Knowledge
What does “Investing with Purpose” mean to us?
To us, investing with purpose means viewing wealth not merely as capital, but as part of a personal, family or entrepreneurial story. It connects what has been built over many years with the question of what it is intended to enable in the future.
Wealth extends beyond liquid assets, securities, real estate and equity interests. It also encompasses what individuals, families and businesses have developed over time: experience and knowledge, enduring relationships and networks, as well as the trust and recognition that arise from them. These resources expand the scope for action, open up new perspectives and support responsible decision-making across generations.
For this reason, a meaningful investment approach does not begin with a single asset class. It begins with fundamental questions: What should be preserved? Which goals should remain achievable today and in the future? Which values, experiences and structures from the past deserve particular attention? And what vision should guide the next generation?
Financial decisions rarely stand on their own. They are closely linked to family, business, life planning, the wider social environment and long-standing relationships. Taking these interdependencies into account makes it possible not only to manage wealth, but also to place it within a long-term context.
For us, investing with purpose means aligning financial resources with what defines individuals, families and businesses: their experience and expertise, their networks, and the trust they have earned. The result is a strategy that is not reduced to short-term, isolated decisions, but is designed to preserve resilience, substance and the freedom to shape the future across generations.
What does a Family Office actually do?
A Family Office organises wealth and creates continuity across generations. It brings information together, coordinates the relevant parties and ensures that financial decisions are made within a clear, long-term framework.
A central task is to structure, preserve and develop assets. This includes establishing sound governance, defining clear roles and decision-making processes, and facilitating an orderly exchange among family members. In this way, shared values, responsibilities, provision planning and succession issues can be addressed early and translated into robust arrangements.
This is not solely about passing wealth on to the next generation. Even where there is no immediate family succession, the question remains as to what should be preserved, continued or made possible over the long term: the future of a business, the financial security of those close to the wealth owner, or the implementation of personal wishes. A Family Office helps to structure these priorities at an early stage and connect them with the required legal, tax and organisational solutions. Depending on the objectives, testamentary arrangements, foundations or other suitable structures may support the long-term implementation of the wealth owner’s intentions.
In day-to-day operations, a Family Office acts as the central coordinating function. It manages external advisers and service providers, oversees information flows, monitors portfolios and direct investments, and creates a reliable overview of assets, opportunities and risks through reporting, controlling and risk management. Strategic wealth planning and ongoing portfolio oversight are closely integrated.
At the same time, a Family Office takes a forward-looking perspective and supports the next generation as it assumes future responsibility. NextGen family members are gradually introduced to wealth, decision-making and governance matters so that knowledge, judgement and a sense of responsibility are retained within the family.
A Family Office operates discreetly and exclusively in the interests of the family or wealth owner. Its work is guided by their objectives, values and long-term vision.
Who can benefit from a Family Office?
A Family Office can be valuable for owners of substantial and complex wealth where asset oversight extends beyond individual custody accounts or relationships with several banks and advisers. The deciding factor is not wealth size alone, but above all the structure of the assets, the number of stakeholders and the degree of coordination required.
Typical situations include business interests alongside securities and real estate portfolios, private-market investments, foundations, international connections, or multiple legal entities and accounts. The broader and more complex the asset base, the more important it becomes to maintain a central view of all positions, establish transparent decision-making processes and independently monitor risks, costs and outcomes.
A Family Office is particularly valuable when several family members or generations are involved. It provides a dependable framework for succession, financial provision, ownership decisions and the transfer of responsibility. In this way, it supports not only the organisation of wealth, but also the family’s long-term ability to act.
Establishing a dedicated Single Family Office generally requires significant wealth, as in-house staff, systems and external specialists must be funded on a permanent basis. As a broad market indication, asset levels of around EUR 200 million to EUR 300 million are often cited, although the relevant threshold can vary considerably depending on the scope of services and the asset structure. Multi Family Offices, by contrast, pool infrastructure and expertise across several families and may therefore represent a viable and appropriate structure at lower asset levels.
Ultimately, the key question is whether the benefits created by coordination, governance, transparency and professional oversight justify the organisational and economic effort involved. When wealth becomes complex and is intended to endure across generations, a Family Office can provide precisely this framework.
How does a Family Office work with a wealth owner?
The relationship begins with a clear understanding of the personal, family and financial starting point. Together, the parties define objectives, priorities, responsibilities and the scope of the engagement. This creates a binding framework tailored to the asset structure, the people involved and the level of decision-making required.
The framework sets out clear parameters: Who makes which decisions? In which areas does the Family Office prepare, coordinate or implement decisions? When should external specialists be involved? Investment guidelines, risk budgets, approval processes, reporting standards and control mechanisms provide transparency and traceable decision-making processes.
Within these parameters, the relationship is close, personal and forward-looking. The Family Office consolidates information, creates a consistent overall view and prepares a sound basis for decisions. It contextualises developments, challenges assumptions, assesses courses of action and coordinates implementation with banks, asset managers, tax advisers, lawyers and other partners.
