the future of the european family office industry

18.12.2012

Chairman: Francis J. Vassallo, B.A. (Hons) Econ, FCIB, KM, MOM President FRANCIS J. VASSALLO & ASSOCIATES, Malta

Keynote Address: Key Jurisdiction Criteria to the Set-up of a USD 3+bn Multi-Family Office Project DK Matai Chairman, mi2g, London Co-founder, PHILANTHROPIA & ATCA

Dr. Konstantin Mettenheimer, MBA (Wharton) Partner FRESHFIELDS BRUCKHAUS DERINGER LLP, Frankfurt

Michael Biermann Private Investor Adviser SWITZERLAND

Prof. Dr. Francesco A. Schurr Chair Company, Foundation & Trust Law UNIVERSITY OF LIECHTENSTEIN, Vaduz

John C. Bailey Founder & CEO SPRUCE PRIVATE INVESTORS LLC, Stamford

Dr. Angelo Venardos Founder & CEO HERITAGE TRUST GROUP, Singapore

Philippe Carrel Executive Vice President THOMSON REUTERS, Geneva

Thomas J Handler J.D., P.C. Partner HANDLER THAYER, LLP, Chicago

Thibaut Partsch Partner LOYENS & LOEFF, Luxembourg

(Name to be confirmed) OLIVER WYMAN, Zurich

Jean-Luc Calisti Partner HERBERT SMITH LLP, Paris

Dr. Gero M. Bauknecht President BAUKNECHT CAPITAL AG, Glarus

Christian Chéruy Tax Partner LOYENS & LOEFF, Brussels

Organised by:

In Partnership With: Media Partner:

The 12th Annual Global Family Office Conference

THE FUTURE OF

THE EUROPEAN FAMILY OFFICE INDUSTRY January 31st, 2013 – Credit Suisse Forum – Geneva

W


THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY

January 31st, 2013 – Credit Suisse Forum – Geneva

ESAFON – A non-profit Association – N° Féd CH-550.1.107.500-6 – Avenue de Belmont 7, CH-1820 Montreux

Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01

E-mail: [email protected] – Website: www.esafon.com

Montreux, December 18th, 2012

François Golbery, Chairman, ESAFON, said:

Dear Executive,

We take the opportunity of the Luxembourg initiative and proposed bill of law to label Multi - Family Office Services to review and discuss regulatory developments that are affecting t family offices and the wealth management industry.

The US, leading the way in Family Office matters has taken the views that Family Offices through the Dodd-Frank Act require registration. This is the spirit of the new rules to clearly in most instances require registration, except for the narrowly crafted exemptions. A perfect consequence is that Dodd- Frank has significantly changed the Commodity Exchange Act (the “CEA”). As a result of these changes, Family Offices that trade in commodities and derivatives should review their compliance with applicable law. Likewise FATCA is for Europe and Switzerland a nightmare for wealth managers.

In Europe, the euro crisis has raised concern to family offices that have investment denominated in euros. Behind investment risks, high tax jurisdictions are equally a threat for them as far as tax and estate planning is concerned.

This environment does raise the question of where to set-up or relocate its family office structure and triggers to consider re-structuring its legal framework and reviewing tax and estate planning arrangements in light of Stalinian style tax policies prevailing.

The management of risks has never been so crucial to family offices – investment risk is obviously still a key concern but a full array of others should be taken into consideration and are linked to government‟s strengths & weaknesses in harnessing their indebtedness and addressing fierce fiscal competition.

Including in Switzerland, policy makers should demonstrate there is someone in the driving seat to ensure the soundness and the future of the financial place.

Fiscal foreign attacks need to be counter fight, miss behavior of some industry participants needs to be slashed and last but not least poor drafting of foreign legislation to avoid systemic risks need not to be transposed as such if considered inappropriate.

It is therefore crucial to give some thoughts to the future of the family office industry from a regulatory perspective in the US, Europe and Switzerland as family offices are global and need to ensure their survivorship in adverse economic and fiscal conditions.

We strongly encourage you to participate to adapt your own strategy to current and foreseeable environment, exchange best practices with peers and get your voice fully heard in this context. Yours Sincerely, François Golbery Chairman ESAFON

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


CONFERENCE KEY HIGHLIGHTS

The conference through panel discussions and presentations carried –out by worldwide experts will therefore

address amongst others the following topics for discussion:

WHERE TO SET-UP AS A FAMILY OFFICE?

How to Define a Family Office Safe Harbour?

What Makes a Friendly FO Jurisdiction?

MITIGATING COUNTRY RISKS

Holding Assets in Eurozone: How to mitigate risks?

Impact of Dodd Frank Act on Family Office Set-up.

How should Wealth Managers React to FATCA in Europe?

How to Split Custody Function from Trustee Relationship?

CHALLENGES TO GLOBAL INVESTORS

Is this the end of the world as we know it?

Is the stock market dead?

Why keep buying bonds that give no yield for 10 years?

Has trust evaporated?

How to asset protect portfolios?

How to avoid correlations?

How to identify reversion to the mean?

How to allocate to global economic advancement?

How to ensure an exposure to inflation protection? To deflation protection?

How to avoid running with the herd?

CHALLENGES TO SWISS INVESTORS

How effective is the Euro/CHF peg and how long will it hold?

What would be the right exchange rate?

