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Foreword

About us

Introduction O`YlakY^Yeadqg^[]7

Section1 O`qk]lmhY^Yeadqg^[]7

2 >Yeadqg^[]k]jna[]k

3

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About us About our research partnersEY Global Family Business

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Governance and management structure 9^Yeadqg^[][Yfhjgna\]_gn]jfYf[]Yf\eYfY_]e]flkljm[lmj]kl`Yl[Yf\]Ydoal`l`][gehd]pala]kg^l`]^Yeadqko]Ydl`ljYfkhYj]fldq$`]dhaf_l`]^YeadqlgYnga\^mlmj][gfa[lk&9ll`]kYe]lae]$[gf\]flaYdalqak]fkmj]\mf\]jl`]^Yeadqg^[]kljm[lmj]$Yko]YdlèYfY_]e]flYf\gl`]jY\nakgjqk]jna[]k^gjl`]^Yeadqe]eZ]jkYj]mf\]jYkaf_d]]flalqgof]\Zql`]^Yeadq&

Alignment of interest 9^Yeadqg^[]kljm[lmj]Ydkg]fkmj]kl`Yll`]j]akYZ]ll]jYda_fe]flgâfl]j]klZ]lo]]ffYf[aYdY\nakgjkYf\l`]^Yeadq&Km[`YfYda_fe]flakim]klagfYZd]afYfgf%^Yeadqg^[]kljm[lmj]o`]j]emdlahd]Y\nak]jkogjcoalèmdlahd]^Yeadqe]eZ]jk&

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Centralization of other services >Yeadqg^[]k[YfYdkg[ggj\afYl]gl`]jhjg^]kkagfYdk]jna[]k$af[dm\af_hàdYfl`jghq$lYpYf\]klYl]hdYffaf_$^Yeadq_gn]jfYf[]$[geemfa[YlagfkYf\]\m[Ylagf$lge]]ll`]^YeadqkeakkagfYf\_gYdk&

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CostL`][gklg^j]_mdYlgjqYf\[gehdaYf[]j]hgjlaf_j]eYafkà_`$oà[è]Yfkl`Yll`]d]n]dg^Ykk]lkmf\]jeYfY_]e]fll`YlY^Yeadqg^[]f]]\klgmf\]jhaff]]\klgZ]à_àfgj\]jlgg^^k]lalkp]\[gklk&

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NajlmYd>YeadqG^[] N>G!>Yeada]kdggcaf_lgY[à]n]l`]Z]f]lkg^Y^Yeadqg^[]eYfY_af_l`]ajfYf[aYdYf\gl`]jY^^Yajk$Zmlo`g\gfloYfllgk]lmhYfY[lmYd[gehYfqlg\gkg$[Yfghl^gjYnajlmYd^Yeadqg^[]&Làk[YfZ]Y[à]n]\Zqgmlkgmj[af_Yddk]jna[]klg]pl]jfYdhjgna\]jkg^k]jna[]kYf\[gfkmdlYflk&


The multi family office offering LgY\\j]kkl`]hjgZd]eg^l`]à_`gh]jYlaf_[gklkg^Y^Yeadqg^[]$^Yeada]kg^l]fk]lmhemdla^Yeadqg^[]k E>Gk!$afoà[`k]n]jYd^Yeada]khggdl`]ajo]Ydl`lg_]l`]j&G^l]fl`]k]E>GkoaddZ]\aj][l]\Zql`]d]Y\^Yeadql`YlafalaYl]\l`]g^[]&AfE>Gk$YddYkk]lkYj]eYfY_]\mf\]jgf]meZj]ddY&:mlE>Gklqha[Yddq[Yl]j^gjYjYf_]g^^Yeadqkar]$o]Ydl`Yf\eYlmjalqd]n]dk&Làke]Yfkl`Yl^Yeada]k[Yfjmfl`]jakcg^fglj][]anaf_l`]h]jkgfYdar]\Y\na[]l`Yll`]qogmd\`Yn]\gf]afY\]\a[Yl]\^Yeadqg^[]k]lmh&

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The preference for privacy Kge]^Yeada]keYqZ]`]kalYflYZgml[gfkgda\Ylaf_l`]ajo]Ydlàf^gjeYlagfl`jgm_`Y[]fljYdar]\^Yeadqg^[]kljm[lmj]&

