Globally experienced executives Alan Greenstein, Steven Gross and Keith Betty have established a new self-licensed multi-family office, GGBwealthcare (GGB), situated in Sydney.
A concept that has to date been more prevalent overseas, Greenstein said there was a gap in the Australian market when it came to multi-family offices, which unlike traditional wealth management shops, deal with a much smaller and more affluent client base.
"There are a lot of ultra high net worth Australian families that don't have the wealth to warrant establishing their own single family office but which do have the wealth to warrant being part of a multi-family office where they can absorb the costs with other wealthy families," he said.
"Basically multi-family offices help ultra high net worth families to manage their business assets, lifestyle assets, investable assets and philanthropic activities across multiple generations."
Having been actively marketing for less than a year, Greenstein said GGB had already picked up around five international family clients so far and was in talks with three Australian families about coming on board, with the firm's overall growth dependent on the size of each family and complexity of their finances.
Prior to the establishment of GGB, Greenstein was formerly the managing director of a listed independent banking and financial services firm, Sasfin, where he was also responsible for the group's wealth management division.
Gross was head of research and senior investment manager for the family office that took care of the founders of Westfield shopping malls, while Betty was previously the chief executive of financial services group Peregrine.
Meanwhile, Greenstein said UK financial services group and now shareholder, Credo, had been selected to access global custody, client reporting, compliance and administrative support on behalf of GGB, so clients could access a multi-currency, multi asset-class and multi-jurisdiction reporting system.
