The global value of philanthropic capital, for instance, is estimated to stand at more than US$2.5trn (Philanthropy and the Global Economy, Citi Bank 2022), with 73% of family offices now managing philanthropic efforts in some capacity (BNY Mellon, February 2022).

Family philanthropic efforts are becoming more professional, more sophisticated and more targeted – and there are good reasons for this evolution. 

The ‘external’ benefits of adopting such an approach are clear through the tangible impact family-driven philanthropy is having in society and on the planet. But families are also increasingly alive to the more ‘internal’ benefits of philanthropy too.

Increasingly, families are understanding that the very process of philanthropic professionalisation – from opening up conversations around philanthropy to developing and implementing purpose-driven strategies – has the potential to bring multiple additional benefits to the family, through better governance, more efficient structuring and family cohesion.

In turn, this new family approaches to philanthropy is also set to create a multiplier effect, paving the way for a number of additional opportunities.

Benefits

From an external perspective, the clear need for private capital to step up and support good causes remains strong. 

UN figures show, for instance, that if the Sustainable Development Goals (SDG) investment needs to 2030 are to be met, some $30 trillion of additional investment must be found. Private capital, including through philanthropy, will play a key part of that.

The signs are that families are aware of that need and are ready to step up. 27% of family offices, for example, emphasise giving back to society through philanthropy as a key priority, according to the UBS Global Family Office Report 2023.

Beyond these external impacts, though, philanthropy is increasingly being embraced by families to help reinforce family values and promote family cohesion. 

Whilst in the past, philanthropy might have been driven by the personal values and goals of a patriarch or matriarch, a truly joined-up family approach to philanthropy can provide a platform to help bring different voices to the table, engender better understanding between family members, and create a unified dynamic that reinforces a family’s values.

A genuinely shared family philanthropic strategy can provide a good ‘ringfenced’ channel for families to educate the nextgen. Giving them a certain amount of autonomy but with clear parameters, philanthropy can create a training ground for the nextgen, providing them with an environment to develop financial skills and better understand the environment they operate in, whilst empowering them to apply themselves to a cause they are passionate about.

Practical Outcomes

Building strong family cohesion through philanthropy can be a powerful process that can have a number of additional practical implications too.

Roles such as Head of Philanthropy are increasingly common within family offices, giving them a more formal organisational model to help develop and implement bespoke strategies professionally and with confidence. It can also provide a good opportunity to revisit governance frameworks and family charters, to ensure documentation is clear and aligned with purpose-driven values.

In turn, this is helping families undertake robust reviews around how they structure their philanthropic activities. How can they differentiate between different types of philanthropic activity – charitable giving, impact investing and seed investing, for instance? What structures should they be using to help them realise their objectives effectively and efficiently?

Seed funding or ‘venture philanthropy’ to support start-ups or higher risk social benefit projects, for instance, might require very different structuring options to more straightforward ‘pure giving’ to a charity.

There is also the question of active and direct involvement, which is becoming increasingly popular amongst families. The fact that 48% of families have established their own foundations would support this and demonstrate that families are firmly fixed on the long-term (Campden Wealth, 2023).

Meanwhile, co-projects with other families are also becoming more common as families look to pool resources where values, objectives and approaches are complementary, with a view to achieving greater impact. Further, families are also integrating philanthropy more with their wider wealth, business and investment activities, and this is having an impact on structuring options. In fact, there is growing understanding that philanthropy needs to permeate all other areas of a family’s affairs if it is to be authentic and have the desired measurable impact.

Expertise

As family approaches to philanthropy become more embedded within a family’s holistic framework, there’s no doubt that specialist advice is increasingly important. 

It’s telling that although 71% of family offices believe they have a role to play in alleviating economic inequality, just 41% have a philanthropic strategy in place to do that (Milken Institute, 2021). In that light, external advisers can be critical in enabling conversations amongst family members so they can set out their visions, agree a way forward and put that into practice through effective and robust documentation, control mechanisms and structuring. 

The complexities of risk monitoring, governance, evaluation and measurement in particular are areas where is a growing demand for specialist advisers. Having the benefit of an independent voice that can provide rational, data-driven advice can be highly valuable in an area that can be highly emotive too.

