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Private Wealth Management Models

for Single-Family and Multi-Family Structures

How we implemented a scalable Asset Management Company (AMC) model in the Czech Republic to consolidate capital, streamline governance, and preserve direct ownership of assets

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Client Profile

In addition to corporate clients, we actively work with family offices (both single-family and multi-family), primarily based in the EU. The core objective is to establish efficient, professional, and flexible capital management solutions across generations (including assets in fiat, equities, real estate, and cross-border holdings).

The Strategic Dilemma

Family offices, regardless of size, typically face the following challenges:

  • Maintaining clear ownership rights over assets among family members;
  • Ensuring professional and centralized investment management;
  • Preserving flexibility in capital allocation and withdrawals;
  • Avoiding unnecessary administrative and regulatory complexity;
  • Building a structure that can evolve over time.

For multi-family offices, an additional layer of complexity arises from managing the capital of multiple affluent families simultaneously while maintaining transparency, independence, and trust.

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STRUCTURAL ASSESSMENT

We analyzed the challenge of Consolidating Family Assets

We analyzed the challenge of consolidating family assets and identified key legal requirements:

  1. Management Type: It was essential to establish a structure designed specifically for collective investment, as individual portfolio management requires different licenses and imposes greater restrictions.
  2. Jurisdiction Selection: Offshore jurisdictions were excluded from the outset due to reputational risks and limited access to major platforms such as Interactive Brokers. Other EU jurisdictions were also deemed unsuitable, as their structures tend to be overly rigid and costly for private family offices.
  3. Preservation of Control: We sought a solution that would allow families to invest collectively (to benefit from better terms and rates), while ensuring that each family member retains direct ownership of their assets.
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STRUCTURAL SOLUTION

Implementation of an Asset Management Company (AMC) as a central hub for managing family capital

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Why Not Alternative Structures?

Why not SICAV or a private holding company? A SICAV is heavily regulated and costly for a family office at the initial stage, while a private holding structure requires family members to transfer ownership of their assets to the company’s balance sheet. The AMC model enables families to retain direct ownership while delegating management authority to a trusted party or professional manager.

Expert Insight

The AMC operates as a boutique solution. It provides a legal framework to manage the capital of multiple family branches or external partners under a single license, while ownership of assets and tax reporting remain strictly segregated among participants.

This approach ensures:

  • Centralized and professional investment management across multiple portfolios;
  • The ability to offer a wide range of services – from concierge support to sophisticated investment strategies;
  • Full preservation of asset ownership at the level of each individual family;
  • Independent tax reporting for each family, enabling tax optimization;
  • Simple and efficient capital inflows and outflows;
  • At the same time, the manager retains the authority to make investment decisions independently, without requiring approval for each transaction. This significantly increases speed, efficiency, and responsiveness to market opportunities.
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EXTERNAL PERSPECTIVES
“The strength of a family, like the strength of an army, lies in its loyalty to each other and commitment to a shared strategy. ”
— Mario Puzo
RESULTS & OUTCOME

Impact of the Implemented Structure

By implementing family office structures based on asset management companies, our clients achieve a high degree of flexibility, clarity, and control. Whether managing the wealth of a single family or multiple families, the structure provides a scalable foundation that supports both capital preservation and growth.

Governance: Centralized decision-making without requiring approval of every transaction by all participants.

Efficiency: Access to professional investment standards and institutional rates through capital consolidation.

Evolution: Many structures have successfully evolved from single-family offices into broader investment platforms, attracting external capital while maintaining family control.

Time to Launch: Approximately 2 months (either through new registration or acquisition of a ready-made structure).

When This Solution Is Relevant

  • Family members retain ownership of their assets;
  • Investment decisions are delegated to a trusted party (e.g., a family member or professional manager);
  • The entire portfolio is managed in a coordinated and strategic manner;
  • This creates a balance between centralized control and individual ownership, while simplifying management and long-term planning.

Regulatory Depth

The structure operates under Article 15 of the ZISIF Act and is supervised by the Czech National Bank (CNB).

As the structure evolves:

  • External investors may be admitted;
  • The asset management company may transition toward a more traditional fund-like model;
  • Existing governance mechanisms and operational frameworks remain in place;
  • This enables families to scale their investment activities and leverage their expertise while preserving continuity and control over the structure.
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