WEBVTT 00:00:01.034 --> 00:00:03.236 Welcome to the UBS studio in New York City 00:00:03.236 --> 00:00:05.939 for another episode of Through the Wealth Lens. 00:00:05.972 --> 00:00:07.173 As more and more families 00:00:07.173 --> 00:00:10.276 build generational wealth in today's day and age. 00:00:10.543 --> 00:00:12.078 This, in turn, has seen a surge 00:00:12.078 --> 00:00:14.781 in the number of single family offices around the world. 00:00:15.148 --> 00:00:17.117 Every family office is different, 00:00:17.117 --> 00:00:20.487 and much of the research emphasizes the myriad of challenges 00:00:20.787 --> 00:00:22.255 faced by family offices 00:00:22.255 --> 00:00:24.958 that prevent them from functioning optimally. 00:00:25.058 --> 00:00:27.961 Today, we're lucky to have Mark Tepsich as a guest here, 00:00:27.961 --> 00:00:30.663 our first recurring guest on Through the Wealth Lens. 00:00:30.864 --> 00:00:34.467 For those who don't know Mark, Mark is a member of the UBS Family 00:00:34.467 --> 00:00:36.102 Office Solutions team 00:00:36.102 --> 00:00:38.571 within the Private Wealth Management division. 00:00:38.571 --> 00:00:41.908 Mark is our family office design and governance specialist 00:00:42.042 --> 00:00:45.478 and in his role, Mark serves as the in-house subject 00:00:45.478 --> 00:00:48.181 matter expert on the family office space and a thought 00:00:48.181 --> 00:00:50.850 partner to families with significant wealth. 00:00:50.917 --> 00:00:53.853 I've worked with Mark closely on advising some of our clients 00:00:53.853 --> 00:00:55.455 in their family office organization, 00:00:55.455 --> 00:00:58.024 the design, structure and governance, 00:00:58.024 --> 00:01:00.860 as well as operational best practices and strategy 00:01:01.094 --> 00:01:03.863 to manage and sustain their wealth for future generations. 00:01:04.531 --> 00:01:05.965 Prior to joining the firm, 00:01:05.965 --> 00:01:09.369 Mark spent a decade at a large Midwestern single family office. 00:01:09.836 --> 00:01:13.973 We served a dynastic, multi-generational family here. 00:01:13.973 --> 00:01:16.676 He was the family's general counsel and advice 00:01:16.676 --> 00:01:20.046 and family office structuring, estate and income tax issues, 00:01:20.413 --> 00:01:23.249 as well as business formation and real estate development. 00:01:23.783 --> 00:01:26.853 He also counseled the family on the sale of their publicly traded 00:01:26.853 --> 00:01:30.223 real estate company to Brookfield Asset Management in 2018. 00:01:30.757 --> 00:01:33.993 Today, Mark will be providing an update on some of the leading 00:01:33.993 --> 00:01:37.630 insights, thoughtful discussions and experience based practices 00:01:38.098 --> 00:01:41.101 across the many dimensions of managing a family office 00:01:41.101 --> 00:01:43.803 that he and his group have seen in recent times. 00:01:44.104 --> 00:01:46.172 Welcome back to the show, Mark. 00:01:46.172 --> 00:01:47.307 Hannes, Max. 00:01:47.307 --> 00:01:49.476 Great to be back. As always. 00:01:49.476 --> 00:01:52.779 So, Mark, to start our conversation of today's, let's begin 00:01:52.779 --> 00:01:56.783 with what you refer to as the family Office 3.0. 00:01:57.250 --> 00:01:59.786 Can you explain to our audience what this is 00:01:59.786 --> 00:02:03.056 and how it characterizes today's family office environment? 00:02:03.723 --> 00:02:04.290 Yeah. Of course. 00:02:04.290 --> 00:02:05.625 So, you know, 00:02:05.625 --> 00:02:08.995 we're in sort of the what I call the family office 3.0. 00:02:09.295 --> 00:02:09.629 Right. 00:02:09.629 --> 00:02:11.698 And so to really understand how we got there 00:02:11.698 --> 00:02:15.001 and what 3.0 is about, we really need to take a step back. 00:02:15.602 --> 00:02:18.872 So 1.0, 20 plus years ago really 00:02:19.172 --> 00:02:22.208 pre global financial crisis family offices were around. 