Partnership advances best governance among family businesses in GCC region
The Pearl Initiative has announced has partnered with BNY Mellon Wealth Management to advance best practices among the region’s family-run businesses.
A leading wealth manager with more than two centuries of experience, BNY Mellon Wealth Management offers its range of services to clients that include multigenerational business owners, high net worth individuals and families running their own businesses, among others.
“Family-run businesses are key contributors to the region’s GDP. Given that over 80 per cent of the business in the GCC region are family-owned, and at a critical stage of transition from the second to third generation of ownership, it is essential that they have a strong operational framework to protect their assets. We are confident that our growing network of private sector partners within the region will significantly benefit from BNY Mellon’s expertise in family-office wealth management,” said Carla Koffel, Executive Director, The Pearl Initiative.
Given that assets valued at $1 trillion are expected to pass from one generation to the next in the GCC region alone within the next five to 10 years, a robust governance framework is critical to ensuring transparent resource allocation whilst remaining accountable to shareholders, consumers and employees.
“We are joining forces with the Pearl Initiative because we see many parallels between corporate governance and family governance. Both involve sharing a common vision and creating effective decision-making structures and processes. Our focus will be on reinforcing the link between a family’s sense of identity and values on the one hand and a successful multigenerational family business on the other,” said Giambattista Atzeni, Senior Wealth Director at BNY Mellon Wealth Management.
BNY Mellon has extensive knowledge on providing effective solutions in wealth management and has received several global awards for its commitment to client service and world-class wealth planning capabilities. Besides offering family office clients comprehensive wealth and investment planning advice, the firm also adds value with its deep experience and insights on best practices in family governance. BNY Mellon helps families improve their communication skills with an eye on strengthening their shared sense of purpose and underpinning the values that will help them retain their wealth across generations.