McFaddens and CIIC tie knot with China multi-family office
The London-based MFO is barely a year old, but in just two months McFaddens has formed alliances in the UAE and now with CIIC, a privately owned Chinese group. It is another sign of how fast this area of high-end private wealth is growing up.
Two weeks ago, Euromoney remarked on the pace of growth of global multi-family offices (MFOs).
Pointing to the example of McFaddens & Co, we said that every month this once-peripheral part of the private wealth space “gets a foot taller”.
When we published those words, London-based McFaddens had just opened its first Dubai office, adding $300 million to its investment portfolio and taking total assets under management (AuM) to $1.6 billion.
Well, this Wednesday, the company announced a joint venture with China International Industry & Commerce (CIIC), a privately run conglomerate based in Beijing.
The two will work together to serve clients in mainland China and Hong Kong, McFaddens said in a press release. They will offer services including fund management and advisory services.
It is yet another reminder of the rate of change in the world of high-end private wealth.
McFaddens has existed as a law firm since 1977, but its MFO is barely a year old, opening for business in April 2020.
Support for change
Chief executive Max Eppel is a qualified barrister who was a football agent in California before working as head of sports finance at Shawbrook Bank.