00:02:22.609 --> 00:02:24.310 But they were really a cottage industry. 00:02:24.310 --> 00:02:27.013 They were not necessarily, 00:02:27.046 --> 00:02:29.282 there's not necessarily as many as there are today. 00:02:29.282 --> 00:02:32.352 And so what that meant was people that worked at a family office. 00:02:32.352 --> 00:02:34.320 Right. So I was there. 00:02:34.320 --> 00:02:35.555 You didn't hear about them a lot. 00:02:35.555 --> 00:02:38.892 There wasn't really a lot of maps and manuals and people 00:02:38.892 --> 00:02:41.794 you could turn to to ask questions. 00:02:41.794 --> 00:02:42.162 Right? 00:02:42.162 --> 00:02:42.595 Yes. 00:02:42.595 --> 00:02:45.198 Tax, legal, all that stuff, investments. 00:02:45.198 --> 00:02:47.901 But really the family office as an organization, 00:02:48.034 --> 00:02:48.735 there really wasn't 00:02:48.735 --> 00:02:51.070 a lot of people or firms to go to to really help 00:02:51.070 --> 00:02:52.772 you think about how you're doing things, 00:02:52.772 --> 00:02:54.240 how you're coming together, 00:02:54.240 --> 00:02:56.643 what the operations look like, the tech stack, 00:02:57.610 --> 00:02:58.878 as well as sort of governance. 00:02:58.878 --> 00:03:01.881 So, you know, 3.0 00:03:01.881 --> 00:03:04.584 is really where we're at today. 00:03:05.451 --> 00:03:08.821 1.0 was up until global financial crisis. 00:03:08.821 --> 00:03:10.023 And what happened 00:03:10.023 --> 00:03:11.591 coming out of the global financial crisis, 00:03:11.591 --> 00:03:13.893 you had zero interest rate policies. 00:03:13.893 --> 00:03:16.596 And because of that, you often had the rise of private equity. 00:03:16.729 --> 00:03:20.934 So private equity came in, snapped up a lot of family businesses. 00:03:21.334 --> 00:03:24.170 And so now you had the growth of family offices 00:03:24.170 --> 00:03:25.438 because of those private equity 00:03:25.438 --> 00:03:27.507 transactions and liquidity events. 00:03:27.507 --> 00:03:30.310 And so that created a market for family offices. 00:03:30.310 --> 00:03:30.643 Right. 00:03:30.643 --> 00:03:33.813 So now all of a sudden banks, wealth management firms, tech firms 00:03:34.380 --> 00:03:35.882 are starting to take notice. 00:03:35.882 --> 00:03:38.551 You've got more people that have come out of family offices. 00:03:38.851 --> 00:03:40.486 And so now you have all these options 00:03:40.486 --> 00:03:43.189 and all this information out there and all these services 00:03:43.623 --> 00:03:45.625 at where you're at a family office 00:03:45.625 --> 00:03:48.394 and you could tap into right, for insight and advice. 00:03:48.394 --> 00:03:52.632 And so really that's the really quick arc of where we're at. 00:03:52.632 --> 00:03:55.835 And so a 3.0 is we're here. 00:03:56.102 --> 00:03:57.370 There's all these options. 00:03:57.370 --> 00:04:00.673 But you see this converge of okay we've got this 00:04:00.974 --> 00:04:02.375 the tech options. 00:04:02.375 --> 00:04:04.544 We've got these service firms. 00:04:04.544 --> 00:04:07.947 But now you see them sort of converging with family offices. 00:04:08.248 --> 00:04:10.283 And so the lines are starting to be blurred. 00:04:10.283 --> 00:04:13.453 And they're also families are turning into GP. 00:04:13.486 --> 00:04:17.190 So they're so they're really morphing into and converging into 00:04:17.523 --> 00:04:18.191 the GP's 00:04:18.191 --> 00:04:21.060 that created them through those private equity transactions. 00:04:22.795 --> 00:04:24.364 And to follow up on that, mark, 00:04:24.364 --> 00:04:27.100 how have you personally experienced the shift 00:04:27.100 --> 00:04:30.837 from the family Office 2.0 to its current iteration? 00:04:31.404 --> 00:04:34.207 Yeah, so so there's a couple things, right? 00:04:34.474 --> 00:04:38.811 One is just the sheer amount of frankly, content out there. 00:04:38.811 --> 00:04:39.178 Right? 