Trust of external managers K]llaf_mhY^Yeadqg^[]aklqha[Yddq[gflaf_]flgfl`]d]n]dg^ljmklYf\[ge^gjl^Yeada]k`Yn]oal`]pl]jfYdYkk]leYfY_]jk&@go]n]j$ljmkllqha[Yddqkl]ek^jgedgf_%klYf\af_j]dYlagfkàhkoal`]pl]jfYdeYfY_]jk&

Expectations on returnsMdlaeYl]dq$^Yeadqg^[]kj]dqgfl`]ajdgf_]nalql`jgm_`]fkmjaf_o]Ydl`hj]k]jnYlagf&Làk\a^[mdlqg^k][mjaf_eYjc]lj]lmjfkafj][]flq]Yjk`Ykd]\lgkge]l]fkagfaflàkj]kh][l&>mjl`]jegj]$\mjaf__]f]jYlagfYdljYfkalagfk$^Yeadqg^[]kljm[lmj]kYj]l]kl]\$g^l]flgl`]hgaflg^\]kljm[lagf$Ykl`]f]pl_]f]jYlagfhj]kk]k^gj\a^^]j]fl_gYdkYf\gZb][lan]klgeYfY_]l`]^Yeadqko]Ydl`&

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Financial planning

Investment management services Lqha[Yddq$làkoaddZ]l`]eYafj]Ykgf^gjk]llaf_mhY^Yeadqg^[]$Ykalak[]fljYdlg]fkmjaf_o]Ydl`hj]k]jnYlagf&L`]k]k]jna[]koaddaf[dm\]2

=nYdmYlagfg^l`]gn]jYddâfYf[aYdkalmYlagf


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Strategy

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Administrative services 9\eafakljYlan]k]jna[]k$gjZY[c%g^[]k]jna[]k$Yj]]kk]flaYdlgl`]keggl`jmffaf_g^Y^Yeadqg^[]&L`]k]k]jna[]koaddaf[dm\]2

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Cost and budget =k[YdYlaf_[gklk[Yfhgk]Yk]jagmk[`Ydd]f_]lg^Yeadqg^[]k&;d]Yjdq$alakmfj]YkgfYZd]lgafkgmj[]l`]o`gd]jYf_]g^hgl]flaYdk]jna[]koal`gml[gfka\]jaf_l`]][gfgea[Z]f]lk&9hhgaflaf_Yfgmlka\]hjgna\]j[Yf]fkmj]imYdalq$Yf\hgkkaZdq[gklkYnaf_k$Ykl`]^Yeadqg^[]ogmd\Z]f]l^jge][gfgea]kg^k[Yd]&

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Regulatory restrictions 9^Yeadqg^[]k`gmd\[gfka\]jYddj]_mdYlagfk$\]h]f\af_gfalk\aklaf[ld]_Ydkljm[lmj]&Afl`]YZk]f[]g^hjg^]kkagfYdeYfY_]e]fl$Y^Yeadqg^[]jmfkl`]jakcg^k]jagmk^Yddgml^jgef]_Ylan]hmZda[alq&D]_YdY[lagf[gmd\YdkgZ][gkldqYf\`Yje^mdlgj]hmlYlagfk&

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Complexity A^l`]^YeadqkYkk]lkYj]kmZklYflaYdYf\[gehd]p$l`]^Yeadqg^[]oadd`Yn]lgàj]egj]klY^^gjgmlkgmj[]k]jna[]k&9ll`]kYe]lae]$l`]af%`gmk]\][akagfkgfYddeYll]jk`Yn]lgZ]fYdkgafl]jfYdklY^^`Yn]lgeYaflYafl`]mdlaeYl]gn]jna]oYf\\][akagf%eYcaf_hjg[]kk&

afYf[aYdhdYffaf_ :Yka[fYf[aYdhdYffaf_Yf\Ykk]lYddg[Ylagf\][akagfkk`gmd\Z]hjgna\]\af%`gmk]

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Source: World Economic Forum, Future of Long-term Investing, 2011.Note: The lighter the shade, closer are the principal-agents. Deeper shade indicates higher level of principal-agent concerns.

