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Solutions for Family Offices
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In recent years, despite the economic crises, alongside the explosion of business in Asia and Latin America we have seen an increasing number of high-wealth individuals
and families being created. Industries such as Private Banking and Asset Management have naturally benefited from this generation of wealth and have spread into ever more diversified
investment products and offers to meet these needs. As offshore centres and tax avoidance schemes have become stricter from a legal and jurisdictional point of view an increasing
sophistication has entered in the planning of the affairs of these individuals and families. The concept of the family office whether single or multiple has similarly become increasingly popular.
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The needs:
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The Wharton study on Single Family Offices (SFO) carried out in 2008 has found that:
“On average, European SFOs are inclined to outsource fewer activities related to wealth management, especially investment-related activities. In Europe, 63% of
SFOs perform asset allocation in-house vs. 47% of SFOs in the Americas. In European SFOs, 70% of financial administration is done in-house while 41% is done in-house
in the Americas. Many SFOs also offer so-called concierge services, such as managing homes, boats and planes, hiring staff, managing payments and guiding philanthropy.”
One of the most important principles in the management of a Family Office is developing a culture of accountability. The underlying entity must operate as a business activity
that has strategic targets and more importantly adequate system infrastructure to enable the evaluation of performance and to implement controls and compliance. More and more often
the Financial statements of Family Offices are audited by international firms and have adopted IAS, US GAAP or other reporting standards.
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Our solutions:
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We at Elysys in co-operation with our strategic partners have a long experience in helping enterprises that manage the affairs of high wealth individuals and families
to establish and implement financial and investment management systems. Our cross-border understanding of the requirements of these entities enables us to advise in the design,
implementation and support of end to end solutions, including the following functionality:
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Financial Management and Reporting
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Investment and Portfolio Management
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Bank and Cash Management
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Document Management
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Business Intelligence
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Physical Asset Management
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Stud Farm Management
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Yacht Management
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All our software products have been developed with the specific requirements of the industry and tested and applied extensively in family offices.
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In order to find out how we can help your specific needs, please Contact Us by in order to discuss your needs in confidence.
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