00:04:39.178 --> 00:04:42.815 So if you go on LinkedIn, whereas 10 or 15 years ago, 00:04:43.116 --> 00:04:45.818 family offices were really just, hey, they're direct investments. 00:04:45.818 --> 00:04:48.288 They they're almost looked at as an asset class. 00:04:48.288 --> 00:04:49.389 Right? Private deals. 00:04:49.389 --> 00:04:52.158 And I think some of that narrative is still out there. 00:04:52.792 --> 00:04:55.261 But when you're when you're looking for insight, 00:04:55.261 --> 00:04:57.096 when you're looking for options and solutions 00:04:57.096 --> 00:05:01.501 and resources and infrastructure and people who understand it, 00:05:01.934 --> 00:05:04.971 you've got now the emergence of at a PA, right, 00:05:04.971 --> 00:05:07.674 which is really introduced to really manage, 00:05:08.308 --> 00:05:11.411 help manage and get visibility over complex family 00:05:11.411 --> 00:05:14.414 balance sheets, right, that are stuck in trusts and partnerships. 00:05:15.682 --> 00:05:16.949 But beyond 00:05:16.949 --> 00:05:17.684 that, now you've 00:05:17.684 --> 00:05:20.687 got firms that can actually manage Addepar for you. 00:05:20.687 --> 00:05:22.989 Right? So think of Mirador now part of iCapital. 00:05:22.989 --> 00:05:26.659 I think it's advisors, which is another sort of it's 00:05:26.659 --> 00:05:28.594 even beyond, in my opinion, like, 00:05:28.594 --> 00:05:30.129 like the mirror doors and the eye capitals. 00:05:30.129 --> 00:05:33.032 It's linking everything together in an integrated way. 00:05:33.566 --> 00:05:35.935 So that's, you know, in some of my, 00:05:35.935 --> 00:05:39.238 some of some of the folks out there in the space, professionals 00:05:39.572 --> 00:05:42.075 are standing up firms to help families 00:05:42.075 --> 00:05:44.210 start and evolve family offices. 00:05:44.210 --> 00:05:45.845 So similar to what I do. 00:05:45.845 --> 00:05:48.548 But external to UBS. 00:05:48.981 --> 00:05:50.850 So Mark, as family offices 00:05:50.850 --> 00:05:53.586 grow and serve more households, the complexity 00:05:53.586 --> 00:05:56.322 of managing different interests and risk tolerances 00:05:56.322 --> 00:05:57.890 seem to increase. 00:05:57.890 --> 00:05:58.891 As family says, 00:05:58.891 --> 00:06:02.061 a daunting array of choices and services and technologies. 00:06:02.462 --> 00:06:05.698 The hybrid family office model has emerged as a leading solution. 00:06:06.299 --> 00:06:08.768 Why and how can the hybrid family office 00:06:08.768 --> 00:06:11.504 model offer the best possibility of success? 00:06:11.904 --> 00:06:13.773 Yeah, it's a great question. Hannes. 00:06:13.773 --> 00:06:16.008 So if you think about the traditional family office, 00:06:16.008 --> 00:06:17.310 right, especially during the 1.0 00:06:17.310 --> 00:06:21.013 and even the early days of 2.0, you lacked the resources, 00:06:21.013 --> 00:06:21.614 the options, 00:06:21.614 --> 00:06:22.215 the infrastructure 00:06:22.215 --> 00:06:25.385 and the solutions external to the family office. 00:06:25.385 --> 00:06:27.687 So you had to really vertically integrate all this. 00:06:27.687 --> 00:06:30.623 So if you had a DIY it inside the family office, like a 00:06:30.690 --> 00:06:34.060 like again, there was no maps or manuals to do this. 00:06:34.594 --> 00:06:36.362 But when you think about the hybrid solution, 00:06:36.362 --> 00:06:39.031 you don't have to vertically integrate everything anymore. 00:06:39.031 --> 00:06:41.868 Meaning you can rent, you know, Addepar. 00:06:41.868 --> 00:06:44.303 You don't have to do it inside the family office, 00:06:44.303 --> 00:06:44.971 which means you now 00:06:44.971 --> 00:06:47.940 have to staff somebody to operate out of PA, right? 00:06:47.940 --> 00:06:51.711 So you have, you know, all these tech solutions out there, which 00:06:52.111 --> 00:06:53.846 sometimes, frankly, can be confusing 00:06:53.846 --> 00:06:54.814 for families and family office 00:06:54.814 --> 00:06:58.484 because it's like, okay, 15 years ago there was 1 or 2 options. 