Family offices become financial titans

The FO has its roots in the organisations that oversaw the fortunes of America’s 19th-century robber barons, such as J.P. Morgan and John D. Rockefeller. Several hundred have been in operation for at least three generations. Some now serve extended families with hundreds of members—over 600 in the case of France’s Mulliez clan, owners of the Auchan hypermarket chain. Most, however, are recent creations

https://www.economist.com/briefing/2018/12/15/family-offices-become-financial-titans

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