Despite these potential complexities, philanthropy continues to evolve at pace. Families taking a fresh, open and coherent approach stand to make a real impact, in multiple ways – on the world around them, on their own operation, and on their long-term legacy.

These were some of the trends to emerge from a roundtable held recently, hosted by Jersey Finance’s Director – UK Robert Moore, and attended by a range of family and private client professionals, including Crestbridge Family Office Services Executive Director Daniel Channing.

In particular, participants at the roundtable noted the persistent and significant growth in the private wealth sector, driven by a sustained rise in HNWIs relocating and bolstering their presence in the region, in turn increasing demand for family office and ancillary expertise to support bespoke family diversification strategies.

In addition, participants also highlighted the heightened sophistication of the investment landscape in the region. As well as sovereign wealth funds, such as the Kingdom of Saudi Arabia’s Public Investment Fund (PIF), providing considerable opportunities for joint ventures with private investors looking to diversify, the alternative funds landscape is also maturing and expanding – with hedge funds in particular growing in popularity in both the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM).

Commenting on the roundtable, Daniel said:

“There’s no doubt that the growing and rapidly evolving family office landscape across the Middle East is presenting a number of new opportunities for advisers as families look to professionalise and diversify. Jersey in particular has become increasingly important as a hub for family structuring where there is a Middle East nexus, whilst there is also a growing demand for advice around succession and nextgen wealth transfer.

“Meanwhile, on the investment side, the sophistication we are seeing now amongst Middle East families is shining a spotlight on the Jersey Private Fund, which has become a go-to vehicle for targeted, tailored and flexible structuring in the alternative asset space.”

Jersey-based Stephanie is included in the ePrivateClient 2024 NextGen Leaders List, published today(9^th September). The list recognises and celebrates rising stars from across the private client landscape in the UK and Crown Dependencies.

In compiling the list, the publication considers a number of factors, including individual expertise and achievements over the past 12 months, career progression, feedback from colleagues, and the performance of their company.

Stephanie was also included in the eprivateclient 2024 NextGen Leaders Channel Islands List, published earlier this year.

Stephanie has over 11 years’ experience in dealing with complex and sensitive structures on behalf of global families. Working with both private wealth and corporate vehicles, she assists with the establishment and ongoing administration of a broad range of structures for UHNWIs in the Middle East. A mentor to other team members, Stephanie holds the STEP Diploma in International Trust Management.

Heather Tibbo, Chief Executive Officer of Crestbridge Family Office Services, said: “We are really proud of the focus we have as a firm on attracting and nurturing talent and providing an environment for our people to thrive, and that focus is reflected in the fact that our people have featured regularly in this list over recent years.

“As we continue to grow and evolve as an independent and privately owned business, the strength of our team will be pivotal in differentiating us in the market. With that in mind, I’m delighted that Stephanie has been recognised on the national stage. Her enthusiasm, collaborative approach and understanding of the importance of service quality makes her a great ambassador for Crestbridge Family Office Services.”

In that time he has worked with and helped manage a broad range of complex and multi-jurisdictional fiduciary structures for high net worth and ultra high net worth individuals, and has developed experience in the Middle East family office market.

In more recent years, he has become highly involved in supporting the philanthropic activities of clients, including managing multi-trustee structures.  Mr Hind is also a full member of STEP.

Why do you specialise in this area?

Having worked in fiduciary services for approaching three decades, I think there’s been a natural gravitation towards philanthropic structures as families have become more and more sophisticated and outward looking with their wealth. The ability to assist clients with their philanthropic structuring needs, help them develop and implement their purpose-driven strategies, and shape their conversations in this space is very rewarding.

Why is philanthropy so important to the industry?

You can look at this externally, and internally from a family’s perspective. Externally, clearly there is a real need for private capital to step up and support good causes. With public spending unable to keep up with the demand for funding of increasingly diverse societal and environmental charities, there’s both a necessity and an opportunity for private capital to play a big part.

Internally, there are clear benefits to a family pursuing a formal approach to philanthropy. In particular, in a world where the court of public opinion holds real sway and wealthy families are under intense scrutiny, there are reputational benefits for a family to engage in supporting charitable initiatives.