Strategic asset allocation

Mandate design and manager selection

Decision-makerDecisions

Fund manager

Internal investment team

Trustees

Principal

Asset

Fund manager

Advisor/fund manager of funds

Trustees

Principal

Asset

Internal investment team

Objectives and policy Principal

Principal

Internal investment teamSecurity selection

Asset

In-house managed In-house advised Outsourced

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7Constructing a business planThe entrepreneur and the family business=flj]hj]f]mjaYdjakc%lYcaf_afl`]^YeadqZmkaf]kkk`gmd\_]f]jYddqfglZ][gf^mk]\gj[geZaf]\oal`l`]YhhjgY[`lgjakcj]_Yj\af_l`]k]hYjYl]\hjanYl]Ykk]lkYf\l`]hjanYl]eYll]jkg^l`]^Yeadq&Oàd]Y[gehd]l]YhhjgY[`lgo]YdlèYfY_]e]flY[jgkkl`]hjanYl]Yf\Zmkaf]kkYkk]lkakj]imaj]\$h]jkgfYdY^^Yajkk`gmd\Z]klZ]\]YdloalàfY\ak[j]l]]flalqk]hYjYl]^jgel`]Zmkaf]kk$afgj\]jlge]]ll`]\aklaf[lgof]jkàhf]]\kgâf\ana\mYd^Yeadqe]eZ]jk&L`]afn]kle]flYf\jakchjgd]kg^l`]^YeadqYf\af\ana\mYd^Yeadqe]eZ]jkk`gmd\fglZ]gn]jo`]de]\ZqdYj_]j[gjhgjYl]hjagjala]k$Ydl`gm_`[d]YjdqYlglYdYhhjgY[`lgl`]jakcd]n]dkgfZgl`l`]Zmkaf]kkYf\hjanYl]ka\]kf]]\klgZ]]fkmj]\&

Operational modelL`]Zmkaf]kkhdYfk`gmd\\]f]l`]gh]jYlaf_eg\]dg^l`]^Yeadqg^[]$alk^mf[lagfYdk]lmhYf\af^jYkljm[lmj]$j]hgjlaf_Yf\[gfljgdkqkl]ek$Yf\l`]_gn]jfYf[]kljm[lmj]af[dm\af_k]llaf_mhj]d]nYflZgYj\k$km[`Ykl`]afn]kle]fl[geeall]]gjl`]^Yeadq[gmf[ad&

Jurisdiction L`]ghlaeYdbmjak\a[lagfYf\lYpj]_ae]lggh]jYl]l`]^Yeadqg^[]f]]\lgZ][`gk]fYf\hdYff]\af\]lYad$ZYk]\hjaf[ahYddqgfl`]`ge]bmjak\a[lagfg^l`]^YeadqYf\l`]eYbgjalqgâlkYkk]lk&The choice of jurisdiction, legal, regulatory and tax issues is addressed in Appendix 1 and 2&

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Figure 7.1. The phases of business planning

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Figure 9.1. Projected total return and volatility of various asset classes

13%

11%

9%

7%

1%

Pro

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ed to

tal r

etur

n (5

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r ave

rage

)

Projected volatility (5-year average)

1%40%35%

5%

3%

Source: Credit Suisse, Data Stream, 2013.

Japan Equity

Eurobloc Equity

Global Equity

Swiss Equity

US Listed Real EstateAsia Listed Real Estate

Dev. Asia Equity (ex. Japan) EM Europe Equity

Emerging Markets Equity

Australia Equity

EM Government

Europe CorporationUS Corporation

AUS Government

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JPY Cash

UK Equity

US Equity

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Private Equity

Europe Real Estate Funds

Hedge Funds

US Conv. Bonds

US Real Property

US HY

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0% 5% 10% 15% 20% 25% 30%

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O`]l`]jgjfgll`]=mjgh]Yf9dl]jfYlan]Afn]kle]fl>mf\EYfY_]jkE!Yf\l`]\ge]kla[dYoZYk]\mhgflàk_ma\]daf]$oà[`Zgl`Z][Ye]]^^][lan]gf**Bmdq*()+$oadd\]naYl]^jgel`]YZgn]Yf\aehgk]^mjl`]jj]klja[lagfkakfgl[d]Yj&L`]j]akj]YkgflgZ]da]n]l`Yl9A>Eakfglhjaf[ahYddqYae]\Yl^Yeadqg^â[]k&F]n]jl`]d]kk$^mjl`]j\]n]dghe]flk`Yn]lgZ][dgk]dqegfalgj]\&

Limitation regarding legal and tax adviceMf\]j?]jeYfdYo$d]_YdlYpk]jna[]keYqgfdqZ]Y\eafakl]j]\ZqdYoq]jkYf\Zq[]jla]\lYpY\nak]jk&A^Y[gehYfqh]j^gjekl`]k]hjg^]kkagfYdk]jna[]k$km[`Y[gehYfq`YklgZ]j]_akl]j]\YkYdYojegjYlYp[gfkmdlYf[qhjY[la[]&L`mk$l`]hjgnakagfg^hjg^]kkagfYdk]jna[]kZqY^Yeadqg^[]akgfdqhgkkaZd]oalàfl`]Y^gj]e]flagf]\daealYlagfk&

