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Alternative Market Briefing

Michael Weinberg: Family offices learned the wrong lessons from Madoff

Thursday, May 09, 2013

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Benedicte Gravrand, Opalesque Geneva:

An expert allocator discusses the way pension funds and family offices tend to allocate, bifurcations, expectations and risk management trends within the pension universe, the wrong lessons that family offices learnt after Madoff, and the AIFM Directive being "more of a bane than a boon."

Michael Oliver Weinberg is Adjunct Associate Professor at the Columbia Business School where he is currently teaching a course he created on Alternative Investing in Pension Plans. He also runs The Weinberg Family Office, and prior to this, he headed FRM’s equity and event business.

When asked by Sona Blessing during a recent Opalesque Radio broadcast whether there is a common thread in the way family offices and pension plans tend to allocate, Weinberg replied that both investors are more similar than one might think.

"I would say the commonality between the two asset owners is that the level of sophistication runs the gamut from a traditional asset allocation, which we would consider fairly simplistic, to an endowment style, which we would consider more sophisticated," he explains.

He cites the examples of a large multi-family office that includes the descendants of a prominent 20th century family, and a large Asian consumer electronic compa......................

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