Keeping Wealth in the Family
The Amsterdam Metropolitan Area’s financial services industry cluster has gained a small but significant new member: the European office of Highmount Capital, a leading American Multi Family Office.
Global investment boutique
Highmount Capital is an independent global investment boutique offering customized wealth management services, such as investment advice, managing liquidity and family governance.
European time zone
Based in New York and Boston, the new office in Amsterdam was established in October 2008 with $1.3 billion under management, and will serve as a central hub for all European clients.
With 20% of Highmount’s clients here, it was felt they needed someone in the same time zone,” says Dominique van Hilten, a former Senior Private Banker at Theodoor Gilissen Bankiers, who heads the office.
Central in Europe
“We chose Amsterdam because my network is in Europe, and Amsterdam is central in Europe; it’s only an hour from London or Zurich.
The partners fly in once a month for face-to-face meetings. “The fact that they can land at Schiphol at 9am and be sitting in the meeting by 11am is a real plus,” says Van Hilten.
Growth plans
Currently running the office alone, an assistant will join her soon and the aim is to grow the office to 7-10 within two years.
In the meantime, she uses a video link for daily contact with the US offices, and VoiP - a smart office concept that she finds cheap and efficient.
Client focussed model
“We’re building a whole new service model to that offered by banks, one based around the client,” says Van Hilten. “We are one step on from private banking, focused on individuals and families for multiple generations.
Family governance
Besides offering investment advice, the company acts as CFO to families and provides family governance and education: coaching in financial awareness and philanthropy, educating children and spouses to manage and keep their wealth.
“Amsterdam has a lot of trust offices and expertise and is experiencing strong institutional investment and growth in Multi Family Offices,” says Van Hilten. “There is also a lot of new wealth here, as well as old, strong families.”
Good tax regime
Highmount also finds the Dutch tax system of fund creation, such as the Tax-Exempt Investment Institution (Vrijgestelde Beleggingsinstelling or VBI, introduced in 2007 to compete with existing attractive tax regimes), suits their needs.
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