Does it protect or hurt the Swiss economy?

How must one plan for an end of the peg and how abruptly will it be?

How do the new tax treaties (if they will be signed) and the new regulations for investors change the

Swiss landscape for asset management and banks?

Will new regulations hinder family offices and private investors in their investments and what to do about

it?

What will be future necessities for family office to face the tighter regulations? What will come into law?

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


CONFERENCE KEY HIGHLIGHTS

FAMILY OFFICE INVESTMENT BEST PRACTICES IN RISKY ENVIRONMENT

Tailoring Asset Allocation, Risk Management, and Manager Due Diligence to today‟s Investment

Environment.

Walking the 21st Century Efficient Frontier.

REGULATORY DEVELOPMENTS IN EUROPE FOR FAMILY OFFICE STRUCTURES & FOUNDATIONS

The Key Features of the New Luxembourgish Family Office Regulatory Framework and Label.

Is this a Model for the European Family Office Industry Going Forward?

European Initiative towards an European Foundation Statute.

Regulatory & Tax Issues – A Model for Switzerland?

TAX & ESTATE PLANNING KEY CONSIDERATION

How Should Families Adapt to New Regulatory Environment?

How do the New tax treaties (if they will be signed) and the New Regulations for Investors Change the

Swiss Landscape for Asset Management and Banks

Relocation of Families and Businesses from High Tax to Low Jurisdictions

Asset Protection Planning Tools in Europe for Long-term Wealth Preservation

How and When Implement Gifts and Advanced Wealth Transfer Strategies Across EU & Switzerland

European Initiative towards an European Foundation Statute – Regulatory & Tax Issues – A Model for

Switzerland?

Who should attend:

Family Officers and their Advisers

Multi-Family Officers

Legal & Tax Advisers – Trustees

Private Bankers

Independent Advisers

Investment Managers

Financial Sector Professionals

Fund and Asset Managers

Lawyers – Notaries

Accountants – Auditors

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


Conference Agenda Thursday, January 31st, 2013

NOTE: Speakers names provided are provisional. Unless otherwise indicated their acceptance is not yet confirmed. This program is sent as a guideline for possible speakers and remains in draft format. This agenda is confidential.

08.30 am

Welcome Coffee and Registration

09.00 am Opening Remarks by François Golbery and the Chairman

Francis J. Vassallo President FRANCIS J. VASSALLO & ASSOCIATES, Malta

WHERE TO SET-UP AS A FAMILY OFFICE?

09.15 am

Keynote Address: Key Jurisdiction Criteria to the Set-up of a USD 3+bn Multi-Family Office Project

DK Matai Chairman mi2g, London Co-founder Philanthropia & ATCA

10.00 am

Holding Assets in Eurozone: How to mitigate risks?

Dr. Konstantin Mettenheimer, MBA (Wharton) Partner FRESHFIELDS BRUCKHAUS DERINGER LLP, Frankfurt

10.45 am

Coffee – break

11.15 am

How to Define a Family Office Safe Harbor?

What Makes a Friendly FO Jurisdiction?

How to Split Custody Function from Trustee Relationship?

Impact of Dodd Frank Act on Family Office Set-up

How should Wealth Managers React to FATCA in Europe?

Prof. Dr. Francesco A. Schurr Chair of Company, Foundation & Trust Law UNIVERSITY OF LIECHTENSTEIN, Vaduz

Dr. Angelo Venardos (asked) Founder & CEO HERITAGE TRUST GROUP, Singapore

Thomas J Handler J.D., P.C. Partner HANDLER THAYER, LLP, Chicago

(Name to be confirmed) OLIVER WYMAN, Zurich

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01



CHALLENGES TO GLOBAL INVESTORS

12.00 pm

Global Investor Panel Session:

Challenges to Global Investors

Is this the end of the world as we know it?

Is the stock market dead?

Why keep buying bonds that give no yield for 10 years?

Has trust evaporated?

How to asset protect portfolios?

How to avoid correlations?

How to identify reversion to the mean?

How to allocate to global economic advancement?

How to ensure an exposure to inflation protection? To deflation protection?

How to avoid running with the herd?

Challenges to Swiss Investors

How effective is the Euro/CHF peg and how long will it holds?

What would be the right exchange rate?

Does it protect or hurt the Swiss economy?

How must one plan for an end of the peg and how abruptly will it be?

How do the new tax treaties (if they will be signed) and the new regulations

for investors change the Swiss landscape for asset management and banks?

Will new regulations hinder family offices and private investors in their

investments and what to do about it?

What will be future necessities for family office to face the tighter

regulations? What will come into law?

Pa

ne

llis

ts

Dr. Gero M. Bauknecht President BAUKNECHT CAPITAL AG, Glarus

Michael Biermann Private Investor Adviser SWITZERLAND



13.15 pm Walking Buffet Lunch

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01



FAMILY OFFICE INVESTMENT BEST PRACTICES

14.30 pm Walking the 21st Century Efficient Frontier


15.15 pm Family Office Best Practices: Tailoring Asset Allocation, Risk Management,

and Manager Due Diligence to today’s Investment Environment


16.00 pm Coffee – break

REGULATORY DEVELOPMENTS IN EUROPEAN FAMILY OFFICE SET- UP &

TAX LAWS

16.30 pm The Key Features of the New Luxembourgish Family Office Regulatory

Framework and Label

Is this a Model for the European Family Office Industry Going Forward?

