Company Overview of GenSpring Family Offices, LLC
GenSpring Family Offices, LLC is a privately owned multi-family office with approximately $5.88 billion in assets under management. It also provides estate and trust planning, tax planning, and philanthropy services to its clients. The firm provides its services to individuals, typically high net worth individuals; pension and profit sharing plans; pooled investment vehicles; charitable organizations, and corporations. It invests in the public equity and fixed income markets of the United States. The firm also makes its investments in private equity and hedge funds. GenSpring Family Offices was founded in 1989 and is based in Palm Beach Gardens, Florida with additional offices in Atlanta, G...
3801 PGA Boulevard
Palm Beach Gardens, FL 33410
Founded in 1989
Key Executives for GenSpring Family Offices, LLC
President of Buckhead office
President of Atlanta office
Compensation as of Fiscal Year 2013.
GenSpring Family Offices, LLC Key Developments
GenSpring Family Offices Announces the Promotion of David Vines to President of the Firm's Charlotte Family Office
Sep 3 13
GenSpring Family Offices announced the promotion of David Vines to President of the firm's Charlotte family office. Vines will now oversee all operations and delivery of multi-family office and investment management services to client families throughout the Carolinas. He is Certified Public Accountant, and has been designated a Board Certified Specialist in Estate Planning and Probate Law by the North Carolina State Bar Board of Legal Specialization.
GenSpring Family Offices, LLC Announces Promotion of Nikki Gokey to President of Florida Region
Jun 12 13
GenSpring Family Offices, LLC announced the promotion of Nikki Gokey to president of the Florida Region. In this role, Ms. Gokey oversees the operations and delivery of wealth management services throughout GenSpring's Florida footprint, which includes family offices in Palm Beach, Orlando, Tampa Bay, Miami and Sarasota. Ms. Gokey joined GenSpring in 2004 as a Family Wealth Advisor in the firm's Orlando family office. With her expertise and client focus, Ms. Gokey quickly advanced to President of the Orlando family office and over the past several years has become a leader across GenSpring's Florida market.
Team of Dovin Malkin & Ficken and Vernon Healy Wins $4.3 Million Arbitration Award against GenSpring Family Offices, LLC
Feb 7 13
The team of Dovin Malkin & Ficken and Vernon Healy recently won a $4.3 million arbitration award against GenSpring Family Offices, LLC. At the arbitration hearing, the Claimant was able to show that the company developed a strategic model whereby it advised the Claimant-a Florida entrepreneur with a $30 million portfolio-that he should invest 30% of his account in Multi-Strategy Hedge Funds instead of traditional bonds. In reality, the hedge funds that the company was touting were funds of funds, meaning that they invested in other hedge funds, each with its own managers, many of whom were employing investment strategies that were far riskier than even equity investments. Moreover, these hedge funds suffered from a severe lack of transparency. In fact, the company not even knows what type of strategies all of the fund managers and sub-managers were following. As a result, the company had no reasonable basis for representing that the multi-strategy hedge funds were a low-risk substitute for bonds. In 2008 when the stock market plummeted, the hedge funds lost a large portion of their value - similar to the equity markets - while traditional bonds went up 5%. In the end, the company's clients' accounts were significantly overexposed to high risk investments during the worst financial crisis in modem history, because they had no traditional low risk bond investments to diversify their accounts. In March 2009, the company internally re-classified the multi-strategy hedge funds as growth investments-like equities-instead of Defensive investments-like traditional bonds-as they had previously been classified. The Co-counsel Chris Vernon-founding partner of Vernon Healy-the company's misrepresentations and questionable business practices were evident in this case. The $4.3 million award is a positive sign for other investors who fell prey to the company's failed multi-strategy hedge fund strategy.
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