Limitation of liabilityL`]]pl]flg^hgkkaZd]daYZadalq^gjhjg^]kkagfYdeaklYc]kak\]h]f\]flgfl`]kljm[lmj]g^l`]^Yeadqg^[]Yf\gfl`]d]_YdfYlmj]gâlkk]jna[]k&

Setting the sceneKaf[]Y^Yeadqg^[]akYZmkaf]kk$l`]im]klagfgôà[`bmjak\a[lagfhjgna\]kl`]Z]kl]fnajgfe]fl^gjkm[`Y[lanala]kg^l]fYjak]k&D]_YdYf\lYpkljm[lmj]koadd`Yn]YZa_aehY[lgfl`]kljm[lmj]Yf\gh]jYlagfYdh]j^gjeYf[]g^l`]^Yeadqg^[]Yf\Ykkm[`f]]\lgZ]_an]fkmZklYflaYd[gfka\]jYlagf&

?an]fl`Yll`]^YeadqakYll`][]fl]jg^l`]^Yeadqg^[]$[`ggkaf_Ydg[Ylagf[dgk]lgl`]^Yeadq$gjYld]Ykllgl`][]fljYde]eZ]jk$ogmd\Yhh]YjlgZ]em[ègj]aehgjlYfll`YfYlYp%ghlaear]\[`ga[]g^dg[Ylagf&F]n]jl`]d]kk$d]_Yd$lYpYf\j]_mdYlgjqYkh][lkj]d]nYfl^gjl`]k]lmh$Yko]ddYk^gjl`]gh]jYlagfkg^Y^Yeadqg^[]$`Yn]lgZ][`][c]\[Yj]^mddq&mjl`]jegj]$l`]j]eYqZ]j]klja[lagfkj]_Yj\af_l`]hjgnakagfg^d]_YdYf\lYpY\na[]l`YleYqgfdqZ]g^^]j]\Zq[]jla]\hjg^]kkagfYdkYf\j]_akl]j]\hjg^]kkagfYdk]jna[]jek&Afkge]bmjak\a[lagfk$km[`hjg^]kkagfYdk]jna[]kea_`lZ]af[gehYlaZd]oal`l`]lYkck[gn]j]\Zql`]^Yeadqg^[]$km[`YkfYf[aYdk]jna[]k&

Afna]og^l`]k]hgl]flaYddaealYlagfk$l`]k[gh]gôgjc^gjl`]^Yeadqg^[]YdoYqk`YklgZ]eYl[`]\oal`l`]j]_mdYlgjq^jYe]ogjcafl`]j]d]nYflbmjak\a[lagf&>gjk]jna[]kl`Yl[Yffgl gjoaddfgl!Z]hjgna\]\Zql`]^Yeadqg^[]alk]d $^gl`]jljmkl]\Y\nak]jkk`gmd\Z]a\]fla]\&

J]_mdYlgjqYkh][lkYdkgaehY[ll`][`ga[]g^h]jkgff]d$]kh][aYddqk]fagjeYfY_]e]fl&K]n]jYdbmjak\a[lagfkj]imaj]]ehdgq]]klg`Yn][]jlYafh]jkgfYdkcaddkZ]^gj]l`]qoadd_jYflYf\eYaflYafh]jealk

US

UKGermany

Switzerland Austria

The legal setup

Appendix

1


A^l`]^Yeadqg^[]Y[lmYddq`gd\kl`]^YeadqYkk]lk Ykl`]d]_Ydgof]j!alkeYfY_]e]flakgfdqY[[gmflYZd]oalàfl`]daealkg^\aj][lgjkYf\g^[]jkdaYZadalq&

>afYf[aYddgkk]kYj]dgkk]kg^l`]^Yeadqg^[]alk]d^Yf\[YffglZ][dYae]\Yk\YeY_]kZql`]^Yeadq\aj][ldq&A^gfl`]gl`]j`Yf\$l`]^Yeadqg^[]Y[lkYkYfY\nak]jlgl`]^Yeadq kladdgofaf_l`]Ykk]lkY[[gj\af_lgd]_Yd\]falagf!Yfqk`gjl[geaf_kafl`]imYdalqg^l`]Y\na[]j]kmdlaf_affYf[aYddgkk]keYqZ][dYae]\Yk\YeY_]k&FgjeYddql`]daYZadalqakYf\k`gmd\Z]daeal]\Zq[gfljY[lmYdY_j]]e]fllg_jgkkf]_da_]f[]Yf\'gj[Yhh]\YlY[]jlYafYegmfl&9lglYd]p[dmkagfg^daYZadalq$]n]f^gj_jgkkf]_da_]f[]$akfglh]jeakkaZd]mf\]j?]jeYfdYo&>mjl`]jegj]$alakY\nakYZd]lg[gn]jkm[`jakckZqmkaf_fYf[aYd%dgkkafkmjYf[]&