European Initiative towards A European Foundation Statute

Regulatory & Tax Issues – A Model for Switzerland?

Thibaut Partsch Partner LOYENS & LOEFF, Luxembourg

17.00 pm New Changes in the French Tax Law

Jean-Luc Calisti (asked) Partner HERBERT SMITH LLP, Paris

17.30 pm Belgium Attractiveness to HNWI’s

Christian Chéruy Tax Partner LOYENS & LOEFF, Brussels

18.00 pm Close of the Conference

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


SPEAKERS

Francis J. Vassallo B.A. (Hons) Econ, FCIB, KM, MOM, President, FRANCIS J. VASSALLO & ASSOCIATES, Malta

Francis J. Vassallo graduated in B.A. (Hons.) Econ. from the Royal University of Malta in 1970. He occupied

several senior positions with Chase Manhattan Bank worldwide in his 25 year career with Chase. He was a Board

Member of several Chase subsidiaries in Luxembourg, the Channel Islands and Spain. He was General Manager

of Chase Manhattan Bank in Spain for four years between 1987 and 1991 responsible for the setting-up of Private

Banking as well as the Capital Markets in Spain for Chase. He was also General Manager of Chase Private Bank

Switzerland until September 1993.

In September 1993 he was appointed Governor of the Central Bank of Malta - a position that he held until

September 1997. During that period Mr. Vassallo played an extremely important role in the restructuring of

Malta‟s banking and financial system and also contributed in establishing Malta as a world-class Financial Centre.

During these years, Mr Vassallo spearheaded various legislative changes in preparation for Malta‟s entry into the

EU, including the new Banking Act and the amended Central Bank Act as well as assisting on the preparation of

the legislation on the Investment Services Act and Capital Markets and the enactment of Anti-Money Laundering

Legislation in Malta. During his tenure as Governor, Mr Vassallo was a founding member of the Malta Financial

Services Authority (MFSA).

Mr Vassallo is a member of the Board of FIMBANK plc and is a Director on various other companies including

United Group and the public listed United Finance plc. Mr Vassallo is a Director of Celsius SICAV (Barclays Bank)

and Director of ALTMA and NBCG (National Bank of Canada) and White Rock Insurance (Europe) PCC Limited. Mr

Vassallo was Chairman of the Malta Development Corporation until October 2000 and was Chairman of BAWAG

Malta Bank Limited until July 2009. He is a Fellow of the Chartered Institute of Bankers, member of the

International Tax Planning Association (ITPA), the Institute of Financial Services Practitioners (IFSP) and a

member of the Sovereign Military Order of the Knights of St. John.

In March 2009 Mr Vassallo was appointed by the Malta Government as Special Envoy to initiate and negotiate, on

behalf of the Malta Government, agreements on the Avoidance of Double Taxation and the Protection of

Investments in the Latin American Region. In September 2009 Mr Vassallo was appointed as Chairman of the

newly formed Mediterranean Bank. Mr Vassallo is fluent in English, Maltese, Italian and Spanish.

DK Matai, Chairman, mi2g & Co-founder Philanthropia & ATCA, London

DK Matai founded mi2g, the eRisk Management and Bespoke Security Architecture group, whilst developing

simulations for his PhD at Imperial College in London and was selected to present Knowledge Management to the

Queen in 1998. This followed a high-flyer career at IBM, Inmos, SGS-Thomson and Helvar Electrosonic

developing Massive Parallel Processing (MPP), supercomputing applications and new patents.

DK Matai is an authority on electronic attack and counter-attack, hacker etymology and Open Source hardened

kernel solutions. mi2g has liaised closely with government departments since DK Matai predicted the NATO-

Serbia and China-Taiwan sympathetic hacker attacks in 1999.

DK Matai believes passionately that the future for digitisation lies in its ability to drive down client costs within a

secure operating environment. mi2g is now launching MFX, a new IT outsourcing company with Canada‟s US$20

Billion Fairfax Financial Holding (FFH.TO) providing smart-sourcing solutions with managed security services to

the banking, insurance and reinsurance industries.

DK Matai divides his time between mi2g clients in North America and Europe and heads up research projects into

Open Source kernels and trusted computing infrastructure. He is a trusted contributor to defense and security

debates and was recently introduced by Andrew Pinder, eEnvoy to the Cabinet Office, UK Government to present

on asymmetric warfare post 11 September.

DK Matai is 33 and, in addition to mi2g and his research, his main interests are people, technology and

languages. He has lived in Asia, Europe and North America but he now lives in London with his family.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


SPEAKERS

Dr. Konstantin Mettenheimer, Tax Partner, FRESHFIELDS BRUCKHAUS DERINGER LLP, Frankfurt

Konstantin combines a rare mix of proven legal and commercial skills. He is a tax adviser, an attorney and a

Master of Business Administration, and has a deep understanding of economic and leadership issues. He advises

large international family-owned companies on strategic questions of ownership, governance, succession

planning, transactions, financing and restructuring.

He has been a trusted adviser to some of the world‟s leading companies such as Barilla, General Re, Cologne Re,

Thermo Fisher Scientific, UBS and Standard Life.