There are operational benefits too – implementing a philanthropic strategy can help reinforce key family values, which is really important in terms of family cohesion, and when it comes to communicating those values to the next generation. A philanthropic strategy can also provide a good ‘ringfenced’ channel for families to educate the nextgen – giving them a certain amount of autonomy but within clear parameters, philanthropy can create a training ground for the nextgen.

What are the key trends shaping philanthropy at the moment?

There’s a definite movement towards greater sophistication amongst families when it comes to implementing philanthropic strategies.

At a strategic level, the concept of ‘purpose’ is increasingly important when it comes to families considering how they can manage their wealth with a conscience. We are starting to see, for instance, roles such as Head of Philanthropy increasingly within family offices, and families are looking more and more at different types of philanthropic activity – differentiating between charitable giving, impact investing and seed investing, for instance. Families are also integrating philanthropy more with their wider wealth, business and investment activities.

In tandem, families are also becoming more focused on how their philanthropic endeavours are not just driven by the personal values of a patriarch or matriarch but are underpinned by shared family values. That’s crucial where complex, multigenerational families are displaying diverse viewpoints. Philanthropy can play a role in bringing family members together, which is vital in terms of succession planning.

Regulatory evolution – reporting, disclosure, ESG credentials and so on – is playing an increasingly important role too and navigating that often that means drawing on specialist outsourced support. Advisers have a duty to help families recognise what is important, supporting them in applying a more conscious approach in line with their governance framework, and providing guidance with measuring value – an increasingly important area of evolution.

What are your favourite ways to relax/switch off from work?

I am a new convert to golf, so I spend many hours spoiling a good walk! I also enjoy reading historic novels and dining out with friends

What’s one book you think everyone should read? 

A Tale of Two Cities by Charles Dickens. The novel provides historical insight into the French Revolution and features a fascinating cast of characters cleverly blending the themes of love, ambition endurance and sacrifice . It also includes two of the most famous Dickensian opening and closing lines.

If you couldn’t do your current role what would your dream job be? 

I have always been intrigued at being a palaeontologist – the challenge and painstaking work involved in excavating a fossilised dinosaur fascinates me.

This article was first published by ePrivateclient. 

Niki is promoted to Senior Manager. She has over 14 years’ experience in the finance industry, including private client, corporate services, performance and reward management and family office services. She has been involved in the implementation and administration of a variety of trust and wealth management structures for HNW individuals and UHNW individuals across multiple jurisdictions.  Niki has experience in administering a variety of asset classes including financial global asset portfolios, portfolios of artwork and antiquities and luxury assets, such as yachts and private jets. She holds an ICSA Diploma in Offshore Finance and Administration.

Stephanie, promoted to Assistant Manager, has over a decade’s experience in dealing with complex and sensitive structures, and works with both private wealth and corporate vehicles. Recently named in ePrivateclient’s list of Next Gen Leaders, Stephanie supports UHNW clients in a number of jurisdictions, including the Middle East, USA, and South America.

Juliano joined Crestbridge in 2021 as a Trainee Accountant, supporting the firm across a number of areas include bookkeeping, account preparation, and administration. We are pleased to announce his promotion to Accounts Preparer.

Managing Director Paul Hunter said ‘As our firm continues to grow, one of the great privileges of this role is to see talented members of the team fulfilling their potential. I am delighted for Niki, Stephanie, and Juliano on their achievements. On behalf of the team I wish them the very best of success as they continue on their professional journey.’

In line with the firm’s long-term aspirations, both Emma Sanford, Head of Human Resources, and Simon Logan, Head of Risk and Compliance, have joined the team in order to support its commitment to evolution.

Emma – who has over 20 years strategic and operational experience in Human Resources and Learning and Development across financial services, legal, e-commerce, and public sectors, including most recently in the fund, corporate and fiduciary service provider space – is leading Crestbridge FOS’ HR function. She is playing a pivotal role in implementing a strategy to support the growth of the firm and to reflect the people-focused values of the business.

