The multi-family office NewOak from Geneva has received the asset manager license. The company expects the regulation to benefit from it.
New oak, a multi-family office based in Geneva and an office in Zurich, has received approval as an asset manager from the Swiss Financial Market Supervisory Authority (Finma), as the company has finews.ch communicated.
The company has defined itself as a “one-stop shop” that wants to be a single point of contact for all of its customers’ needs. According to further information, NewOak’s expertise extends far beyond the financial sector.
Acquisitions under consideration
“Working with external experts strengthens the company on many levels. We work with top-class partners and specialists from the fields of law, taxes, real estate and many other industries that are important for the family office, ”said CEO Gregory Armstrong. He also serves as Chairman of the Board of Directors; Viezpräsident is the Geneva-based attorney Barbir Hassan.
Armstrong adds that the preferred environment is business-rich. NewOak recently closed an asset deal.
Get talent on board
With regard to the assets under management, the regulatory changes were used to take over an independent asset manager in Geneva. Under the new framework conditions of Finma, he was no longer able to look after his customers on his own. “We are currently in preliminary talks to get more talent on board,” said Armstrong.
NewOak was founded in 2020 by several families from the Middle East and Switzerland. The team is reportedly made up of six investment professionals from Julius Baer, Credit Suisse, HSBC and Bank of America. There are currently four people working in the Geneva headquarters and two in the representative office in Zurich.