Family Office Networks (FON), a community of family offices, has announced Series A capital raise to meet the surging demand from its fintech platform developed for family offices.

The new capital will be used by the company to accelerate its expansion in fintech, media as well as other segments of its eco-structure.

Family Office Networks founder and CEO Andrew Schneider said that the number of family offices quintupled in the last five years to include over 20,000 single and multi- family offices while the AUM have grown to an estimated $14trn in wealth management industry.

Schneider said: “We’re privileged to have a global network of 12,000 family offices, plus trusted advisors who serve them, and we understand the investment preferences and lifestyle requirements of this hard to connect with investor segment. Therein lies a very significant opportunity.”

According to FON data, venture capital firms and family offices-backed fintech companies raised almost $38.5bn last year and are set to exceed that record this year.

Schneider added: “We’re well-positioned as one of the only fintech companies serving the family office sector and the outlook for our growth trajectory is incredible.”

Last month, FON entered into a strategic partnership with fintech firm tZERO to create liquidity for its network.

This collaboration aims to provide FON network with access to a technology solution that provides an opportunity for secondary liquidity on the tZERO alternative trading system (ATS).

The FON Marketplace, which offers the family offices with access to private deals, will display tZERO and its broker-dealer affiliates as an option to enable secondary liquidity for private companies and assets.

In 2018, Canadian wealth manager Canaccord Genuity Group made a strategic investment in FON.

Palatine Private Equity has announced a multi-million-pound minority investment in sustainability activator – Anthesis – enabling the elimination of three gigatons of carbon dioxide by 2030.

Equivalent to more than half the current annual US total of emissions, the investment will enable Anthesis to support its clients in avoiding, reducing, and removing emissions across the decisive decade, via reduction programs and net zero strategies.

The acquisition combines investment from Palatine’s Buyout and Impact Fund, representing the first dedicated returns-focused impact fund in the mid-market, supporting profitable firms engaged in driving sustainable development.

Whilst remaining majority owned by the existing team, Anthesis will have access to Palatine’s ESG framework and its expertise across returns-focused impact investing and in buy-and-build.

Palatine partners – Beth Houghton and Tristan Craddock – will join the board at Anthesis as non-executive directors.

Referring to Anthesis as “an outstanding purpose-led business”, Houghton, head of the Impact Fund, said: “Anthesis’ mission-driven approach aligns with our long-term commitment to place purpose and responsibility at the heart of our investment strategy.”

Boasting over ten years’ experience across responsible investment approach, Palatine has won numerous sustainable finance awards, such as Responsible Investor of the Year and ESG Champion 2020.

The Impact Fund, which was launched in 2017, provides £5m – £10m in innovative, returns-focused businesses, such as Anthesis, that can create a clear positive impact on society or the environment.

Additionally, the Buy-Out Fund sees Palatine invest £10m – £30m in ambitious, high growth companies with “dynamic and visionary management teams”.

Commenting on Anthesis’ promising future, Houghton added: “We see tremendous growth potential as more progressive businesses seek out expert support to embrace sustainability in a meaningful way. We are thrilled to be working closely with the Anthesis team and taking the business to the next level.”

Established in 2013, with an average annual growth in revenue of 20%, Anthesis is one of the UK’s fastest-growing private firms.

Turning to the decisive decade, Stuart McLachlan, CEO at Anthesis said: “We have ten years to effect change.”

He concluded: “While we have achieved strong growth since the Company was formed in 2013, we need to accelerate progress, and I am delighted that Palatine is joining us on this journey.

“Palatine understands that the way business repositions their brands and operations to become a force for good will determine future performance, or more relevantly sustainable performance.”

French asset manager Amundi has launched a new business line, Amundi Technology, to bolster the sale of its technological solutions for asset managers and other players in the saving industry.

Amundi expects the new business line to generate €150m in revenues within five years.

Backed by Amundi’s technological resources, the new business line will offer three cloud-based software solutions, namely, Alto Investment, Alto Wealth and Distribution, and Alto Employee Savings & Retirement.

Alto Investment is designed to cater to complete needs for the asset management industry while Alto Wealth and Distribution offers several discretionary portfolio management and advisory solutions for private and retail banks.

Alto Employee Savings & Retirement is a consolidated front-to-back management platform dedicated to retirement savings.

The business line will consist of 700 experts spread over its Dublin and Paris hubs as well as teams located in 19 countries, including at the company’s key centres in Europe, Asia and America.

Commenting on the development, Amundi CEO Yves Perrier said: “Technology is a key point of differentiation and development for financial institutions. Amundi has had strong growth over the last ten years thanks to this firm belief, by continuously investing in talent and infrastructure. As such, we have committed to creating a dedicated business line for asset managers, institutional investors, and all those within the savings industry.”

Last month, Amundi launched three flagship funds to retail investors in Singapore and a focus on ESG.

The firm, last month, posted a net income of €288m for the quarter to December 2020, its highest quarterly net income since inception.

Citi has revealed it acted as sole structurer and arranger on the World Banks $100m 5-year bond, which will support the International Bank for Reconstruction and Development’s (IBRD) ongoing sustainable development.