Konstantin served as the firm‟s global Senior Partner, a position he shared from 2004 to 2010. In this role, he

successfully led the firm and interacted with board members of key clients, considering corporate, compliance,

regulatory and tax issues, and finding practical legal solutions to commercial issues. From 2000 until 2004 he was

regional managing partner for Germany, Austria and Eastern Europe.

He is chairman of Common Purpose Deutschland e.V. and a member of the board of Trustees of the Youth for

Understanding Foundation.

Prof. Dr. Francesco A. Schurr, Chair Company, Foundation & Trust Law, UNIVERSITY OF LIECHTENSTEIN, Vaduz

Francesco A. Schurr is a Professor of Law and head of the Chair for Company, Foundation and Trust Law at the

Institute for Financial Services, as well as Program Director of the Master of Laws (LL.M.) in Company,

Foundation, and Trust Law at the University of Liechtenstein. Previously he was Professor for Private Law and

Comparative Law at the Law School of the University of Innsbruck/Austria and Deputy Director of the Department

of Italian Law. After completing his law studies at the Universities of Regensburg, Saarbrücken and Perugia he

was admitted to the bar in Italy and Germany and obtained his PhD summa cum laude as well as his Habilitation

from the University of Innsbruck. Francesco A. Schurr has published numerous articles and books on Consumer

Protection Law, Law of Foundations, Trust Law, Contracts and European Private Law. He had numerous visiting

and adjunct professorships including those at the University of Padova/Italy, the Free University of Bolzano/Italy,

the Riga Graduate School of Law in Latvia, the University of Bucharest/Romania as well as the Victoria University

of Wellington/New Zealand.

Dr. Angelo Venardos, Founder & CEO, HERITAGE TRUST GROUP, Singapore

Dr Angelo Venardos is the Chief Executive Officer and Founder of the Heritage Trust Group, which has offices in

both Singapore and Hong Kong.

Angelo holds degrees in Economics & Marketing, an MBA, a Master of Jurisprudence (Corporate & Commercial

Law) and a Doctorate of Legal Science.

He was the Chairman of the Singapore Chapter of the Society of Trust and Estate Practitioners (STEP) during

2009 to 2011, giving up the position to represent South-east Asia as a Council Member of STEP Worldwide in

London.

Angelo is a banker by training, with many years of experience in corporate and offshore banking. He has been

living in Singapore for the past 12 years.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


SPEAKERS

Thomas J. Handler, J.D., P.C., Partner, HANDLER THAYER LLP; Chairman, ADVANCED

PLANNING & FAMILY OFFICE PRACTICE GROUP, Chicago, USA

Mr Handler is an advanced planning attorney focused on structuring complex estate plans and handling related

business structures and tax planning issues for affluent families, family businesses and family offices. Such

planning often involves the interplay of income tax, estate tax, executive benefits, and financial matters. In this

regard, Mr Handler is particularly experienced in dealing with business owners, directors, executives, professional

athletes, celebrities and family offices. He has extensive experience in the analysis, design and implementation of

domestic and international business planning, financial and estate planning, and advanced tax planning

strategies. Mr Handler is a managing partner in Handler Thayer, LLP, where he chairs the firm's Advanced

Planning & Family Office Practice Group.

Mr Handler's experience includes public accounting and corporate and foundation directorships. He is involved in

Chicago Bar Association activities including its Taxation and Trust Law committees, and has authored numerous

professional articles. He has lectured extensively both nationally and internationally at professional and family

office educational conferences. Mr Handler created the Asset Protection Profile™ and Stealth Prenup™ in addition

to other proprietary strategies for affluent families and family offices.

He has been recognized by various independent organizations on their lists of top attorneys. Leading Lawyers

Network named Mr. Handler one of the Top Attorneys in Illinois in two areas: 1) Trusts, Will and Estate Planning

Law and 2) Closely and Privately Held Business Law. He has also been named to the Wealth Strategies Design

Team comprised of fifteen of the top wealth planners in the United States and to Who‟s Who in American Law

and a life member of Who‟s Who in America.

He earned a Bachelor of Sciences in Accountancy Degree from the University of Illinois at Urbana-Champaign and

a Juris Doctorate Degree Law Review from DePaul University College of Law in Chicago, Illinois. Mr Handler is a

recognized thought leader in the advanced planning and family office marketplaces.

Dr. Gero M. Bauknecht, President, BAUKNECHT CAPITAL AG, Glarus, Switzerland

Dr Gero Bauknecht is the president of Bauknecht Capital AG in Switzerland and trustee of the Bauknecht Trust.

He invests and oversees a portfolio of Public Equity, Direct Private Equity Investments, Real Estate, and other

special areas. In this role, Gero Bauknecht holds several board positions and is a trusted advisor to the

companies he is invested in. Prior to this, he was based in Chicago/USA for the Bauknecht Trust as investment

advisor responsible for the globalisation of the investments. Dr Bauknecht has comprehensive consulting,

marketing and management experience in companies such as Apple Computer, Compaq and A.T. Kearney

Management Consultants. Before joining his family‟s operations, he co-founded and worked as an executive for

the independent private-equity specialist GlobalFinance AG, where he advised and led several early-stage

companies to financing. Dr Bauknecht holds an MBA and a Ph.D. in Economics.

