Keeping it in the Family

Press Release - May 2015

Keystone Private Locks in Leading Position in QLD Family Office Market

The family office, which manages the affairs of wealthy families, is the foundation stone of generational wealth and is the world’s oldest continuous corporate structure dating back to the earliest civilisations.

While many business trends come and go, the family office has stayed the course of history by successfully transferring and building family dynasties throughout the centuries.

Even in a fledging new world city such as Brisbane, the concept of expertly managing the affairs of our wealthiest families is taking root with the maturing of the money made here and those who own it.

Guiding the way and building on the legacies of the past is Keystone Private Pty Ltd, the biggest family office in town that has further entrenched its standing with a recent merger with a smaller family office rival and the expansion of its investment consulting services.

Established 10 years ago by Founder and Managing Director David Jackson with one client, Keystone Private has evolved into a thriving operation working exclusively for Brisbane’s wealthiest families. The multi-family office has a growing client base of 35 families serviced by a professional staff of 30.

Its services incorporate the key financial functions of accounting and reporting, property portfolio services, financial asset management and family continuity as well as access to other financial and non-financial advisors and services as required.

The recent merger with LOQ Group, which was founded by Lindsay Somerville and Kylie McQuie, was driven by the strategic opportunity for growth as well as the shared values, services and commitments to their respective clients.

Complementing this merger is the recent hiring of Joshua Derrington, the former Head of Private Clients at fund manager Dalton Nicol Reid, as Director of Financial Asset Services providing further breadth to the existing investment consultancy offered by Keystone Private.

David says Keystone Private’s services consider “the big picture” and are designed to complement the role of other professional service providers such as tax agents, lawyers, bankers and brokers.

“Our co-ordinating role is focussed on creating an environment where a family has more information, is more organised and decision-making is more structured,” David says.

“This generally results in increased activity and engagement throughout a family’s network of advisors and better short and long-term outcomes. When family wealth is substantial it can often be complex, fragmented and overwhelming to manage.”

“The family office is designed to provide a single point of contact and reporting that not only oversees day-to-day financial and investment needs, but also seeks to preserve and enhance family wealth and values in future generations.”

Some of the most famous and longest-standing single family offices in the world include the likes of the Rockefeller family in the USA, the Rothschild family in the UK, the Guinness family in Ireland and the Faber-Castell family in Germany. In Japan, there are some family offices that date back 40 generations to 500AD.

While the single family office is devoted to the interests of one ultra-wealthy family, a multi-family office such as Keystone Private represents multiple families. However, the concept and driving goal remains the same – providing a convenient, co-ordinated source of reliable reporting, management and advice to sustain and enhance family wealth over time.

David stresses that Keystone Private bases its service offering on the provision of independent and objective advice. It does not sell or broker any financial products, but is there as a trusted advisor and partner that is committed to a family’s best interests.

He says services are tailored to the individual needs of each family depending on their requirements and, not surprisingly, confidentiality is central to earning and building trust.

“Our core purpose is simple – transferring a family’s wealth, values and heritage across the generations. We partner with our clients to instil a confidence in their family’s future,” David says. “People who have made money in their lifetime worry about what will happen to it when they are gone and also the burdens and pressure it can place on their family.”

“A lot of the wealth in a city like Brisbane is self-made, not inherited, and our role is to protect and grow that wealth so that it is sustained for future generations. We are here to guide our clients through the next stages of their life as their family grows or through generational transition, while preserving their family values, heritage and legacy.”

David says some larger multi-family offices based in the southern capitals of Melbourne and Sydney are starting to eye off the Brisbane market as the city and its wealth matures.

He says the recent merger with LOQ Group and the appointment of Josh Derrington provides Keystone Private with greater scale and the depth of experience and skills to cement its market leading position in Brisbane.

“Like any business, local knowledge and understanding is important,” David says. “For example, we provide an unrivalled level of property management expertise from specialists in this field. We know Brisbane, its families and the local dynamics of the markets in which they hold assets and this is a great advantage for our clients.”