Koalr]jdYf\Regulatory environment?an]fl`Yl^Yeadqg^[]k\gfglfgjeYddqY[[]hl\]hgkalk^jgel`]hmZda[gfYhjg^]kkagfYdZYkak$^Yeadqg^[]k\gfglj]imaj]YZYfcaf_da[]fk]&9kk]leYfY_]e]flakYklYf\Yj\Y[lanalqgêYfq^Yeadqg^[]k&9kk]leYfY_]e]flYkkm[à&]&$Y[laf_afl`]fYe]Yf\^gjl`]Y[[gmflg^l`]^YeadqakfglkmZb][llgda[]fkaf_afKoalr]jdYf\&@go]n]j$Ykk]leYfY_]jkYj]kmZb][llgda[]fkaf_mf\]jl`]9fla%Egf]qDYmf\]jaf_9[l$gjemklZ][ge]Ye]eZ]jg^Yj][g_far]\Yfla%egf]qdYmf\]jaf_k]d^%j]_mdYlagfgj_YfarYlagf&

A^l`]^Yeadqg^[]Y[lkYkYfYkk]leYfY_]jg^YKoakk[gdd][lan]afn]kle]flk[`]e]kmh]jnak]\Zql`]Koakk>afYf[aYdEYjc]lKmh]jnakgjq9ml`gjalq >AFE9!$

l`]^Yeadqg^[]ogmd\`Yn]lg[gehdqoal`l`]klYlmlgjqda[]fkaf_j]imaj]e]flkk]lgmlmf\]jl`];gdd][lan]Afn]kle]flK[`]e]k9[lYf\l`];gdd][lan]Afn]kle]flK[`]e]kGj\afYf[]&

Limitation of liability9^Yeadqg^[]ogmd\fgjeYddqZ]]klYZdak`]\YkYk`Yj][gjhgjYlagfYf\fglYkYhYjlf]jkàh&LàkakYdkglgYnga\$lgl`]_j]Yl]klhgkkaZd]]pl]fl$h]jkgfYddaYZadalqg^l`]ZgYj\Yf\l`]eYfY_]jkg^l`]^Yeadqg^[]&A^l`]^Yeadqg^[]akhYjlg^l`]^YeadqZmkaf]kkYf\`gd\kl`]^YeadqYkk]lk Ykl`]d]_Ydgof]j!$l`]ZgYj\Yf\l`]eYfY_]e]flg^l`]^Yeadqg^[]Yj]gfdqY[[gmflYZd]lgl`][gehYfq$alkk`Yj]`gd\]jkYf\[j]\algjkoalàfl`]daealkk]lafl`]Koakk;g\]g^GZda_Ylagfk^gjYfqdgkk]kgj\YeY_]Yjakaf_^jgeYfqafl]flagfYdgjf]_da_]flZj]Y[`g^l`]aj\mla]k&

A^l`]^Yeadqg^[]akk]hYjYl]\^jgel`]^YeadqZmkaf]kkYf\l`]j]^gj]Y[lkYkY[gfljY[lmYdY\nak]jlgl`]^YeadqYf\alk[gehYfa]k$l`]_]f]jYddaYZadalqjmd]k^gjgZda_YlagfkYf\l`]jmd]k^gjY_]f[q[gfljY[lkYhhdq&Mf\]jKoakkdYo$l`]^Yeadqg^[]ogmd\Z]daYZd]^gjYfq^Ymdl$oal`gmlYfqdaealYlagfYkj]_Yj\klgl`]Yegmfl&9kYeYll]jg^[gmjk]$l`]daYZadalqakdaeal]\Zq[gfljY[lmYdY_j]]e]flklg_jgkkf]_da_]f[]Yf\oadd^mdeak[gf\m[lgj[Yhh]\YlY[]jlYafYegmfl^gjkda_`lf]_da_]f[]&