Michael Biermann, Private Investor Adviser, Switzerland

Michael started his career within the financial services industry in the 70ies. After his first years within the lending

and factoring business he became a stock and commodity broker until the late 80ies. Having this experience he

joined a German private bank where he was responsible for the portfolio management and the client coverage of

international UHNWI and several institutional clients. Michael retired in 2002 and concentrated in advising a

selected portfolio of clients, most of them being “family and friends”. His main investment focus has always been

and still is within the hedge fund sector. Next to investments he has always been very focused in regulatory and

macro-economic topics. Michael holds a degree in Business Administration.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


SPEAKERS

John C. Bailey, Founder & CEO, SPRUCE PRIVATE INVESTORS LLC, Stamford, USA As the Founder and CEO of Spruce Private Investors, John leads the portfolio management process of Spruce‟s

investment partnerships across both public and private asset classes. Leveraging his years of experience in

research and asset management, John works to identify global growth opportunities for clients and to maintain a

proactive and aggressive focus on risk management. Through his work over the years with high net worth

individuals, family offices and endowments, John identified the need to provide investors with access to global

investment opportunities, greater transparency into the investment process, and independence of research – all

of which became hallmarks in the foundation of Spruce.

Prior to founding Spruce, John was CEO of Family Office Services for a multi-client family office where he was

responsible for asset allocation and manager selection. During this time John emerged as an advocate for the

expansion of resources and information to the capacity constrained family office community through the creation

of the Family Office Network. This private and confidential networking group was created to help leverage

knowledge, contacts and resources among wealthy families.

Over the years John also worked with wealthy families and charities in an asset management capacity at

Columbus Circle, then owned by PIMCO, and in the Capital Management Group of what is today Wells Fargo.

John began his career as a sell-side equity research analyst at Oppenheimer & Company covering insurance

company and gaming & lodging stocks. He has an MBA from NYU‟s Stern School of Business and is an avid sailor.

Philippe Carrel, Executive Vice President, THOMSON REUTERS, Geneva, Switzerland

Philippe Carrel is Executive Vice President at Thomson Reuters, specializing in aspects of risk management and

regulatory compliance with key financial institutions and regulators around the world, through a new concept he

identifies as “Risk Intelligence”. Through an additional assignment in research and development, he supports the

development of new data, benchmarks and risk intelligent information for the finance industry. Specialist of

financial derivatives, valuations and regulatory compliance, he was previously Head of Alternative Investments

Strategies at Reuters in New York, Director of Risk and Trade Management at Reuters in London and Principal

Consultant Risk Management at Reuters in Singapore.

Until joining Reuters, Philippe directed advisory services on hedging and trading strategies for banks, fund

managers and private investors across Asia, which followed a career dealing securities and derivatives in Paris

and Singapore. Philippe also advised regulatory authorities, professional associations and exchanges across Asia

and directed a financial training institute for many years.

A strong advocate of change in risk management methodologies, he had publicly warned about systemic risk

since 2005 and authored the Handbook of Risk Management, published in 2010, to lay out a detailed

methodology for firms and regulators to redefine risk information workflows. Philippe is member of the Global

Association of Risk Professionals (GARP), of which he co-directs the Geneva Chapter in Switzerland. He also

contributed to a project of the World Economic Forum on risk management in 2010 and to a panel of the

Financial Stability Board in 2012.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


SPEAKERS

Thibaut Partsch, Partner, LOYENS & LOEFF, Luxembourg Thibaut Partsch, attorney-at-law, is a Partner at the Investment Management practice of Loyens & Loeff,

Luxembourg. He advises international clients on fund structuring and alternative funds. In addition, Thibaut is a

member of the board of directors of the Luxembourg Private Equity and Venture Capital Association (LPEA) and is

an active member of several working groups within the Association of the Luxembourg Fund Industry (ALFI). He

regularly speaks at conferences and publishes on the subject of private equity funds.

Prior to joining Loyens & Loeff Luxembourg, he practiced as an attorney in Brussels and New York. Thibaut co-

authored "Le rachat d'actions propres" (Share buybacks), Brussels, Kluwer, 2001 and assisted Professor Hal Scott

(Harvard Law School) in the writing of "International finance: Law and Regulation", London, Sweet & Maxwell,

2004. He is a member of the Luxembourg and New York Bars.

Jean-Luc Calisti, Partner, HERBERT SMITH LLP, Paris

Jean-Luc is a member of Herbert Smith Freehills‟ Paris Tax group. He has nearly 20 years of experience as a

corporate tax lawyer, specialising in domestic, cross-border and international structuring for clients in the UK,

France and other jurisdictions. He works with French and international clients in mergers and acquisitions and

private equity, and has considerable tax litigation experience.

Jean-Luc has received accolades from the International Tax Review for Best European Court of Justice Firm of

the Year (2009 ITR European Tax Awards) and European Tax Team of the Year (2010 ITR European Tax

Awards). In legal guides, clients have praised his „creative, international approach‟ and skill at „bridging the gap

between law and finance‟.

He speaks English, Italian and French fluently.

Christian Chéruy, Tax Partner, LOYENS & LOEFF, Brussels

Christian is a member of Loyens & Loeff‟s General Tax Practice Group in Brussels. He is the former Head of Tax

and Country Managing partner.