Responsibility and final decision-making authority remain with the wealth owner or the family. They determine the direction, objectives and boundaries. The Family Office ensures that decisions are prepared professionally, implemented in a transparent manner and monitored on an ongoing basis.
This creates a relationship that combines personal proximity, discretion and individual attention with clear governance, independent oversight and long-term continuity.
What role can a Family Office play in family conflicts?
Where different generations, roles and expectations come together, differing perspectives naturally arise – for example, in relation to succession planning, the future direction of a business or investment decisions. This is normal. What matters is addressing differences early and managing them in a way that does not put family cohesion at risk.
A Family Office can provide a reliable framework for this process. It prepares information in a neutral and understandable manner, makes the consequences of decisions transparent and helps identify different interests at an early stage. Succession planning in particular benefits from a carefully moderated, timely discussion around the table that includes all materially affected parties.
Structures that enjoy broad support within the family are essential: a family constitution setting out shared principles, clear roles and decision-making processes, and investment guidelines that define objectives, risk appetite and decision-making boundaries. These arrangements do not replace personal dialogue, but they provide guidance and help reduce future friction. Such governance instruments are designed to bring greater clarity to roles, responsibilities and decision-making processes.
Where conflict nevertheless arises, a sensitive approach is important. The Family Office can support the organisational side of discussions, structure the relevant facts and options, and refer back to agreed procedures. In complex or emotionally challenging situations, independent facilitation or mediation may be appropriate to ensure that all parties are heard and that a sustainable solution can be developed.
In this way, a Family Office helps ensure that even difficult decisions are made in an orderly manner – with respect for different perspectives and with the family’s long-term cohesion in mind.
What does discretionary portfolio management mean?
Discretionary portfolio management does not begin with a product or a market view. It begins with your individual circumstances: your objectives, what you want your wealth to achieve, and the commitments you want to take into account today and in the future.
You may wish to grow your wealth over the long term. You may need it to provide regular liquidity, support a later stage of life, be restructured following the sale of a business, or be preserved for the next generation. In most cases, several objectives apply at the same time. Discretionary Portfolio Management brings these objectives together within a clear and sustainable investment framework.
To establish that framework, we consider your investment horizon, liquidity requirements, existing assets and risk capacity. The relevant question is not only which fluctuations you may be willing to tolerate in principle, but also which losses your financial planning can genuinely absorb. Tax considerations and the existing structure of your assets are also part of the overall picture. Only once these questions have been addressed can an investment strategy be developed that is appropriate for you over the long term.
This forms the basis for a strategic asset allocation: a long-term allocation of capital across different asset classes and sources of return. It gives the portfolio direction and helps prevent premature decisions driven by short-term market movements.
Based on the agreed investment mandate, we make and implement investment decisions on your behalf. This includes selecting investments, monitoring risks and adjusting the portfolio where appropriate – within the agreed objectives, risk parameters and investment guidelines. Funds and external managers are assessed against clear qualitative and quantitative criteria. Combining different asset classes and, where possible, independent sources of return is intended to broaden the portfolio and reduce dependence on individual market developments.
Discretionary portfolio management does not mean responding to every market movement. It means delegating the day-to-day management of your portfolio within a clearly defined framework. Your strategy is aligned with your objectives, implemented in a disciplined and transparent manner, and reviewed when your circumstances, goals or other material parameters change.
What does “independent asset manager” mean?
An independent asset manager thinks and acts independently of banks. The focus is not on the product range of a particular bank or fund provider, nor on a predetermined distribution channel. Instead, the key question is which investment strategy is appropriate for your individual financial circumstances, objectives and risk capacity.
Wealth is viewed holistically, without siloed thinking. Securities portfolios, real estate, business interests, liquidity and other assets are assessed in the context of the overall wealth position. The decisive consideration is the role each investment plays within the overall portfolio, how the individual components interact and how they contribute to the long-term objective.
In-house funds or investment solutions may form part of a strategy. They are not given automatic preference, but may be appropriate where they provide efficient access to specific investment ideas or themes, or support the efficient implementation of the portfolio strategy. They can also serve as model strategies, illustrating how an investment house puts its investment convictions, return sources and risk premia into practice. The key consideration remains the same: like external solutions, they must make a valuable and transparent contribution to the relevant portfolio structure.
The competence of an independent asset manager is reflected in the quality of portfolio management: in a clear strategy, careful selection and ongoing review of investments, the considered combination of different sources of return, and disciplined risk management. What matters is the contribution of each building block to the overall portfolio—regardless of the provider from which it originates.
Independence therefore means no affiliation with a banking institution, no rigid product logic and no isolated view of individual investments. It provides the basis for aligning investment decisions transparently, flexibly and over the long term with your interests.
How do we manage risk in volatile markets?
