Duty-Free Billionaire’s Family Office Shuts Investment Team

Share

Transformation Amidst Disruption What’s Next for Family Offices
Share

(Bloomberg) — Duty free shop DFS Group Ltd. co-founder Robert Miller’s family office is disbanding its own investment team, in favor of handing its roughly $2 billion investment portfolio to external managers, said people familiar with the matter.

The family office is winding down Hong Kong-based SAIL Advisors Ltd., its 20-year-old investment office, the people said, requesting not to be named because the matter is private. Harold Yoon, SAIL’s chief investment officer, and Adrian Ng, who looked after its private equity and venture capital investments, were among those whose regulatory licenses with the firm were removed recently, according to public data.

The family office is in talks with firms including Blackstone Inc. to take over its existing investments. SAIL employees either declined to comment, or did not reply to emails or social media messages seeking comment. Blackstone declined to comment.

The move marks the end of what was one of the most active investors in hedge funds not only in Asia, but also globally, said people familiar with the firm. Its slow decline took place against a shifting industry landscape, in which the bargaining power of family offices waned against larger institutions including Blackstone, which has $1 trillion under management.

Miller co-founded duty-free shopping giant DFS in Hong Kong with Charles Feeney. The latter died at 92 in October, having given away nearly all of his $8 billion fortune, the Washington Post reported then. Moët Hennessy Louis Vuitton agreed to buy a majority stake in DFS in 1996.

SAIL was set up in 2003 to make investments for his family office and external investors. Then called Search Investment Group, Miller’s family office has since been renamed the Mari-Cha Group. His daughters went on to acquire famous last names and titles: Pia Getty; Marie-Chantal, Crown Princess of Greece; and Alexandra von Fürstenberg, the New York Times reported in 2011.

Born in the US but a Hong Kong resident since 1960, 90-year-old Miller set up his family office in the early 1970s, according to the company’s website.

As one of the oldest and biggest funds-of-hedge-funds managers in Asia, SAIL’s alumni include Eliza Lau, who set up Synergy Fund Management; Denise Hu, founding partner of Archer Asia, the Rockhampton Group-backed fund of hedge funds manager; and Michael Garrow, who went on to co-found Hong Kong-based HS Group, a strategic investor in new and young hedge funds.

In 2017, SAIL returned money from other clients in its fund of funds business to focus exclusively on investing the wealth for Miller’s family office, citing rising regulatory and operational costs. Investors were balking at hedge funds which charged high fees and generated mediocre returns. They were also increasingly bypassing middlemen and their extra layer of fees to allocate directly to hedge funds.

Share

Latest

Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      COVID-19
      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.