With particular expertise in talent acquisition, learning and development, employee relations and developing high performing teams, Emma holds an MSc in Human Resources Management from London Southbank University, whilst she is also a verified assessor for occupational, ability and personality tests and holds a Change Management Foundation and Practitioner qualification.

Meanwhile, in his role, Simon focuses on ensuring the business is meeting its regulatory requirements, as well as evaluating the impact of legislative changes and their potential effects on clients and business operations, providing expert insight to colleagues on navigating regulatory matters, and acting as the main contact for the regulatory authorities.

Simon joined Crestbridge FOS having spent six years working within internal audit, followed by a decade in the Tax Office in Jersey, before he transitioned to the financial services sector. He then worked in compliance for a global banking and funds organisation, before taking on a role conducting examinations for the Jersey Financial Services Commission (JFSC).

Both Emma and Simon join the existing senior central services team at Crestbridge FOS, led by CEO Heather Tibbo, that also includes Karen Morris, Head of Finance, Ben Le Lay, Head of Information Technology, and Lesley Piner, Head of Business Development and Marketing.

The growth of Crestbridge FOS’ central team comes at a pivotal time for the firm, which marked its tenth anniversary last year and is now embarking on a new and ambitious growth journey as a fully independent and private business. Earlier this year, the business completed its move to new headquarters in Jersey.

Commenting on the growth of the team, Heather Tibbo said:

“We are continuing to build on the success we have achieved over the past decade and look to the future in this new era as an independent business. We remain absolutely committed to growth and evolving our market-leading proposition, with an ambition to cement our reputation as a major, people-focused player servicing the needs of global families. The strengthening of our central team is a fundamental part of that.

“Working in a collaborative, supportive, open and honest way has always been at the heart of our team ethic and I firmly believe that, with this central team now in place, we have a formidable amount of collective expertise, putting us in a strong position to approach the future with confidence, ready to adapt to and support the shifting needs of families.”

Crestbridge Family Office Services CEO Heather Tibbo has helped grow the business into one of the industry’s most innovative and successful firms. A lawyer by training, Heather has featured in ePrivateclient’s 50 Most Influential List for five consecutive years and has been the recipient of a number of other prestigious awards and accolades. We recently met in London to discuss the sector’s latest trends, and what the future has in store for this thriving and dynamic enterprise.

Tell me a bit about what’s been happening in the business over the last year or so.

It’s been an exciting and extremely busy year for us. In 2023 New York-based Fund Services firm Gen II agreed to purchase the Crestbridge institutional business. With the acquisition now complete our private client business Crestbridge Family Office Services has maintained its status as a privately owned and independent provider, and we have ambitious plans for how we can continue to grow, both in scale and reputation. We have also been celebrating our ten-year anniversary, and we recently moved to new offices in the heart of St Helier.

In early 2020 you also launched Crestbridge Fiduciary with leading US Fiduciary Services provider Willow Street. How are things progressing across the Atlantic?

One of the many benefits of our independence and private ownership is our ability to respond quickly to trends we identify in the marketplace. We were one of the first in our sector to recognise the growing importance of the US as a destination of choice for international families, and our vision and values were a strong fit with those of Willow Street. The venture has gone from strength to strength, and is greatly helped by Willow Street’s Wyoming location, which offers a number of valuable jurisdictional advantages to our clients. It is notable that, since establishing Crestbridge Fiduciary, a number of others in the private client sector have followed suit. We were also pleased to have recently appointed industry professional Darrell King as Managing Director, Americas, based in New York.

You are always quick to recognise and praise your team when you receive industry awards and other accolades. Tell us about your team, and its culture.

Everything we accomplish is a team effort. Regardless of who is being recognised or awarded I try never to lose sight of that. We also work hard to maintain a structure and organisational culture that allows everyone to feel heard, valued, and empowered. We are extremely aware of the fact that the only way we can continue delivering the high standard of service and support that our clients have come to expect is to first ensure that we are looking after one another, and working together towards common goals. Our business is ultimately the sum of its people, and I strongly encourage our leadership team to make the employee experience a top strategic priority.

As a Channel Islands business the pool of available talent is obviously finite. How do you approach recruitment, and ensure that the culture of the firm is preserved?