Austria

Regulatory environment Mf\]j9mkljaYfdYo$d]_YdYf\lYpk]jna[]keYqgfdqZ]g^^]j]\ZqdYoq]jk Y\eall]\lgl`]ZYj!Yf\Zq[]jla]\lYpY\nak]jk&A^Y[gehYfqh]j^gjekkm[`hjg^]kkagfYdk]jna[]k$al`YklgZ]j]_akl]j]\YkYdYo

jegjYlYp[gfkmdlYf[qhjY[la[]&L`mk$l`]hjgnakagfg^km[`hjg^]kkagfYdk]jna[]kZqY^Yeadqg^[]akgfdqhgkkaZd]oalàfl`]Y^gj]e]flagf]\daealYlagfk&

Limitation of liabilityL`]]pl]flg^hgkkaZd]daYZadalq^gjhjg^]kkagfYdeaklYc]k\]h]f\kgfl`]kljm[lmj]g^l`]d]_Yd^gjeg^l`]^Yeadqg^[]Yf\gfl`]fYlmj]gâlkk]jna[]k&

A^l`]^Yeadqg^[]eYfY_]kY[gehYfql`YlY[lmYddq`gd\kl`]^YeadqYkk]lk Ykl`]d]_Ydgof]j!$l`]^Yeadqg^[]akgfdqY[[gmflYZd]oalàfl`]daealkgâlk\aj][lgjkYf\g^[]jkdaYZadalq&9fqfYf[aYddgkk]kYj]dgkk]kg^l`]`gd\af_[gehYfqalk]d^Yf\[YffglZ][dYae]\Yk\YeY_]kZql`]^YeadqYkk`Yj]`gd\]j&

A^l`]^Yeadqg^[]Y[lkYkYfY\nak]jlgl`]^Yeadqk[gehYfa]kgjl`]^Yeadqe]eZ]jkl`]ek]dn]k$Yfqk`gjl[geaf_kafl`]imYdalqg^l`]Y\na[]j]kmdlaf_affYf[aYddgkk]keYqZ][dYae]\Yk\YeY_]k&FgjeYddql`]daYZadalqak Yf\k`gmd\Z]!daeal]\Zq[gfljY[lmYdY_j]]e]fllg_jgkkf]_da_]f[]Yf\'gj[Yhh]\YlY[]jlYafYegmfl&AfYfq[Yk]alakY\nakYZd]lg[gn]jkm[`jakckZqmkaf_\aj][lgjkYf\g^[]jkafkmjYf[]&

The UK

Regulatory environment9^Yeadqg^[][YfogjcYl\a^^]j]fld]n]dk^jgeZ]af_jmfZqYkeYdd_jgmhg^ljmkl]\af\ana\mYdkgj^Yeadqe]eZ]jk$lgZ]af_eYfY_]\ZqYhjg^]kkagfYdk]jna[]hjgna\]j&L`]dYok_gn]jfaf_Y^Yeadqg^[][YfnYjq\]h]f\af_gfalkkljm[lmj]&Afl`]MC$afn]kle]flY\na[]ak_an]f]al`]jZqYfYf[aYdY\nak]jgjYklg[cZjgc]j&:gl``Yn]lgZ]j]_akl]j]\oal`l`]>afYf[aYd;gf\m[l9ml`gjalq >;9!$Yf\[]jlYafdYj_]j

afklalmlagfk`Yn]lgZ]j]_akl]j]\oal`Hjm\]flaYdJ]_mdYlgjq9ml`gjalq&L`]>;9akl`]af\]h]f\]flZg\ql`Ylj]_mdYl]kl`]fYf[aYdk]jna[]kaf\mkljqafl`]MC&Oal`klYlmlgjqhgo]jk_an]flgl`]eZql`]>afYf[aYdK]jna[]kYf\EYjc]lk9[l*((($l`]>;9`YkYoa\]jYf_]g^jmd]%eYcaf_$afn]kla_YlgjqYf\]f^gj[]e]flhgo]jk&

Limitation of liability>Yeadqg^[]k[YfY[lYkYfmfaf[gjhgjYl]\]flalqYf\l`]j]Zql`]j]akfgdaealYlagfg^daYZadalq&9ddafn]kle]flkj]eYafgof]\Zql`]hjaf[ahYd$Yf\]ehdgqe]fldYokYf\gl`]jhmZda[daYZadalq Yf\gl`]jdala_Ylagf!oaddYllY[`lgl`]af\ana\mYd&

