Genspring seeks European MFO, SFO deals
Genspring Family Offices is looking to extend
its reach across the Atlantic through acquisitions or partnerships
with multi and single-family offices in Switzerland, Spain, France
and the UK.
Santiago Ulloa, president of Genspring
International, based in Miami, was in Europe last week to discuss
the plans with interested parties. He said the deal could involve
setting up a European operation around a large single family office
(SFO) business, with around $1 billion in assets under advice
(AuA). Alternatively, Genspring could partner with a multi-family
office (MFO) adding between $5-10 billion in AuA to its existing
$20 billion. Ulloa would not say how much the Florida-based MFO was
willing to spend, but that the business did not "have a capital
problem".
“We have the money to get into any type of
transactions as far as it makes sense for us," he told Private
Banker International.
"We could be very creative to find a way for
the partners to be with us. we do not want to acquire a book of
business at all. We want to partner with people who want to work
with us, growing the business together. We want them to be partners
in the future.”
“If what they are looking for is to sell the
business and get rid of us, we will probably not be able to do
something. it is a partnership type model, of course they could
cash out, but we want them to continue in the business.”
Genspring, which has $20 billion in assets
under advice and a total of 330 staff, is the largest multi-family
office globally. Its clients are spread across 17 counties.
Overseas operations are currently conducted out of its Miami
office, which was acquired along with many of Genspring's
international clients when it bought TBK Investments, set up by
Ulloa in 2000.
Stanhope, Lord North Street, Sand Aire and
Fleming Partners are all businesses with a similar philosophy to
Genspring and could be in the frame. Ulloa would not comment on the
businesses he met while on the trip.