00:06:58.484 --> 00:07:01.587 Right now there's 30 or 40 or even 50 options. 00:07:02.054 --> 00:07:06.125 But what those different components allow you to do is, 00:07:06.626 --> 00:07:08.528 okay, we've got these complexities 00:07:08.528 --> 00:07:10.329 and these challenges across a family balance 00:07:10.329 --> 00:07:11.898 sheet, across these family initiatives. 00:07:11.898 --> 00:07:14.600 Right. Philanthropy investments. 00:07:14.634 --> 00:07:17.136 And so it allows you to kind of pick 00:07:17.136 --> 00:07:20.373 and choose how you want to build your family office. 00:07:20.807 --> 00:07:23.643 You could do it vertically integrated inside the family office. 00:07:23.643 --> 00:07:25.745 You can outsource a host of it. 00:07:25.745 --> 00:07:28.314 You really have a lean staff and just really 00:07:28.314 --> 00:07:29.715 focus on coordination. 00:07:30.917 --> 00:07:32.452 But there's just different trade offs. 00:07:32.452 --> 00:07:36.422 But the, you know, long story short, is giving or giving you 00:07:36.422 --> 00:07:38.391 flexibility across services 00:07:38.391 --> 00:07:40.993 is giving you flexibility across cost. 00:07:40.993 --> 00:07:43.930 And it's really giving you flexibility across really capabilities 00:07:43.930 --> 00:07:47.099 of how you're bringing these solutions to families 00:07:47.300 --> 00:07:48.000 and helping them 00:07:48.000 --> 00:07:50.703 advance their initiatives through their family office. 00:07:51.537 --> 00:07:55.007 And Mark, so we're now on this fully 00:07:55.007 --> 00:07:58.578 in the midst of this area that we refer to as the Roaring 20s. 00:07:58.578 --> 00:08:01.147 From a wealth perspective, 00:08:01.147 --> 00:08:03.783 family offices will find an increasing 00:08:03.783 --> 00:08:06.452 number of choices in a variety of areas. 00:08:06.853 --> 00:08:09.722 Can you go into some of what some of these areas are, 00:08:09.722 --> 00:08:12.658 and how family offices can take advantage of the choices 00:08:12.658 --> 00:08:13.125 they have? 00:08:13.125 --> 00:08:14.060 Yeah, yeah, 00:08:14.060 --> 00:08:17.663 let's let's bucket this into two separate sort of conversations. 00:08:17.663 --> 00:08:20.233 One is the resources the infrastructure. 00:08:20.233 --> 00:08:22.435 And let's let's stick with tech for a second. 00:08:22.435 --> 00:08:25.137 The other is the investment options. 00:08:25.171 --> 00:08:26.873 And so let's handle the tech first right. 00:08:26.873 --> 00:08:29.575 Because that's just omnipresent with family offices. 00:08:29.642 --> 00:08:33.179 So ten, 15 years ago you had only a few options 00:08:33.179 --> 00:08:35.581 right across console reporting an accounting, 00:08:36.549 --> 00:08:37.383 consolidate reporting. 00:08:37.383 --> 00:08:40.553 Specifically you've got 4 to 5 dozen 00:08:40.686 --> 00:08:42.121 that in 00:08:42.121 --> 00:08:43.923 a lot of them are new entrants coming onto the scene, 00:08:43.923 --> 00:08:45.691 especially with AI 00:08:45.691 --> 00:08:48.327 and now you're sitting back as a family of saying, 00:08:48.327 --> 00:08:50.196 okay, out of these 50 options, it's 00:08:50.196 --> 00:08:54.133 actually more confusing for me to pick which one is best across 00:08:54.133 --> 00:08:56.836 service functions cost. 00:08:57.036 --> 00:08:58.804 And functionality. 00:08:58.804 --> 00:09:01.307 And so there's firms out there like DV consultant. 00:09:01.307 --> 00:09:01.908 You know, Aaron 00:09:01.908 --> 00:09:04.610 Hulse is a founder, that she worked at one of these tech firms 00:09:04.710 --> 00:09:07.980 that's helping family offices choose and identify 00:09:07.980 --> 00:09:11.217 which, you know, salary reporting platform is best for them. 00:09:11.517 --> 00:09:12.618 And then she's helping them 00:09:12.618 --> 00:09:15.321 kind of really implement and onboard it. 00:09:15.788 --> 00:09:18.824 And so that just helps family offices achieve better outcomes. 