>gjl`gk]o`goak`lgdaealdaYZadalq$l`]j]Yj]l`j]]]flala]kfgjeYddq[gfka\]j]\2Daeal]\daYZadalq[gehYfa]k Dl\!$Daeal]\HYjlf]jkàhk DH!Yf\Daeal]\DaYZadalqHYjlf]jkàh DDH!&9dd$af_]f]jYd$hjgl][ll`]gof]j^jgefYf[aYdh]fYdlqmhlgl`]d]n]dg^]imalqafn]kl]\afl`]^Yeadqg^[]]flalq&9daeal]\[gehYfqgh]jYl]kafl`]kYe]oYqYkafegkll]jjalgja]k&9fDHakmk]\hjaeYjadqYkYfafn]kle]fln]à[d]o`]j]l`]Yaeakhmj]dqYkk]l`gd\af_$_jgol`Yf\af[ge]_]f]jYlagf&9fDHakfgjeYddq\aklaf_mak`YZd]^jgeYfDDHZ][Ymk]gof]jkYj]_]f]jYddqfglY[lan]oalàfYfDHZmkaf]kk&L`]j]^gj]$YfDDHakegkl^j]im]fldqk]]fo`]j]l`]]flalqakYljY\af_[gf[]jfgjo`]j]gof]jakY[lan]afl`]Zmkaf]kk&

DHkYj]egj]^j]im]fldqZ]af_mk]\^gjMCZYk]\^Yeada]kYkYn]à[d]oà[`[YfZ]mk]\lgljYfk^]jo]Ydl`l`jgm_`l`]_]f]jYlagfkafYo]dd_gn]jf]\Yf\lYp]^[a]fleYff]jgn]jlae]&

EYfqafl]jfYlagfYdafn]klgjk`Yn]Y\]kaj]lgmk]MCdYoYkl`]_gn]jfaf_dYog^

gh]jYlagfZ][Ymk]g^l`]af\]h]f\]f[]Yf\]f\mjaf_klYZadalqg^l`]MCbm\a[aYdkqkl]e&

9fg^l]fh]j[]an]\\akY\nYflY_]g^gZlYafaf_daealYlagfg^daYZadalqakl`][gjj]khgf\af_j]imaj]e]fllgdg\_]fYf[aYdaf^gjeYlagfoal`l`]MCYml`gjala]koà[`l`]fZ][ge]kYnYadYZd]lgl`]hmZda[&L`gk]oakàf_lgc]]hl`]ajfYf[aYdY^^YajkhjanYl][Yf`go]n]jg^l]flYc]Y\nYflY_]g^nYjagmkghhgjlmfala]klgc]]hl`]ajhjgd]hjanYl]oal`YhhjghjaYl]kljm[lmjaf_&

EYfq^Yeadqg^[]kYj]]klYZdak`]\afl`]MCYkYfY\nakgjq^mf[lagfZmloal`gof]jkàhg^Ykk]lk`]d\YZjgY\&LàkaklglYc]Y\nYflY_]g^l`]fYf[aYd]ph]jlak]afDgf\gf$ZmlYdkgZ][Ymk][]jlYaf^Yeada]k$o`gYj]fgl[alar]fkg^l`]MC Ydl`gm_`l`]qeYqZ]lYpj]ka\]flk!$[YflYc]Y\nYflY_]g^l`]MClYpkqkl]eoà[`Yddgokaf[ge]]Yjf]\gmlka\]l`]MClgfglZ]lYp]\afl`]MCmfd]kkZjgm_`laflgl`][gmfljq&

The US

Regulatory environment AlakaehgjlYfllgj]e]eZ]jl`Yl]Y[`g^l`]-(klYl]k$Yko]ddYkl`]YeadqG^[]kL`]K][mjala]kYf\=p[`Yf_];geeakkagf K=;!`Ykj]_mdYlgjqYml`gjalqgn]jYddhjg^]kkagfYdkYf\Zmkaf]kk]kl`Ylg^^]jafn]kle]flY\na[]^gjY^]]$mfd]kk

kh][a[Yddq]p]ehl]\&9kfgl]\Z]dgo$^Yeadqg^[]keYqZ]kmZb][llgj]_akljYlagf$K=;gn]jka_`lYf\af^gjeYlagfj]hgjlaf_mf\]jl`]Afn]kle]fl9\nak]j9[lg^)1,( 9\nak]jk9[l!$mfd]kkl`]qimYda^q^gjYf]p]ehlagf&

Dodd-Frank ActAf*()($;gf_j]kkhYkk]\l`]jYfcOYddKlj]]lJ]^gjeYf\;gfkme]jHjgl][lagf9[l jYfc!&jYfcZjgm_`l^Yeadqg^[]kmf\]j[dgk]jj]_mdYlgjqk[jmlafq&:mlalYdkgafklalml]\k]n]jYdf]o]p]ehlagfk^jgej]_akljYlagfYf\\aj][l]\l`]K=;lgojal]Ykh][a[^Yeadqg^[]]p[dmkagf l`]=p[dmkagf!&