Finding good people is certainly something upon which we focus a lot of our attention. We have worked hard to create and preserve a collaborative, supportive culture within the firm so recruitment is as much about fit as it is about experience and technical skill. The firm continues to grow strongly, and we have also recently implemented some organisational changes following the sale of the Crestbridge institutional business.

These included the strengthening of our senior central services team who, by providing a more robust layer of managerial support, are enabling our leadership team to be more focused ‘on’ the business – our clients and client service– rather than ‘in’ the business – its day-to-day functional management. The new roles cover areas including Risk and Compliance, Human Resources, and IT, and have allowed us to bring in a huge amount of industry experience and new expertise, and position ourselves strongly to scale our business in the coming years.

Which markets remain attractive for your growth?  Are there any other regions you are looking to develop? 

A key focus for us has always been and remains the Middle East. We visit frequently and are extremely committed to the region. We started building our presence in the Middle East 11 years ago because a colleague had strong connections there. I’m a firm believer in the importance of a clear and distinct value proposition, and we don’t try to be all things to all people.

We also want to continue growing our US business, and we’re seeing increased interest from Asia too. Singapore has a well-supplied market on its doorstep, however, despite it growing in sophistication it’s still quite nascent as a jurisdiction. Clients in the region are often interested in diversification, and a different approach, so will often contact us.

Finally, given the importance of intermediaries to our business, and with so many based in London, this is always a market we pay close attention to.

A critical and closely related consideration in this area is retention, which is only possible by investing in the team, actively managing training and career progression, and creating new development opportunities. We make a point of encouraging senior colleagues to share their experience and insights with others in the firm, whether through coaching, mentoring or through more informal, ad-hoc methods.

What’s your perception of the younger generations coming through today, and what skills do they need to succeed in the industry?

We have some outstanding young talent in the business and already I see many of them emerging as strong leaders of the future. I think Covid has had a significant impact on

many younger people, as it interrupted their careers at a critical point of development. I think the work that we do has value in helping younger people develop confidence and good interpersonal skills by working face to face with people. However, I think that’s where working from home can present certain challenges. Not only are we a highly collaborative team by nature, but as a high-touch service business so much of what we do is underpinned by earning and nurturing a client’s trust over time. That can only happen by being present and working on developing the right skills and a high level of emotional intelligence.

Adding to its diverse and highly accomplished team, the award-winning firm is pleased to announce the appointment of RBC Services’ Mark Beer as its newest Director. Mark will lead a team of client-facing professionals dedicated to meeting the multi-jurisdictional needs of UHNW families. He will also oversee the administration and management of complex offshore trust and company structures.

With over 20 years’ experience in the Finance industry, Mark has extensive expertise in the wealth management and estate requirements of UHNW families across a breadth of jurisdictions. He specialised in working alongside prominent North American families, providing the management of various asset classes, including investment portfolios, trading companies, private equity investments, commercial and residential real estate, and artwork.

Mark holds the ICSA Certificate and Diploma in Offshore Finance and Administration and is a fellow of Association of Chartered Certified Accountants (FCCA).

Heather Tibbo, CEO of Crestbridge Family Office Services, said “We are delighted to welcome Mark into the firm at what is an exciting time for us. His skills and background will enable us to further enhance and refine the service we provide to our clients, and we are pleased to have attracted a director of his calibre.”

In recent months the firm has capitalised on its reaffirmed independence and private ownership by further adding to its number, including substantially strengthening its mid-tier management. This in turn has enabled the firm’s senior leadership to focus more on its long-term strategy, and on client engagement. This newest addition to the team adds yet more strength and depth to its offer, enabling it support clients’ ever broader, more complex, and more global interest.

Senior Manager Andreia Sheppard and Senior Administrators Stephanie de Sousa and Hannah Le Claire have all been included in the ‘2024 eprivateclient Crown Dependencies NextGen Leaders’ list, published this week (3 June). The list recognises and celebrates young practitioners working in diverse areas of the private client sector in Jersey, Guernsey and the Isle of Man.