00:09:18.824 --> 00:09:18.991 Right. 00:09:18.991 --> 00:09:19.959 And there's consultants 00:09:19.959 --> 00:09:23.062 like that really across the space, not just technology. 00:09:23.496 --> 00:09:26.198 The other piece is 00:09:26.232 --> 00:09:28.434 the investment side of things for family offices. 00:09:28.434 --> 00:09:30.102 So as I mentioned earlier, 00:09:30.102 --> 00:09:32.939 a lot of family offices were born out of the private equity boom. 00:09:32.972 --> 00:09:33.539 Right. 00:09:33.539 --> 00:09:36.242 So you had an operating company, you scaled it, 00:09:36.342 --> 00:09:38.044 you sold to private equity, 00:09:38.044 --> 00:09:40.079 and now you're sitting on a lot of liquidity. 00:09:40.079 --> 00:09:41.581 But a lot of these founders 00:09:41.581 --> 00:09:44.216 nowadays are much younger than they were in the past, 00:09:44.216 --> 00:09:45.685 monetizing their businesses. 00:09:45.685 --> 00:09:47.587 So they're not necessarily content 00:09:47.587 --> 00:09:50.556 which is sitting back and allocating, you know, it's in their DNA 00:09:50.723 --> 00:09:53.426 to really build, create and problem solve. 00:09:53.459 --> 00:09:54.660 So after a couple of years 00:09:54.660 --> 00:09:57.930 of just sort of passively investing in direct investments, 00:09:58.297 --> 00:10:00.866 they're saying, well, wait a second, I can do 00:10:00.866 --> 00:10:02.635 what private equity has done. Right? 00:10:02.635 --> 00:10:04.604 I've been exposed to it. 00:10:04.604 --> 00:10:06.005 You know, if I look at my balance sheet, 00:10:06.005 --> 00:10:08.374 I might not have enough capability, right? 00:10:08.374 --> 00:10:10.376 Because once they allocate to the directs, 00:10:10.376 --> 00:10:11.877 they're often out of dry powder. 00:10:11.877 --> 00:10:14.213 So they're saying, okay, how do I build up my team? 00:10:14.213 --> 00:10:16.282 How do I build up my capabilities? 00:10:16.282 --> 00:10:17.850 I've talked to a lot of other families. 00:10:17.850 --> 00:10:19.819 Founders have family offices 00:10:19.819 --> 00:10:21.621 that are sort of like me, like minded. 00:10:21.621 --> 00:10:22.221 So let me go 00:10:22.221 --> 00:10:25.024 create a fund, raise third party capital around this, 00:10:25.024 --> 00:10:28.628 and then deploy back into the industry that I made my wealth in. 00:10:28.628 --> 00:10:29.929 Because I'm an expert. 00:10:29.929 --> 00:10:32.098 Nobody knows this better than I. 00:10:32.098 --> 00:10:34.734 But with that said, a lot of these families, 00:10:34.734 --> 00:10:36.636 their mindset is not necessarily 00:10:36.636 --> 00:10:37.403 a 3 to 5 year 00:10:37.403 --> 00:10:40.106 hold time as traditional private equity managers, right? 00:10:40.406 --> 00:10:41.941 So they have a much longer hold time. 00:10:41.941 --> 00:10:43.909 It's giving families a lot more options. 00:10:43.909 --> 00:10:45.378 And there is space 00:10:45.378 --> 00:10:48.347 on a family's balance sheet for this type of long term hold 00:10:48.581 --> 00:10:49.382 private equity 00:10:49.382 --> 00:10:51.617 allocation in which they're going to go in 00:10:51.617 --> 00:10:53.452 and make long term investing, 00:10:53.452 --> 00:10:56.155 that they're not necessarily going to make sense on a 3 to 5 year 00:10:56.155 --> 00:10:57.089 hold time. Right. 00:10:57.089 --> 00:11:00.026 And so you're seeing that sort of bubble up 00:11:00.026 --> 00:11:02.728 right now with a lot of these younger founders. 00:11:02.728 --> 00:11:04.530 And I'm not saying it's in the tech space. 00:11:04.530 --> 00:11:07.233 It's really operating companies too. 00:11:07.400 --> 00:11:09.101 So it's sort of an interesting time. 00:11:10.736 --> 00:11:11.570 Mark. 00:11:11.570 --> 00:11:14.907 The saying if you've seen one family office, you've seen 00:11:14.907 --> 00:11:18.577 one family office is popular and true up to a point. 