FINTRX Family Office & RIA Weekly Roundup
Volume 19
08/18/2022 (4 Min. Read)
?Adam Neumann's startup, Flow gets a $1B valuation, Growth of RIA Clients Slows and Zara's Founder Diversifies his Portfolio in this week's edition...
Take a Lap Around the Industry
WeWork Co-Founder, Adam Neumann Secures $350M in Funding
According to a?New York Times?report, Adam Neumann has finalized a private funding deal for his new startup, Flow. The company seeks to acquire residential properties for the purpose of offering a holistic "service hub" throughout communities. Neumann has been steadily adding to Flow's portfolio, acquiring residential units throughout Georgia, Florida and Tennessee. The deal with Andreessen Horowitz, the largest in the firm's history totaling $350M, values Flow at more than $1B.
“We understand how difficult it is to build something like this, and we love seeing repeat-founders build on past successes by growing from lessons learned...For Adam, the successes and lessons are plenty, and we are excited to go on this journey with him and his colleagues building the future of living.”
Marc Andreessen, Andresseen Horowitz
Private Funding Pulse Check
Growth of RIA Clients Slows, IAA and NRS Cite
According to a report from the Investment Advisor Association (IAA) and National Regulatory Services (NRS), the total number of RIA clients grew to a new record high of 64.7 million in 2021. However, since 2019 the growth rate of total clients has decreased, climbing just 6.4% in 2021 compared to 17.1% the previous year. Experts point to an increasing number of "do-it-yourself" investors as well as individuals fearing an upcoming recession as reasons for the slowdown. IAA Chief Executive, Karen Barr, shares her reasoning for the slowdown:
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“From my perspective, the growth in individuals as clients is really stemming from people reassessing their retirement plan, people dealing with a pandemic, the turbulent market volatility, concerns about the geopolitical environment, inflation..."
Karen Barr, IAA
Zara Founder Goes on Energy and Real Estate Buying Spree
In the past year, Amancio Ortega has gone on a deal spree that rivals some of the largest in history. Ortega is the founder of Zara, a global Spanish apparel retailer that now operates under the fashion group Inditex. Oretega's Family Office, Pontegadea, sought exposure in a number of energy companies and real estate properties, investing $1B and $2B respectively. In an effort to seek more stable income after Inditex lost nearly a third of its value, Pontegadea has targeted office and retail space across the U.S., Spain, Portugal, Canada and Scotland. More noteworthy, the majority of Ortega's $53.8B portfolio remains concentrated in his $48B majority stake in Inditex, according to the?Bloomberg Index.
“Very few industries are growing at such a fast pace...Such high levels of growth for clean energy may be sustained due to elevated fossil fuel prices, net-zero policies and other factors."
Rob Barnett, Bloomberg Intelligence
Nintendo Founder's Family Office Bids for Marine Engineering Firm
Hiroshi Yamauchi, great-grandson of Nintendo's founder, has expressed interest in buying out marine engineering company, Toyo Construction. The family office, named Yamauchi No. 10, was formed in 2020 to manage and diversify the wealth of the gaming company's founding family. The group sees potential growth in sustainable marine operations as focus towards environmental maritime projects increases. In recent weeks, Toyo has tried to sell itself to a rival in an attempt to block the takeover. Yamauchi No. 10 offered to buy Toyo at ￥1,000 per share.
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Industry M&A Wrap Up?
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