Capital markets do not move in a straight line. Interest rates, economic growth, corporate earnings and political developments are constantly changing, as are the expectations of market participants. Sometimes this happens gradually; at other times, it occurs with unexpected speed. These changes create opportunities, but they also create risks. Our role is not to predict every individual market movement. It is to structure portfolios so that they remain resilient under changing conditions and so that decisions can be made calmly and with a long-term perspective.
For us, risk management begins well before the next market movement: when constructing the portfolio. We consider not only whether an investment appears attractive, but also the role it plays in the overall allocation. Does it complement existing positions? Does it enhance diversification? How might it behave if interest rates rise, growth weakens or equity markets come under pressure? This approach avoids siloed thinking and assesses each component in the context of the portfolio as a whole.
We work within clear parameters. We manage the overall level of risk the portfolio is intended to bear, the permitted exposure to individual asset classes and the risks that should be consciously limited. This includes interest-rate sensitivity, the credit quality of bond issuers, allocations to equities, high-yield and emerging-market investments, as well as currency risks. We also monitor expected volatility and potential interim drawdowns.
This is not a rigid set of rules that automatically triggers action whenever markets move. It is a structured process based on ongoing monitoring, defined ranges and active decision-making. When risks become more pronounced or market conditions change fundamentally, we adjust portfolio weightings. We may reduce risk assets, increase exposure to high-quality fixed-income investments or maintain higher liquidity. Conversely, we remain open to opportunities when the relationship between risk and return becomes compelling again.
Liquidity is a central element of risk management. A portfolio must remain flexible even in difficult market environments. For this reason, we focus on readily tradable investments and funds with transparent redemption terms. This gives us the ability to make portfolio changes in an orderly way, rather than having to act under time pressure during periods of market stress.
Our objective is to construct robust portfolios whose risks remain within a clearly defined risk budget. We make risks transparent, assess them in their broader context and manage them actively in line with the agreed strategy. This gives our clients a clear framework even in volatile markets: a long-term perspective, disciplined decision-making and a portfolio that does not depend on finding the perfect moment.
What distinguishes our three FOCUS funds?
Three strategies, three different routes towards the same fundamental objective: developing wealth responsibly over the long term. The key difference lies in how much volatility each strategy is intentionally designed to accept—and in the role played by equities, bonds and complementary portfolio components.
- Defensive: This strategy prioritises stability, recurring income and risk limitation. Its core consists of high-quality global bonds. Equities, selected higher-yielding bonds, alternative strategies and gold may be added selectively, always with the aim of maintaining a clear view of risk across the overall portfolio. It is important to note that a defensive strategy does not eliminate fluctuations in value, nor can distributions be guaranteed. Rather, it means consciously limiting risk, combining sources of return broadly and aligning the portfolio with a medium- to long-term investment horizon.
- Balanced: This strategy combines different sources of return within an actively managed overall portfolio. Equities provide access to the long-term growth potential of global companies, while bonds generate recurring income and can have a stabilising effect in certain market phases. Liquid alternative strategies and commodities—such as gold—are deliberately included in the portfolio. They broaden diversification beyond traditional equities and bonds and can help position the portfolio across a wider range of market environments.
- Equity-focused: This strategy is designed to capture the long-term return potential of global companies. The primary focus is on larger, established companies, while selected mid- and small-cap companies as well as emerging markets may offer targeted access to additional sources of growth. Security selection combines an assessment of company valuation, quality and price momentum. This can create attractive long-term opportunities, but also means that performance may fluctuate more significantly.
All three strategies share a clear, active approach. We think in portfolios rather than individual investments, combine different sources of return and diversify risks across regions, asset classes and individual holdings. At the same time, we continuously review whether the selected structure remains consistent with the relevant risk framework.
Our funds serve as transparent model strategies. They provide a clear insight into how we combine different asset classes, return sources and risk budgets in practice—from defensive to equity-oriented. They are not a rigid template for every client mandate, but illustrate how we structure portfolios and manage risk.
The decisive question is therefore not which strategy is “best”. It is which strategy is appropriate for your wealth, your investment horizon and the level of risk you are consciously prepared to accept.
Can private investors invest in our three FOCUS funds?
Yes – and this is one of the particular advantages of the fund structure: it makes our professionally managed strategies accessible even with smaller investment amounts. By purchasing fund units, private investors can participate in a broadly diversified portfolio concept without having to select and monitor every individual investment themselves.
This can also represent a long-term building block for the next generation – for example, where parents or grandparents wish to invest for children or grandchildren. It provides an opportunity to participate in a long-term investment strategy from an early stage.
Appropriate unit classes are available for private investors. The most suitable class depends primarily on the investment amount and on whether income is to be distributed or reinvested within the fund.
Even a broadly diversified fund investment is subject to market risk. Capital markets do not develop in a straight line. The value of fund units may rise or fall, and investors may lose some or all of their invested capital. Any investment should therefore be appropriate to the individual investment horizon and the investor’s willingness and ability to tolerate interim fluctuations.