心区域的服务网络，专业打造了家 族财富管理、项目投融资、证券投资、股权投资、资产服务信托、慈善信托六大业务板块。截至目前， 信托资产总规模已超过2万亿元，为家族信托业务发展奠定了坚实的平台基础。 在高净值人群代际传承需求逐步释放的当下，家族信托已不再是单纯的"财富传承工具"，而是兼具法律 保障、推动企业发展、实现社会价值三重属性的复合型制度载体。通过发挥信托财产独立性优势，家族 信托为众多企业主家庭打造"财富保险箱"——运用科学的架构设计，将家庭核心资产与企业经营资 ...

Core Viewpoint - The article discusses the significant financial loss experienced by Nicolas Puech, the heir to Hermès, due to alleged fraudulent activities by his long-time financial advisor, Eric Freymond, leading to the disappearance of shares valued at over €14 billion (approximately ¥100 billion) [2][5][8]. Group 1: Background and Context - Nicolas Puech, born in 1943, is a direct descendant of the founder of Hermès and was once a major individual shareholder with nearly 6% of the company [12][14]. - Puech's shares were reportedly sold or transferred without his knowledge starting in 2008, as he had distanced himself from family affairs and lived a quiet life [5][8]. - The relationship between Puech and Freymond, which began in the late 1990s, was characterized by trust, with Puech delegating financial management to Freymond [20][21]. Group 2: Allegations and Legal Proceedings - In 2024, Puech filed a criminal complaint against Freymond for breach of trust and asset misappropriation, while also pursuing civil lawsuits against LVMH and its chairman, Bernard Arnault, claiming that some of his shares ended up with LVMH [8][10][39]. - Freymond denied any wrongdoing, claiming a personal relationship with Puech, but his statements were inconsistent over time [8][39]. - Freymond died in a train accident in 2025, which complicated the investigation and left Puech without a key witness [8][39]. Group 3: Financial Dynamics and Market Implications - The article revisits the historical context of the stock battle between Hermès and LVMH, highlighting LVMH's covert accumulation of Hermès shares through derivatives and discreet transactions [9][30][34]. - By mid-2008, approximately 90% of Puech's shares had been sold, primarily to LVMH, which was aggressively expanding its luxury brand portfolio during that period [30][32]. - LVMH's actions were seen as a breach of industry norms, leading to regulatory scrutiny and a fine of €8 million for failing to disclose its shareholding in a timely manner [37][40]. Group 4: Personal and Social Dynamics - Puech's lifestyle and background contributed to his vulnerability, as he was accustomed to a world where wealth was managed automatically, leading to a lack of awareness regarding his financial situation [42][44]. - His close relationships, particularly with Freymond and his gardener, reflected a trust-based approach to personal and financial matters, which ultimately left him exposed to exploitation [45][48]. - The article illustrates the complexities of trust within elite social circles, where personal relationships can obscure professional responsibilities and lead to significant financial consequences [46][48].

2025年夏天，一条新闻在全世界的有钱人圈子里炸开了锅。 爱马仕的第五代继承人，82岁的尼古拉斯·皮埃什，他手里价值150亿美金的股份没了，人间蒸发。 尼古拉斯·皮埃什图源：网络 你能想象吗？这个曾在福布斯富豪榜上名列前茅、身家一度高达156亿美元的老人，现在出行要坐易捷航空的经济舱。 一个坐拥百年财富的家族，怎么就让这笔巨款在眼皮子底下溜走了？ 人们常说，堡垒最容易从内部攻破。这句话用在皮埃什身上再合适不过。 骗走他钱的，不是什么高明的金融黑客，而是他认识了二十五年、几乎形影不离的"自己人"——埃里克·弗雷蒙德。这个人不仅是替他管钱的理财师，更 是替他订餐厅、叫出租车，打理一切生活琐事的"管家"。 埃里克·弗雷蒙德 图源：网络 这件事扯下了一块华丽的遮羞布：再显赫的家族，如果还靠着老一套的人情信任来管钱，在复杂的现代金融和赤裸的人性面前，可能不堪一击。 财富的崩塌，往往始于最亲近、最不设防的地方。 更具宿命感的是，皮埃什作为爱马仕最大的个人股东，其股份开始大规模流失的时期，恰好与LVMH集团对爱马仕发起那场长达十余年的"隐秘收购战"关 键阶段相重叠，这到底是不是一个巧合？ 完美骗局——如何将一头"金羊"薅秃 ...