The bond will also support similar efforts from the United Nations Children’s Fund (UNICEF), as children worldwide have been severely impacted by the effects of the pandemic. The issuance will channel $50m to UNICEF to support its Covid-19 response programmes for children across a 5-year period.

Investors included a combination of institutional and ultra-high net worth (UHNW) clients of Citi Private Bank.

Praising the support of the Citi investors and clients, Jim O’Donnell, head of Citi Global Wealth, commented: “Making real headway in alleviating social challenges requires new ways of doing things. We’re excited to innovate in the financial space and our institutional and private clients have shown overwhelming support for investments that can further their social missions.”

The Covid-19 pandemic has presented an opportunity to start over for governments, organisations, and society; to forge a path towards a more sustainable, equitable future.

In the financial sector, the importance of a just recovery has manifested in the explosion of ESG integration. The World Bank bond reinforces the important role of the private sector in sharing financial risks to achieve positive development impact.

David Malpass, World Bank Group president, added: “We are grateful to our investors for joining this effort and demonstrating how investors can participate in the global response to COVID-19, through this unique opportunity to scale up resources available to UNICEF to expand its programs.

“The bond also spotlights impact investor support for World Bank Sustainable Development Bonds and the potential for finding new ways to collaborate for impact.”

Henrietta Fore, UNICEF executive director, concluded: “The COVID-19 pandemic has exacerbated deep inequalities within and across countries worldwide. Keeping children at the heart of recovery efforts and focusing on innovative partnerships will enable us to reimagine children’s futures and secure more equitable societies.”

American investment firm Cambridge Associates (CA) has expanded its footprint in Asia by launching a new office in Hong Kong.

The company, which caters to endowments, foundations, family offices, sovereign wealth funds, and pension funds, already has offices in Singapore and Beijing.

With its entry into Hong Kong, the firm is looking to accelerate its business growth in the Asian region.

According to Cambridge Associates regional head for Asia Aaron Costello, the region has long been a key market for the firm.

Speaking on the opening of the new office, Costello said: “We are very excited to be expanding in Hong Kong as the next stage in our mission to provide strong investment performance and excellent service to clients across the region.

“We continue to see strong demand in Hong Kong, mainland China, Singapore, and Southeast Asia for access to our portfolio management services and global investment network. We’re seeing particular interest in alternatives, including private equity and venture capital investing, ESG and impact investing.”

As part of the development, CA has appointed Hong Kong-based senior director Edwina Ho as senior director of business development for Asia.

Additionally, the firm has relocated global private client practice head Mary Pang to the region. Pang, who was formerly based in San Francisco, will operate out of CA’s offices in Singapore.

Pang said that the expansion of CA’s footprint to Hong Kong will allow it to better serve the growing Asia, and global, client base.

She further said: “I am personally thrilled to be in Singapore and look forward to partnering with our local team of talented colleagues to support existing and future clients across Asia.

“We’re also delighted to have Edwina on board to support these efforts. Edwina’s knowledge of the region, and her connectivity to institutional and family clients makes her a welcome addition to our team.”

Last June, CA opened its second European location in Munich, Germany to support its European clients.

The surge in wealth growth in Asia has attracted a slew of global financial firms into the region.

Last month, HSBC revealed plans to establish itself as a wealth management leader with focus on high-growth markets in Asia.

In December last year, Vontobel Asset Management opened an office in Japan with the aim of expanding its reach in the region.

The same month, reports suggested that Japanese brokerage Nomura is set to accelerate hiring in its wealth, fixed income businesses in Asia.

Investment manager Barings also established an office in Singapore, the same month, to ramp yo its presence in the Asia Pacific region.

Julius Baer Group is set to launch a new programme to repurchase up to CHF450m ($493m) of its shares on 2 March 2021, after wrapping up its 2019 share buy-back programme.

The new share buy-back programme is expected to last until the end of next February.

Under the new programme, the Swiss private bank will purchase the shares through a second trading line on the SIX Swiss Exchange.

“Shares that have been repurchased under the new programme are expected to be cancelled through capital reduction to be proposed at the AGM in 2022,” noted the private bank.

Julius Baer suspended its 2019 share buy-back programme last March due to Covid-19, at the request of Swiss financial watchdog FINMA.

As part of the programme, Julius Baer bought back 2,585,000 shares at an aggregate cost of CHF113m on a second trading line on the SIX Swiss Exchange.

The cancellation of the shares bought back under this programme will be proposed at the annual general meeting (AGM) this April.

Julius Baer reported a nearly 50% jump in net profit in 2020, driving on higher client activity which negated the impact of a write-down related to its struggling Italian subsidiary Kairos.

The group posted a net profit of CHF698.6m in 2020, compared to CHF465m reported a year ago.

Last November, the bank agreed to a settlement in principle with the US Department of Justice (DOJ) to resolve allegations over corruption linked to world soccer federation FIFA.

In October last year, a report said that Julius Baer is looking to launch a majority-owned joint venture business in China by joining forces with a local firm.