The creation of family offices allow the world’s ultra rich to protect their privacy when hiring those needed to assist with their financial and daily life. Google co-founder Sergey Brin’s family office, Bayshore Global Management, provided the avenue for him to hire a former Navy Seal and SWAT team veteran to provide security, as well as a yacht captain and a fitness coordinator. The number of family offices is increasing as the number of billionaires worldwide increases. The number of families with $100 million or more in assets has increased 42 percent in the last seven years.
See Bloomberg News, Inside A Billionaire’s Family Office: Navy Seals, Yacht Captains, Private Wealth, Apr. 16, 2015.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
