Mutual Trust is the country’s largest and most significant multifamily office. It says there are opportunities in the big fall in real asset values.
Commercial property is facing a wave of revaluations as WFH hit prices.Mutual Trust, the Myer and Baillieu family office which is now open to outside investment, says it is looking for opportunities in commercial real estate after values fell over the last year, illustrating how some wealthy families are taking a longer-term view of the asset.
Many Australian wealthy families have made their fortune in property. In terms of their direct holdings, families saw revaluations as “shorter-term” realities and were focused on maintenance of their assets.“Property is ... typically a reasonably large component of most clients’ balance sheets beyond principal prices of residences, farms, beach houses,” said Mr Gourlay. “ on the balance sheet in terms of direct property in office or commercial property ...
As families face an increasing choice in intermediaries, Mr Harkness said they were not attempting to compete with these banks and managers. Offering an example, in one case the senior family members were attempting to ensure their autistic grandchild would be taken care of financially after they died, in light of concerns about one of the child’s parent’s substance addiction. “That’s what literally keeps them awake at night, and it gets emotional,” he said.
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