French Family Offices Drawn to Private Equity Over Private Debt [BNN Bloomberg (Canada)]
L'OREAL UNSP/ADR (LRLCY)
NASDAQ:AMEX Investor Relations:
loreal-finance.com/eng
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Source: BNN Bloomberg
“There is a lot of convergence between family offices and private equity because performance is generally good and there is less volatility,” Frederick Crot, president of the Association Francaise du Family Office, or AFFO, said at a press conference. “Families want their assets to grow steadily, without undue risk.” Family offices are a relatively new trend in France and the AFFO — whose membership has grown to more than 100 professionals — sees huge opportunities for expansion, especially outside Paris and among so-called next-generation heirs. France is home to luxury titan Bernard Arnault, who founded couture-to-champagne conglomerate LVMH and is the world's richest person with a fortune of $201.7 billion, according to the Bloomberg Billionaires Index. The wealthiest woman, L'Oreal SA heiress Francoise Bettencourt Meyers, is also French as are the Wertheimer brotherrichs behind Chanel and Francois Pinault, who started Gucci owner Kering SA. In contrast to growing investment
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