Christian's practice covers on a broad range of international and domestic corporate tax issues. These issues

include inward investments, holding and financing structures (including the notional interest deduction),

corporate restructurings (including cross-border reorganisations), transfer pricing and thin capitalisation rules,

withholding tax requirements, double tax treaty matters, corporate and structured finance projects, mergers and

acquisitions, real estate and private equity partnerships. He advises on the taxation of intellectual property and

the availability of tax relief in respect of R&D. He also advises individuals on wealth optimisation techniques.

Christian also heads the Belgian Tax Controversy and Litigation Team. Christian provides assistance at every

stage of the resolution process from audit examination to tax appeals and, where necessary, tax litigation. He

frequently acts on behalf of taxpayers in negotiations with the Belgian Revenue Services, and particularly with the

Special Tax Investigation Brigade. He also has considerable experience in handling Alternative Dispute Resolution

processes, i.e. ruling requests and advance pricing agreements.

He is consistently ranked as one of the leading tax lawyers in Belgium by Chambers Europe and Legal 500.

Christian is a regular speaker at conferences on a wide range of (international) tax issues and tax controversy

topics He has also written extensively on tax-related subjects and is the principal author of a leading treatise

analysing the legal, accounting and tax aspects of Belgian holding companies.

Christian is a member of the Brussels bar. He holds a Law Degree from the Université Libre de Bruxelles (1985),

a Degree in tax from La Chambre belge des Comptables (1989) and a Degree in Business Management and

Administration from the Université Catholique de Louvain-la-Neuve (1990).

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


PARTNERS

MGFF, Management Global Family & Fund Advisory Services Ltd is a global independent advisory firm registered

in Dublin offering advisory services to Fund Promoters and Asset Managers willing to register and administer their

product range in the most appropriate cost-effective European jurisdiction to ensure the distribution of their

products in compliance with European regulations. MGFF offers a large range of tailor-made fiduciary services to

Family-Owned Businesses & Commercial Companies, Entrepreneurs and Family Offices willing to ensure the tax

effectiveness, the protection and the long-term preservation of their assets.

The unique concept of the Absolut|report has entered its 10th year.

Focusing on asset management, investment innovations and new ideas, our publications Absolut|report,

Absolut|performance and www.absolut-report.de media along with the weekly newsletter offer new

perspectives for institutional investors.

We consider ourselves a knowledge platform for decision makers. Not an industry publication, but with content

aimed at the day-to-day business of institutional investors. Our topics cover all asset classes and investment

strategies, their allocation, risk management and legal issues.

In addition to Absolut|report, Absolut Research GmbH has other specialist publications on the day to day aspects

of institutional investors' business, such as Absolut|performance. It moreover regularly publishes rankings of

publicly offered institutional funds, analyses alternative investment strategies and computes various indices for

asset classes and investment strategies.

All publications are available through an annual subscription.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


ESAFON

ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic

Advisers

If you are an Asset Manager, a Fund Manager, the Head of a Family Office or a Strategic Adviser,

Join ESAFON, The European & Swiss Network of Asset and Fund Managers, Family Offices and Strategic Advisers

ESAFON is a non-profit Association located in Montreux; the ESAFON objectives are to promote the cooperation between Switzerland and Europe and to facilitate the exchanges between professionals in the area of Asset Management & Family Wealth Management, to allow its members to discuss together and to implement the new regulations and the best management practices, with an objective geared towards harmonisation and transparency. ESAFON members network with major international leaders through think tank meeting and social events as private luncheon, dinners, workshops, conferences and forums.

- Their details are added to the ESAFON DIRECTORY which is updated on a monthly basis. - They receive a personal ESAFON Membership Card and benefit from a 50% discount on their

registration fee for all ESAFON Conferences during one year.

- They have access to the ESAFON website: www.esafon.com

- The Association supports the interests of its members to Regulatory Bodies in Switzerland as well as in various European countries

- The Annual Membership Fee 2013 is 500 CHF.

For more information or to apply for your Membership to ESAFON, please contact:

Dr Anne Golbery, Managing Director, ESAFON e-mail: [email protected], direct phone: 00 41 22 319 69 04

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


ESAFON PARTNERS

François Golbery, Chairman, ESAFON, Montreux François Golbery is the Chairman of ESAFON, a non-profit independent association registered in the Registrar of

the Federal Office in Bern with the objective of promoting and facilitating best practices amongst professionals

from the asset, fund and wealth management industries across Switzerland and Europe.

ESAFON is committed through the set-up of independent expert working committees to make proposals that will

help contribute as much as possible over regulation applying to the global finance industry and thus promote

workable best practices for industry participants.

François, through its long-term involvement at MGI in organizing high-level expert – driven conferences

addressing the strategic consequences of EU principle-led directives within the Lamfalussy procedure in Europe

has been at the forefront of interactive developments towards the best practices within the financial industry

across Europe.

Established in Switzerland since 1997, he contributes and helps financial centres to formulate their strategic

positioning and train market participants to implement change in day-to-day business practices. He has built –up

a personal network of high calibre experts that are instrumental to forge the future and do participate in high

level think tanks.

Prior to MGI, François Golbery has served in various senior positions in Marketing and Finance within

multinational companies. In 1988, he started-up and grew the French subsidiary of IIR in Paris as the most

profitable entity of the group. He was elected Manager of the Year in 1992 / 1993 and received his prize from

Edward de Bono, the originator of the lateral thinking concept. He took over the responsibility of the Portuguese

office as well.

