Family Office & RIA Weekly Roundup 

“The bear market will not be over until recession arrives or the risk of one is extinguished"

Michael J. Wilson, Morgan Stanley

 

Across major cities around the U.S., luxury real estate markets are beginning to cool off after a vigorous two-year run. In particular, agents operating out of New York City, Los Angeles and the Hamptons have noted that the surge attributed to the "pandemic remote work shift" has finally subdued, resulting in more patient buyers. According to a Redfin report the top 5% of market sales declined 18% year-over-year, the largest decline since the pandemic began. Many owners are rushing to sell their properties in an attempt to catch the tail end of the hot market, not knowing what the future holds. In particular, cities that witnessed the largest declines were Nassau County (NY), Oakland (CA), Dallas (TX), Austin (TX) and West Palm Beach (FL).

 

After years of speculation and interest, ProShares has announced that it is launching the industry's first inverse Bitcoin Strategy ETF ($BITI). ProShares has provided investors the opportunity to capitalize on Bitcoin's growth via their ETF $BITO, which was launched shortly after the cryptocurrency's latest surge. Their newest fund aims to track the inverse performance of Bitcoin Futures, allowing investors to gain from drawdowns in the world's largest cryptocurrency. However, the $BITI announcement comes on the heels of a massive Bitcoin draw down that saw the currency's value drop to levels not seen since December 2020. The ETF charges an expense ratio of 0.95%, higher than most actively managed funds.

“We think there are many investors who have bearish short-term or long-term view of Bitcoin and cryptocurrencies in general who haven’t acted on their view because it was too difficult or expensive"

Private Funding Pulse Check

 

• Carla, an electric vehicle marketplace, has raised $20M in its Venture round that included single-family office Inbox Capital
  
  
• Germany-based Salvia has taken part in a $42M Series A deal with Wingcopter, an international drone solutions company
  
  
• CPT Capital engaged in a Series A investment with Avant Meats, a cell-based protein food product company, totaling $10.8M
  
  
• The Benenson's single-family office finalizes on a $167M Series B deal with Metropolis, an advanced technology and parking platform
  
  
• Adit Ventures closes on a $7M Seed deal with California-based Web3 technology company Kaleidoco

https://www.fintrx.com/

 

According to a recent Financial Advisor report, family offices may face a difficult transition as the largest wealth transfer in history approaches. As high-net-worth families are preparing to pass on their assets to their heirs, experts anticipate a shortage of financial advisors capable of handling the workload. What the survey revealed is that a large number of family offices faced planning challenges, a lack of expertise and difficulty finding trusted advice. The BNY Mellon Wealth Management survey had this to say about family office preparedness:

“According to the survey, 42% of family offices said they need external help in developing an effective succession plan, and more than a third said it is difficult to find a trusted external partner to help with succession planning. Sixty percent said it is a challenge to recruit well-qualified executives"

 

BNY Mellon Wealth Management

https://www.fa-mag.com/news/a-family-office-talent-gap-is-looming--bny-mellon-wealth-management-says-68387.html