00:11:18.844 --> 00:11:22.481 That said, they are foundational best practices that anyone 00:11:22.715 --> 00:11:23.683 who is setting up 00:11:23.683 --> 00:11:26.719 or organizing a family office may find it helpful. 00:11:27.153 --> 00:11:28.721 To wrap up today's chat. 00:11:28.721 --> 00:11:31.657 What are some of these best practices you recommend? 00:11:31.657 --> 00:11:32.558 Ultra high net worth 00:11:32.558 --> 00:11:33.693 individuals and families 00:11:33.693 --> 00:11:36.362 look into it for their own family offices. 00:11:36.595 --> 00:11:39.799 Yeah, so harness that that mantra or that conventional wisdom, 00:11:39.799 --> 00:11:42.702 which is, oh, you've seen one family office, you've seen one. 00:11:43.369 --> 00:11:44.236 I agree with that. 00:11:44.236 --> 00:11:46.539 And to your point, to an extent, okay. 00:11:46.539 --> 00:11:48.874 Because that's like saying you've seen one business. 00:11:48.874 --> 00:11:51.544 You've seen one business. Of course, each business is different. 00:11:51.544 --> 00:11:52.411 It's got its own culture, 00:11:52.411 --> 00:11:55.114 its own unique strategies, own value proposition. 00:11:55.347 --> 00:11:56.849 But at the end of the day, it's still a business. 00:11:56.849 --> 00:11:57.950 It's out there to make money. 00:11:57.950 --> 00:12:01.053 So you need a basic business infrastructure, right? 00:12:01.053 --> 00:12:03.022 You need a robust accounting infrastructure. 00:12:03.022 --> 00:12:05.391 You need to consolidate reporting specifically for families 00:12:05.391 --> 00:12:06.392 because it's really balance 00:12:06.392 --> 00:12:09.061 sheet driven a lot and portfolio driven. 00:12:09.061 --> 00:12:11.497 So you need really the basic nuts 00:12:11.497 --> 00:12:14.700 and bolts, to help you make informed decisions. 00:12:14.700 --> 00:12:16.969 And so be on the accounting side. 00:12:16.969 --> 00:12:19.071 It really depends on what you're going to do. Right? 00:12:19.071 --> 00:12:21.741 So if you are going out there and doing direct investments, 00:12:21.741 --> 00:12:22.441 I'll give you an example. 00:12:22.441 --> 00:12:25.144 In the biotech space, okay. 00:12:25.144 --> 00:12:27.813 Do you have enough information in the resources 00:12:27.813 --> 00:12:30.816 build out at the family office to make an informed decision 00:12:31.283 --> 00:12:32.318 within that space? 00:12:32.318 --> 00:12:34.286 And if the answer is no, 00:12:34.286 --> 00:12:36.422 then you need to create that best practice. 00:12:36.422 --> 00:12:36.722 Right? 00:12:36.722 --> 00:12:38.424 And you can make that analogy 00:12:38.424 --> 00:12:40.259 or that comparison across 00:12:40.259 --> 00:12:42.361 any sort of thing you're doing in the family office. 00:12:42.361 --> 00:12:43.896 But beyond the accounting side 00:12:43.896 --> 00:12:46.365 and the accounting function, the robustness of that, 00:12:46.365 --> 00:12:47.900 can you make an informed decision? 00:12:47.900 --> 00:12:50.736 That's what I call like just the ultimate best practice. 00:12:51.570 --> 00:12:52.738 Thank you. 00:12:52.738 --> 00:12:56.509 Mark, so thank you so much for joining us today and providing us 00:12:56.509 --> 00:12:59.445 and our audience with some valuable information and updates 00:12:59.445 --> 00:13:02.615 in the current landscape of family offices around the world. 00:13:03.048 --> 00:13:07.052 For those of you interested, feel free to reach out for a copy of 00:13:07.052 --> 00:13:10.356 UBS Family Office Quarterly for quarter one of this year, 00:13:10.890 --> 00:13:13.259 in which you can take a much deeper dive into what 00:13:13.259 --> 00:13:14.827 Mark discussed today. 00:13:14.827 --> 00:13:17.997 Until next time, thanks for joining us for another episode of two 00:13:17.997 --> 00:13:18.831 of The Wealth Lens. 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