OPINION: No matter how close Rupert has been to his four ex-wives, when trust involves dollars and cents he looks to his employees
Lachlan MurdochMedia mogul Rupert Murdoch may be going strong at 91, but the advisors he trusts are flagging.The vast bulk of the Murdochs’ wealth is tied up in the Disney, Fox and News Corp stock held by the Murdoch Family Trust of Nevada, currently worth $US13.8 billion .
The family didn’t sell out of Disney at the peak, probably on tax advice, and now the trust is down $US8.1 billion since January.No matter how close Rupert has been to his marital partners, when it comes to real trust with dollars and cents attached, he has always looked to his employees. So when Cruden Financial Services LLC was set up as trustee of the Murdoch Family Trust , each of his four adult children appointed a representative on the Cruden board, and Rupert appointed four News Corp execs as his directors.
Rupert’s nominees will resign when he dies, leaving the children in control. But age has winnowed the ranks of Rupert’s most trusted.David DeVoe –Siskind at 83 is no spring chicken. As the circle of ex-wives expands, Rupert’s circle of trusted advisors shrinks. The question is not so much who he trusts. It’s who’s left?
is an investigative reporter for The Australian Financial Review. He is based in Sydney and has won multiple Walkley Awards.
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