Those recognised in the list are judged on a number of factors, including individual expertise and achievements over the past 12 months, career progression, feedback from colleagues, and the performance of their company.

With more than 18 years’ experience in the finance industry, Andreia joined Crestbridge FOS in 2023 and specialises in trust and wealth management structures for high-net worth and ultra-high net worth families from the Middle East and Europe. She has extensive experience with structures holding luxury assets, including works of art and gold as well as entities involved with the management of luxury yachts. Responsible for managing a team of administrators, Andreia also holds the STEP Diploma in International Trust Management.

Meanwhile, Stephanie has over 11 years’ experience in dealing with complex and sensitive structures on behalf of families. Working with both private wealth and corporate vehicles, she has assisted with the establishment and ongoing administration of wealth management structures for UHNWIs in the Middle East, USA and South America. A mentor to other team members, Stephanie is also fully qualified with a STEP Diploma in International Trust Management.

Hannah has worked in the international financial services industry for more than a decade. In her current role, she is responsible for the administration of a variety of client groups, working across structures including discretionary and charitable trusts, private trust companies, companies and foundations, holding a variety of assets including shares in private companies, private equity investments and real estate in multiple jurisdictions. She is currently studying towards a STEP qualification.

Paul Hunter, Managing Director, Crestbridge Family Office Services, said: “Crestbridge has featured consistently in this list for a number of years, reflecting the focus we have on attracting and nurturing talent and providing an environment for our people to thrive. As we embark on our new journey and we continue to be an independent and privately owned business and with a keen eye on our future growth, never has this focus been more important. I’m delighted for Andreia, Stephanie and Hannah, whose energy, enthusiasm and collaborative approach makes them true future leaders of our industry and fantastic ambassadors for Crestbridge.”

In this interview Heather Tibbo discusses her recent award win and gives insight into leading an award-winning team.

What was your winning formula, that explains why you won?
My philosophy has always been to place an emphasis on people and relationships. That means bringing together a highly driven, passionate team that can demonstrate impressive technical understanding, but that is also acutely client-focused.

Instilling a culture where we are collectively empowered to put the client at the centre of everything we do has been critical to our shared success over the past ten years, when we have grown from being a small boutique team to a major force serving the needs of global and influential families.

Please describe how your colleagues have made a difference?
Our team ethic is at the core of what we stand for – we work in a truly collaborative, supportive, open and honest way, and place real value on providing professional development opportunities and nurturing a working environment that is both enjoyable and rewarding.

I firmly believe that it is because of that focus on our shared strengths as a team, at all levels, that we are able to deliver such high quality, tailored, flexible solutions to our clients, with a true relationship management focus.

What are you going to do to remain competitive and stay ahead?
We’ve managed to achieve consistent growth in both scale and stature over the past ten years – but we are under no illusions that the sector remains highly competitive and increasingly complex. As an independent and privately-owned business though, we believe we are in a strong position to approach the future with confidence, being agile and ready to adapt to the shifting needs of families. We also recognise that the best way to provide the best service is to look after our own people, and we do that by offering market-leading professional development opportunities and supporting wellbeing.

With that in mind, our relationship-driven approach is going to remain critical – as the world becomes more sophisticated and as client needs become more bespoke, actively listening to families and being ready and able to respond to their needs quickly and  effectively will be a real differentiator for us. We are a driven, independent-spirited team and are passionate about what we do, and I believe that will continue to resonate with families.

Where do you see the wealth management industry, and your part of it, going in the next five years?
There’s no doubt that the future of the family office space is going to be defined by the shifting demands of the NextGen – and those needs will be increasingly diverse and sophisticated. In particular, international mobility is set to be increasingly important as families become more geographically spread and multi-jurisdictional in their approach, whilst the more purpose-driven approach of the NextGen is going to increasingly embed concepts such as philanthropy, impact investing and seed funding in family frameworks. Digital integration and the adoption of AI is also likely to become more and more important in terms of how the NextGen operates and communicates.

For all those supporting families, these are fundamental shifts, and it will be those who possess deep technical cross-border expertise, who are agile, who are proactive in listening to clients, and who have developed strong relationships with their clients who will be successful.

This article was published in Acclaim magazine.