Key Takeaways
- • Gerard Wertheimer, 75-year-old co-owner of Chanel, has established a Swiss family office to oversee part of his $43 billion fortune, according to Bloomberg.
- • The family office is being built in Switzerland, where the Wertheimer family has long been part of Geneva's elite, while the family's management base has historically been in New York City.
- • Former Credit Suisse private banker Frederic Pasteau was hired a few years ago to run the firm, according to people familiar with the matter.
- • The move is positioned as preparation for a new generation of the Wertheimer clan to take over stewardship of the family's wealth.
Summary
Gerard Wertheimer, the 75-year-old co-owner of Chanel, the maker of the Chanel No. 5 perfume and the little black dress, has set up a Swiss family office to oversee some of his $43 billion fortune, Bloomberg reported. The move shifts part of the family's wealth management activity away from New York City, which had long served as the base from which the dynasty managed its holdings.
According to people familiar with the matter who asked not to be identified because they were discussing non-public information, Wertheimer hired former Credit Suisse private banker Frederic Pasteau a few years ago to run the firm. The family's direct line has long been part of Geneva's elite, and the new office extends that Swiss presence.
Bloomberg framed the development as part of the clan's preparations for a new generation to assume a larger role in managing the family's roughly $86 billion empire, as indicated by the headline's reference to the broader family business. The report did not disclose the office's assets under management, staffing, or investment mandate.
According to people familiar with the matter who asked not to be identified because they were discussing non-public information, Wertheimer hired former Credit Suisse private banker Frederic Pasteau a few years ago to run the firm. The family's direct line has long been part of Geneva's elite, and the new office extends that Swiss presence.
Bloomberg framed the development as part of the clan's preparations for a new generation to assume a larger role in managing the family's roughly $86 billion empire, as indicated by the headline's reference to the broader family business. The report did not disclose the office's assets under management, staffing, or investment mandate.
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