Core Viewpoint - The article discusses the dramatic loss of $15 billion in wealth by Nicolas Piesch, the fifth-generation heir of Hermès, due to a long-term betrayal by his trusted financial advisor, Eric Freymond, highlighting the vulnerabilities of relying on personal trust in financial management in a complex modern financial landscape [2][4][6]. Group 1: The Betrayal - Nicolas Piesch, once a billionaire with a net worth of $15.6 billion, now finds himself in a precarious financial situation, relying on budget airlines for travel [2][4]. - The betrayal was orchestrated by Eric Freymond, who managed Piesch's wealth and personal affairs for over 25 years, exploiting the trust placed in him [4][6]. - The loss of wealth began during a critical period when LVMH was secretly acquiring shares of Hermès, raising questions about the timing of the financial mismanagement [6][24]. Group 2: The Mechanism of the Fraud - Freymond's strategy involved becoming an indispensable "shadow" to Piesch, managing not only his finances but also his daily life, leading to Piesch's dependency and loss of oversight [9][10]. - He isolated Piesch from external influences, instilling fears about family members wanting to take his shares, which further entrenched Piesch's reliance on Freymond [9][10]. - The pivotal moment came when Piesch was persuaded to convert his Hermès shares into bearer shares and transfer them to Switzerland, allowing for untraceable ownership transfers [10][12]. Group 3: The Aftermath and Broader Implications - A small oversight in 2022 revealed the extent of the fraud, leading to a comprehensive audit that uncovered the majority of Piesch's shares had been sold off by 2021, coinciding with LVMH's acquisition efforts [12][24]. - Freymond's subsequent death, ruled as a suicide, left many questions unanswered and complicated the recovery of the lost assets [14][24]. - The case illustrates the dangers of relying on personal trust in financial matters, emphasizing the need for institutional safeguards and transparency in wealth management [22][28]. Group 4: The Context of Wealth Management - Piesch's situation reflects a broader issue within wealthy families, where traditional trust-based systems may fail in the face of modern financial complexities [16][22]. - The Hermès family had previously taken steps to protect their collective wealth from external threats, but individual members like Piesch remained vulnerable due to a lack of oversight and modern financial literacy [20][22]. - The article concludes with a warning about the internal threats to wealth, suggesting that the most dangerous attacks often come from within rather than from external forces [28][32].

Core Insights - The role of family offices has evolved beyond merely protecting and growing financial assets to focusing on family legacy, human capital, intellectual capital, and social capital [1] - The Investment Committee (IC) is becoming the central governance mechanism for family offices, ensuring investment decisions align with family financial goals and long-term vision [2][21] Investment Committee Overview - The IC is a formal governance structure responsible for overseeing investment activities, ensuring alignment with family financial objectives and risk tolerance [2] - A lack of an IC can lead to issues such as a lack of professionalism and trust within family offices [2] Value of a Structured Investment Committee - A structured IC provides three main benefits: strategic oversight, performance monitoring, and risk management [3] - It plays a critical role in aligning daily decisions with family strategic investment goals [5] Key Responsibilities of the Investment Committee - Develop an Investment Policy Statement (IPS) that outlines asset allocation, risk preferences, and return objectives [5] - Evaluate investment opportunities and monitor performance regularly [5] - Manage liquidity and ensure long-term wealth transfer [5] Composition of the Investment Committee - A well-structured IC typically consists of 3 to 7 members, combining financial expertise, family perspectives, and independent insights [7] - The effectiveness of the IC is enhanced through a structured recruitment process rather than relying solely on personal networks [8] Best Practices for Investment Committees - **Define Structure and Roles**: Clearly outline member qualifications, responsibilities, and terms to ensure professionalism and efficiency [9] - **Establish a Robust Investment Philosophy**: Create a clear investment philosophy that aligns with family interests and is documented in the IPS [10] - **Implement Effective Meeting Protocols**: Regularly distribute comprehensive materials and maintain detailed meeting records to enhance decision-making [11] - **Develop a Thorough Decision-Making Framework**: Establish clear criteria for evaluating new investment opportunities and monitoring existing investments [12] - **Balance Family Values with Performance Goals**: Integrate family values into investment decisions to ensure alignment with broader definitions of success [14] - **Maintain Clear Governance Boundaries**: Distinguish between governance and management roles to prevent micromanagement [15] - **Foster a Culture of Continuous Learning**: Prioritize ongoing education on emerging trends and investment strategies [17] - **Build a Comprehensive Risk Management System**: Implement a multi-dimensional risk framework that considers various risk factors [19] - **Conduct Regular Performance Evaluations**: Establish a multi-layered evaluation method to assess both investment performance and the effectiveness of the IC [20] Conclusion - The effectiveness of the Investment Committee is crucial for the long-term financial outcomes of family wealth management, ensuring alignment with family values and legacy goals [21]

Core Viewpoint - The generational wealth transfer in private enterprises, exemplified by Wahaha and Zong Fuli, highlights the dramatic and realistic challenges faced by the second generation as they take over from the first generation, marking a significant shift in wealth inheritance and distribution in China [1][2]. Group 1: Challenges Faced by Second Generation - The second generation, such as Zong Fuli, encounters a "passive" situation that requires them to be "proactive" in overcoming challenges [1][2]. - Factors contributing to this passive situation include environmental differences, ideological gaps, capability gaps, lack of planning, and complex family relationships [2]. - The manufacturing sector, which comprises a large number of private enterprises, is at the forefront of China's economic transformation, making the challenges of succession and upgrading more pronounced [2]. Group 2: Strategies for Overcoming Challenges - A "standard answer" for overcoming these challenges is to establish a comprehensive professional management system to ensure effective business succession [3]. - Many private enterprises in China still operate as family businesses, transitioning towards modern corporate governance, which complicates the integration of successors with professional management teams [3]. - Effective inheritance and succession require a long process, as China's private enterprises are relatively new and lack established wealth traditions [3]. Group 3: Future Directions - The second generation is encouraged to innovate and create their own paths rather than merely replicating their predecessors' methods, exploring new industries such as e-sports, live streaming, and medical beauty [2]. - Success in succession does not necessarily mean starting anew or strictly following in the footsteps of the previous generation; achieving breakthroughs in specific areas like technology, market, or supply chain is also valuable [3]. - The ability to adapt to changing markets and manage resources and networks effectively is crucial for the significance of succession [3].