L`]afalaYdK=;hjghgkYd^gjl`]=p[dmkagf$YkkmZeall]\^gjhmZda[[gee]fl$oYkn]jqfYjjgoYf\d]^leYfq^Yeadqg^[]k^Y[af_j]_akljYlagf&:mll`]K=;Y[cfgod]\_]\l`]mf\]jdqaf_jYlagfYd]l`Ylj][g_far]kl`Yll`]9\nak]jk9[lakfgl\]ka_f]\lgj]_mdYl]^Yeada]keYfY_af_l`]ajgofo]Ydl`&Làkhjgna\]\^Yeadqg^[]koal`Y[d]Yj]j\]l]jeafYlagfg^l`]Yhhda[YZadalqg^l`]9\nak]jk9[l$oal`gmlf][]kkalYlaf_l`][gklg^Yf]p]ehlgj\]j&

L`]K=;hmZdak`]\l`]ajhgkalagfl`YlY^Yeadqg^[]eYqhjgna\]fgf%Y\nakgjqk]jna[]klgfgf%^Yeadqe]eZ]jkoal`gmldgkaf_l`]=p[dmkagf$Zmlfgl]\afBYfmYjq*()*l`YlY\nakgjqk]jna[]k[gn]jYZjgY\jYf_]g^Y[lanala]kYf\Y^Yeadqg^[]k`gmd\[gfka\]j[Yj]^mddqo`]l`]jYfqg^l`]k]jna[]kalhjgna\]klgfgf%^Yeadqe]eZ]jkYj]Y\nakgjqk]jna[]kl`YleYc]alkmZb][llgl`]9\nak]jk9[l&

Mf\]jl`]K=;jmd]k$Y^Yeadqg^[]ak]p[dm\]\^jgel`]\]falagfgâfn]kle]flY\nak]j^gjhmjhgk]kg^l`]9\nak]jk9[laâle]]lkl`]^gddgoaf_j]imaj]e]flk2


)&Algfdqk]jn]k[da]flkl`YlYj][gfka\]j]\^Yeadq[da]flk

*&Alako`gddqgof]\Zq^Yeadq[da]flkYf\ak[gfljgdd]\]p[dmkan]dqZq^Yeadqe]eZ]jkYf\'gj^Yeadq]flala]k

+&Al\g]kfgl`gd\alk]d^gmllgl`]hmZda[YkYfafn]kle]flY\nakgj

L`]Afl]jfYdJ]n]fm]K]jna[]L`]Afl]jfYdJ]n]fm]K]jna[] AJK!`Ykfg\aj][lgn]jka_`lg^^Yeadqg^[]k&:mll`]MKLj]YkmjqYeadqg^[]structures

and tax

BackgroundLàkk][lagfdggckYll`]hgl]flaYdd]_Ydkljm[lmj]kl`Ylea_`lZ]j]YkgfYZd]^gj^Yeadqg^[]klgY\ghlafl`][gmflja]kl`Yll`]qYj]egkldacd]qlggh]jYl]^jge&AlYdkgdggckYll`]eYbgjlYpakkm]k^Yeadqg^[]kafl`]k]eYafbmjak\a[lagfk`Yn]lg[gfka\]j&AfZjgY\l]jek$l`]d]_Ydkljm[lmj]k^gj^Yeaqg^[]kYj]]al`]jhYjlf]jkàhkgj[gjhgjYlagfk&:ml$\]h]f\af_gfl`]Yhhda[YZd]dYok$ljmklkYf\kaeadYjkljm[lmj]kea_`lZ]kmalYZd]Yko]dd&L`][`ga[]g^Ykh][aYdd]_Ydkljm[lmj]eYqfglgfdq[gfn]qkh][aYdd]_Yd[gfk]im]f[]kkm[`Ykmfdaeal]\gjdaeal]\daYZadalq$\a^^]j]f[]kj]_Yj\af_k`Yj]`gd\]jhgkalagfk$gjljYfk^]jg^k`Yj]`gd\]jja_`lkZmlYdkgY\a^^]j]fllYplj]Yle]fl&L`]Z]kloYqlgYfYdqr]l`]k]Ykh][lkaklgdggcYll`]kh][a[bmjak\a[lagfkafegj]\]lYad&

US

UKGermany

Switzerland Austria

Germany

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