He holds an MBA in Finance from the University of Hartford (Connecticut), under the patronage of Michel Barnier,

currently the Commissioner of the Internal Market Division of the European Commission in Brussels.

François Golbery is a member of the Royal Ocean Racing Club in London.

Anne Walhain Golbery, Managing Director, ESAFON, Montreux Anne Walhain Golbery is Managing Director and Company Secretary of ESAFON, a non-profit independent

association registered by the Trade Register of Canton de Vaud last June 2012, with the objective of promoting

and facilitating best practices amongst professionals from the asset, fund and wealth management industries

across Switzerland and Europe.

At the Association ESAFON, Anne is in charge of the global operations including RP, Partnership, Customer

Service, Marketing, IT, Finance, and Human Resources.

Prior to ESAFON, Anne Walhain Golbery has been with François Golbery, her partner in life and in business, the

co-founder and co-owner of MGI Management Global Information SA, managing the global operations of MGI for

15 years.

Previously, as IT Program Manager, Anne has been designing and implementing Technical Information Systems

for the Space Electronic Equipments at EADS, France, for 12 years.

She holds a Doctorate in Atomic Physics-1979, University of Caen, France.

Two from among her five children are running their own Family Business in the 3rd generation.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


FUTURE ESAFON CONFERENCES 2013

Media Partner:

THE FUTURE OF THE EUROPEAN FAMILY OFFICE INDUSTRY (C1318)


HOW TO DEFINE A FAMILY OFFICE SAFE HARBOUR? REGULATORY CONSIDERATIONS.

REGULATORY FRAMEWORK FOR FO & MFO – EUROPEAN FOUNDATION STATUS.

RELOCATION FROM HIGH TAX JURISDICTIONS – TAX TREATY UPDATE ON SUCCESSION.

January 31st & February 1st, 2013 – Credit Suisse Forum – Geneva

In partnership with:

OPERATIONAL CHALLENGES FOR MANAGEMENT COMPANIES UNDER UCITS & AIFMD (C1315-L)

The 5th Annual UCITS Management Company Conference February 6, 2013 – Cultural Center ‘Schéiss’ – Luxembourg


LUXEMBOURG INVESTMENT SOLUTIONS S.A. – Silver Partner

ACARDA – Silver Partner

UCITS – AIFMD – MiFID II (C1315-M)

The 3rd Annual Malta Fund Spring Conference

IMPLICATIONS FOR FUNDS, MANAGERS, SERVICE PROVIDERS.

March 14th & 15th, 2013 – The Westin Dragonara Resort – Malta


MFSA (Malta Financial Service Authority) – Strategic Partner

MALTA STOCK EXCHANGE INTERNATIONAL CONFERENCE (C1320)

ATTRACTING NEW CAPITAL & INVESTMENT IN MALTA.

CAPITAL MARKET UPDATE & ADVANCED EU REGULATIONS. October 3rd & 4th, 2013 – Radisson Blu – St. Julian’s Bay – Malta


MSE (Malta Stock Exchange) – Strategic Partner

If you want to pre-register and receive the programme, participate as a speaker, or become a

partner…

Please find a coupon to complete on the following page.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


If you want to pre-register and receive the programme, participate as a speaker, or become a

partner…

Please return the Coupon to our Customer Service by either

email: [email protected], or fax: +41 22 319 69 01

Yes, I would like to receive the above programmes (please tick the appropriate

programmes) and pre-register

Yes, I would like to receive your partnership opportunities

Name: ............................................................................................................................................

Job Title: .......................................................................................................................................

Company: ......................................................................................................................................

Address: ........................................................................................................................................

City & Zip-Code: ..........................................................................................................................

Country: ........................................................................................................................................

Telephone: .....................................................................................................................................

Fax: ................................................................................................................................................

E-mail: ...........................................................................................................................................

Yes, I would like to participate as a speaker on the following topic (be as

specific as possible)

Topic:

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


To benefit from our Partnership Opportunities, please contact Dr Anne Golbery at [email protected]

ESAFON Partnership Packages 2012 – 2013

“EXHIBITOR PARTNER”: Euro 2’450 partner logo inserted in the conference brochure

an exhibition space in the conference foyer for the duration of the conference

a personalised invitation to send to your contacts with a 30% discount for any registration for your employees or your contacts

your Corporate Profile inserted on our web site with a link to your web site

3 free conference passes for your colleagues present on your stand

the complete mailing list of the conference participants

“FIRST CLASS PARTNER”: Euro 4’970 a 30 minute non-commercial presentation as a speaker


your Corporate Profile distributed to the participants

1 free conference invitation for your colleagues or clients


“SILVER PARTNER”: Euro 6’480 partner logo on front page of the conference brochure

a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the conference chairman

your Corporate Profile inserted on our web site with a link to your web site and distributed to all the participants


3 free conference invitations for your colleagues or clients


PLATINUM PARTNER”: Euro 7’900 all the conditions applying to SILVER partnership, plus:

lunch or cocktail offered by the company (luncheon costs included in the total package of Euro 7’900)

a partner's logo appears on the schedule in participant folders

“GOLD PARTNER”: Euro 9’790 all the conditions applying to EXHIBITOR partnership, plus:

partner logo on front page of the conference brochure

lunch or cocktail offered by the company (lunch included in the total package of Euro 9’790

a partner's logo appears on the schedule in participant folders

a 30 minute non-commercial presentation as a guest speaker with a formal introduction from the conference chairman

3 free conference invitations for your colleagues or clients

“LEAD PARTNER”: Euro 13’320 all the conditions applying to GOLD partnership, plus:

exclusivity of partnership to company's market sector

The ESAFON Partners take in charge their travel and accommodation expenses A 20% discount is granted on the second Partner Contract signed in 2012 & 2013.