Core Points - The "One Big Beautiful Bill Act" aims to reduce taxes by $4 trillion over the next decade and cut at least $1.5 trillion in spending, marking a significant legislative shift for wealthy Americans [1][2] - The act extends and upgrades the 2017 Tax Cuts and Jobs Act, making most of Trump's tax cuts permanent, which is expected to significantly benefit wealthy families and small business investors [2][3] Tax Reforms - The estate tax exemption will permanently increase to $15 million for individuals and $30 million for couples starting January 1, 2026, effectively doubling the current threshold [4] - This change is expected to fundamentally reshape wealth transfer strategies for ultra-wealthy families, allowing for more stable long-term planning [5][6] Capital Gains Tax - The act does not adjust capital gains tax rates, allowing family offices to maintain existing investment strategies without concerns of unexpected tax increases [7] Small Business Incentives - The threshold for qualifying small businesses has been raised from $5 million to $7.5 million, with the capital gains tax exemption increased from $1 million to $1.5 million, creating a new tiered tax relief system [9] - Investors can now invest up to $74.9 million in small businesses and potentially receive up to $749 million in capital gains tax exemptions upon sale [10] Agricultural Assets - The act enhances tax benefits for agricultural assets, increasing the qualified business income deduction from 20% to 23%, allowing agricultural operators to exempt nearly a quarter of their income from taxes [12] - The new estate tax exemption significantly alters agricultural inheritance planning, enabling families to retain their land without the need to sell to pay taxes [13] Corporate Tax Measures - The act makes permanent several corporate tax cuts from Trump's first term, including a reduction in the corporate tax rate from 35% to 21% [15] - Additional tax incentives for business investments, such as full immediate expensing for qualifying assets, are also extended [15][16] Strategic Implications - The act eliminates uncertainties that have plagued family office planning since 2017, allowing for confident multi-generational wealth planning [17][18] - The permanent rules provide family offices with tools to achieve wealth building and transfer that were previously difficult to attain [18][19] Wealth Management Landscape - The U.S. remains a leading center for private wealth, with over 6 million high-net-worth individuals controlling 34% of global liquid wealth [20][21] - The growth of millionaires in the U.S. is projected to continue, with a 78% increase from 2014 to 2024, outpacing other countries [22]

Group 1: Core Insights - The article introduces the "Family Office 100" interview series by a family office, aiming to explore governance, operations, and asset allocation in the family office sector to promote industry maturity [1] - Jeremy Chan, CIO of AL Capital, shares insights on establishing a family office from scratch, emphasizing the importance of aligning family values and investment goals [1][2] Group 2: Establishing the Family Office - AL Capital has nearly 10 years of history with a team of about 30 people, headquartered in Australia, and offices in Singapore and Hong Kong [2] - The family office was initiated to cover investments in Hong Kong and mainland China, requiring significant effort to educate Australian colleagues on local market conditions [2] Group 3: Investment Strategy - The family office focuses on diverse investments, including VC/PE, mergers and acquisitions, and secondary market stocks, with plans to expand into wealth management [3] - A key difference between domestic and international family offices is the investment product diversity, with domestic offices often relying on GP investments, which can be risky in adverse market conditions [4] Group 4: Direct Investment Focus - The family office prioritizes investments in high-tech, new consumer retail, and financial services, seeking projects that align with the family's existing business [5] - Recent investments include a smart city project in Chongqing, leveraging technology from domestic projects to enhance operations in Australia [7] Group 5: Investment Philosophy - AL Capital has shifted from a single investment category to a diversified portfolio, including global stocks, bonds, private equity, and real estate, to mitigate risks [10] - The investment strategy emphasizes algorithmic trading and data analysis to adapt to market changes, with a focus on not losing money rather than achieving specific return targets [12][13] Group 6: Family Dynamics and Governance - Building trust with family members is crucial for a CIO, requiring time and demonstrated performance to gain confidence [16][17] - Investment decisions involve a family investment committee, which includes both family members and experienced investors, ensuring alignment with family values and business goals [18][20] Group 7: Recommendations for Family Offices - Family offices should consider their scale and the owner's willingness when deciding to establish an in-house investment team, as operational costs can be high [22] - It is advised to hire investment professionals as the first team member to ensure a strong foundation in investment strategies rather than relying solely on relationship-driven roles [23]