Group 1 - The essence of family office mission is to maintain and enhance long-term purchasing power, focusing on the ability to exchange money for more goods and services in the future [3][28][29] - Risk management emphasizes understanding and prevention rather than mere control, preparing for uncertainties with contingency plans [4][3] - The investment strategy is based on macroeconomic cycles, with a focus on maintaining a stable annual return of over ten percent during economic adjustments [2][10] Group 2 - The company has transitioned from being a "follow-on investor" to an "asset creator," recognizing the need for direct involvement in market understanding and asset management [9][10] - Investment decisions are guided by a combination of macroeconomic conditions and specific industry dynamics, with a focus on sectors in growth phases [14][20] - The investment philosophy includes a "dynamic monopoly dividend portfolio," aiming for long-term stability and risk reduction through diversified asset allocation [24] Group 3 - The company has identified high-value opportunities in the bond market, particularly in local government bonds, which were mispriced due to market conditions [20][21] - The approach to overseas asset allocation is primarily focused on the U.S. market, with a strategic shift towards undervalued Chinese assets [25][26] - The family office industry is characterized by a need for improved professional investment research and decision-making capabilities, particularly in distinguishing between quality general partners [32][34] Group 4 - The family office's mission encompasses both wealth preservation and value creation, with a focus on maintaining purchasing power over time [28][29] - The industry is experiencing a shift towards secondary market investments as many family offices reassess the liquidity and transparency of equity investments [33][34] - Future opportunities in wealth management are driven by the substantial demand for trustworthy asset management, particularly in a post-cycle economic environment [34]

Core Insights - Chanel is one of the most iconic luxury brands globally, with the Wertheimer family holding 100% ownership, leading to a wealth of approximately $91 billion by September 2025 [1] - Alain and Gérard Wertheimer each own 50% of Chanel, with their current wealth around $44.5 billion [1] - Arthur Heilbronn is emerging as a key figure in the family office Mousse Partners, indicating a significant shift in family wealth management [1][2] Group 1: New Generation Leadership - Arthur Heilbronn, aged 38, joined Mousse Partners in 2019 and has taken on critical management roles, overseeing investments in real estate, banking, and media [2] - Heilbronn's appointment to a core holding company board reflects his growing influence and the family's thoughtful succession planning [4] - He is the son of Charles Heilbronn, the founder of Mousse Partners, and is positioned to ensure a smooth transition as the older generation steps back [4][6] Group 2: Mousse Partners Overview - Mousse Partners, part of Mousse Investments, focuses on family wealth management and has offices in New York, Beijing, and Hong Kong [7] - The firm employs over 30 professionals, including former analysts from major banks, and emphasizes long-term, sustainable investments across various asset classes [7][10] - Mousse Partners has supported numerous startups and has made significant investments in sectors like mental health, digital advertising, and biotechnology [10] Group 3: The Wertheimer Family's Discreet Approach - The Wertheimer family, known for their low-profile approach, has maintained control over Chanel while avoiding public attention [12][14] - Alain and Gérard Wertheimer have successfully managed the brand since the 1990s, with a focus on preserving the legacy of Coco Chanel [12][14] - The family has a history of discretion, often attending fashion events in a low-key manner, which contrasts with other luxury brand leaders [14] Group 4: Emerging Trends in Wealth Management - The rise of family offices like Mousse Partners signifies a shift in wealth management strategies among ultra-high-net-worth families, focusing on long-term perspectives [18] - Mousse Partners exemplifies resilience and wisdom in wealth preservation, adapting to global economic uncertainties [18]

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]