Note: We have provided a transcript of the video if you are unable to listen to the audio. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
Family offices have a choice as to how they manage investments on behalf of a family. Family offices may have a very light touch with investments. In other words they may have external investment managers that a family uses and the role of the family office is really to keep those investment managers, dare I say it, honest, and to keep tabs on how they are performing, what fees are being charged to the family, and holding regular meetings between the asset managers and family members. So if a family office is heavily involved in investments, the family office may be running in different investment programs. They may have a private equity program and that could be that the family is investing in private equity funds, they may be carrying out co-investments with those private equity managers, or they may just be buying single investment holdings which are unquoted and illiquid. That requires a high set of skill sets that would sit in the family office.