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


VIP INVITATION On Behalf of the Partner

30% Discount on Early Registration Fee

Available for Booking & Payment before January 3rd, 2013

To register, Please fax or e-mail back this Application Form fulfilled and signed to our Customer Service

by e-mail at [email protected] or by fax at + 41 22 319 69 01

CONFERENCE:

Title: The Future of the European Family Office Industry Date: January 31st, 2013 Conference Code: C1318 Location: Credit Suisse Forum - Geneva

REGISTRATION:

Name .................................................................................... First Name ..............................................

Position .................................................................................................................................................

Company ...............................................................................................................................................

Address .................................................................................................................................................

E-mail ....................................................................................................................................................

Tel ........................................................................................ Fax .........................................................

January 31st

, 2013 (Code C1318) Registration Fee includes Refreshments, Buffet Lunch, a Full

Documentation Package and a CD Rom of the Final Presentations

Yes, I wish to register*:

Standard Registration Fee EUR 2’100

Early Registration and Payment before January 3, 2013

EUR 1’590

SPECIAL OFFERS AVAILABLE FOR A BOOKING & PAYMENT:

Before January 3, 2013 After January 3, 2013

ASG , LAFO, AFFO, Luxembourg for Family Offices, MGI Club Members ESAFON Club Members Multi Family Offices Strategic Advisors

EURO 1’150 EURO 1'350

Additional Registration from the same company (at the same address)

EURO 850 EURO 1’050

Group Participation (3 Delegates or more) EURO 700 per delegate EURO 800 per delegate

Single Family Offices Family Owned Businesses ESAFON Members

EURO 500 EURO 600

Date:

Signature:

*Please tick the applicable box

I wish to pay by wiring transfer upon the receipt of my invoice*

Please send the invoice to the following address:

Name, Job Title: .........................................................................................................................

Address: .....................................................................................................................................

W





Tél.: +41 22 319 69 00 – Fax: +41 22 319 69 01


General Conditions

o You registration is valid for one delegate only. o Confirmation and Payment: (NOT APPLICABLE TO PARTNERS' GUESTS)

Conference fees must be paid prior to the event. Payment has to be received before entering in the conference room.

o Conference Participant List: Registrations received 6 open days before the conference will be listed on the ESAFON Booklet list given to all participants.

o Participants’ substitutions:

Please kindly send a written notice to [email protected] before 6 open days in order to have the correct name appear on the ESAFON Booklet.

One registration is valid for one specific delegate. Splitting the conference days between two participants will be subject to a charge of 400 EUR.

Part time substitution is not possible o Cancellations: must be made sending an email to [email protected]. If the cancellation is received

one month prior the conference, a credit note will be issue minus 10 % of handling charge. For cancellations received less than one month prior the conference, the full cost is due. Cancellation up to one month by writing before the conference will support an administrative charge of 10% of the fee. Prior to the one month the full fee is due but a substitute delegate may attend in your place if required.

o Late Registrations: Registrations made after 6 open days are welcome, but will not be listed on the ESAFON Booklet.

Conference Venue Information/Opening hours of the welcome desk Venue: Credit Suisse Forum – Rue de Lausanne 19, Ch-1211, Geneva

Tel: +41 22 393 45 67 – Catherine Peiry

Opening Hours of the welcome desk: 8.30 – 17.30 hours

The Credit Suisse Forum is a perfect venue for the conference, business oriented, and located close to Cornavin Train Station.

ESAFON can book a room for you at Warwick Hotel, which is close to the conference’s venue.

ESAFON COMMITMENT

This programme has been specially designed in compliance with the quality criteria set by ESAFON. The topics covered are issued from our research and the panel of speakers has been carefully selected on the basis of their credentials and relevant experience. Therefore, this programme is the sole property of ESAFON and cannot be copied under any circumstances.

About ESAFON, your Strategic Partner to Global Ethical & Sustainable Finance:

ESAFON is dedicated to provide with strategic education and advisory for Global, Ethical & Sustainable Finance. Over the last 16 years, ESAFON has been developing 300 highly focused and in-depth conferences addressing emerging trends and regulatory development affecting the Fund and Wealth Management Industry always from a long term and global perspective, in EUROPE, US, LATAM and ASIA. In Europe, ESAFON is at the forefront to highlight European initiatives within the Lamfalussy procedure. Its total independence and ingoing privileged relationship with best talented global leaders and experts ensure a strategic approach to address the most relevant issues through its conferences. The ESAFON values: customer centric, innovative, global vision, scope and quality oriented, rigorous code of ethics, socially responsible.

CONFERENCE INFORMATION

the future of the european family office industry

Documents

family office structure

family office matters

t family offices

family offices investment

media partner

partner handler thayer

investment risks

high tax jurisdictions