{ "docId": "019dd923-5e88-73ef-bd58-d60590226592", "docSlug": "4dabb861968e8184", "documentTitle": "ey family office study client deck asia pacific", "authorId": "MorganStanley", "authorName": "EY", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.707, "pageNumber": 34, "pageCount": 64, "prevPage": 33, "nextPage": 35, "slideType": "case_study", "function": "illustrate_case", "density": "overcrowded", "nDataPoints": 3, "notes": "The slide features a testimonial/quote box from Benedikt von Michel, CIO of JMH Capital Management.", "elementsJson": [ "paragraph", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd58-d60590226592/34", "deckHref": "/decks/019dd923-5e88-73ef-bd58-d60590226592", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-d60590226592.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-d60590226592#slide-34", "components": [ { "bbox": { "h": 0.13, "w": 0.29, "x": 0.66, "y": 0.11 }, "kind": "callout", "text": "Risk management\n\nBenedikt von Michel\nChief Investment Officer\nJMH Capital Management", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1fdbb140-207a-4404-b6c8-c3bebbeedcd9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The JMH family office believes that it has created a unique portfolio of niche fund assets able to generate very steady, low-volatility returns regardless of the overall market environment.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-3408-77db-b489-1b47ca053469", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.29, "x": 0.66, "y": 0.33 }, "kind": "paragraph", "text": "And finally, JMH needed to get paid for taking the Africa risk, by way of the equity kicker. 46 Parallels, a joint venture between JMH and TIA Capital Management, were the only team that could effectively manage those risks.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0caf4e2a-8684-45db-8ea4-0939899261d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.29, "x": 0.05, "y": 0.21 }, "kind": "paragraph", "text": "JMH Capital is a single family office established to safeguard and grow the assets of its Principals. The family had made its wealth by acquiring, turning around and growing a construction solutions company that was previously owned by BP plc.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "228655ab-1f66-4087-8821-273a69e6ea38", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.29, "x": 0.66, "y": 0.5 }, "kind": "paragraph", "text": "The JMH family office believes that it has created a unique portfolio of niche fund assets able to generate very steady, low-volatility returns regardless of the overall market environment.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "346e4e07-b4d5-43ce-b2c3-35eb043826f2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.29, "x": 0.66, "y": 0.81 }, "kind": "paragraph", "text": "In what is projected to be a \"new normal\" of low returns for the foreseeable future, JMH believes that the family office has gone some way to providing a robust solution to the risk/return/liquidity conundrum.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6ff2fe95-daab-437a-958e-b7a2ece02bfb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.29, "x": 0.05, "y": 0.46 }, "kind": "paragraph", "text": "This sets the scene for a conundrum that is no doubt troubling most CIOs at present: where can a family office find respectable returns within the structure of a wealth preservation investment framework, and yet still provide the family with adequate liquidity on an ongoing basis?", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "814b2248-f7ac-4767-a208-8e4bcb0ee4bf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.62, "x": 0.05, "y": 0.75 }, "kind": "paragraph", "text": "In this respect, JMH has allocated the majority of its portfolio into uncorrelated, and in many cases somewhat niche asset classes. These include direct lending (including trade finance), equity-linked debt, merger arbitrage, reinsurance, litigation finance and late-stage bankruptcy claims.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "edbc1046-0256-485e-8738-ac60d5716a4e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Benedikt von Michel, Chief Investment Officer, JMH Capital Management", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-3408-77db-b489-1fa3b4218f38", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.2, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Case study", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "63ed53eb-5d35-4699-98e0-6c6756e4b2d8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }