New Force on Wall Street: The ‘Family Office’

In this fanciful article co-authored by Anupreeta Das and Juliet Chung of the Wall Street Journal, the authors discuss how clans with nine-figure fortunes are increasingly investing through unregulated firms known as family offices, impinging on the business of investment banking and private equity

Excerpt:

On a warm October day in 2014, envoys from 15 of America’s wealthiest families gathered at Circle T, Ross Perot Jr.’s 2,500-acre ranch outside Dallas. Skeet-shooting was on the agenda, but the real purpose of the two-day retreat was for the families to get acquainted and eventually team up to pursue investments.

From that exclusive gathering, attended by people investing the fortunes of Michael Bloomberg and other billionaires,…

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