David Salsburg, Gresham’s President, was a panelist in Andersen’s national webinar held on November 9th titled “The Evolution of a Successful Family Office.” The panel of experts addressed investment, tax, legal, regulatory and other considerations a wealthy family would confront in the face of a global recession.

This webinar was the second in a three-part series Andersen held for its clients and friends, with experts like David providing advice based on their extensive experience serving wealthy families. David’s comments included:

Please contact your Gresham team member if you would like to learn more about this event.

CHICAGO, IL, October 25, 2021 – Gresham Partners participated in Greenhouse Scholars’ recent 2021 Glass Half Full virtual event during which 549 donors contributed $430,000. Gresham helped raise over $42,000 of that amount!

Greenhouse Scholars is an educational nonprofit organization that wants students to feel the power of opportunity, choice and belief. They level the playing field so students of all backgrounds can live a life of their choosing. Their Scholars are outstanding college students from under-resourced families and communities who are determined to create a better future for us all.

Gresham Partners has supported Greenhouse Scholars since 2013, both financially and through the direct involvement of many members of Gresham’s team who have served as reviewers of Scholar-candidates, sponsors and mentors.

The exciting 2021 Glass Half Full Event fundraising event was hosted by Andra Pool, Chief Relationship and Community Officer, Jessica Hogan, Chief Operating Officer, and Reggie Rivers, a former Denver Bronco. The event shed light on “The World We Want” through the eyes of Scholars, mentors and sponsors, and how Greenhouse Scholars has helped Scholars achieve their dreams.

Listen here to Ted Neild, Gresham’s Principal, Chief Executive Officer and Chief Investment Officer, explain why he and Gresham believe in and support Greenhouse Scholars.

To watch the replay of the event click here and to learn more about Greenhouse Scholars visit its website here.

CHICAGO, IL, September 8, 2021 – Gresham Partners LLC, an independent wealth management firm with a national client base of ultra-high net worth families, announced today that Nicole Perkins, J.D., has joined the firm as a Principal, Director of Client Experience & Development and a member of its Operating Committee. During the balance of the year, Nicole will work closely with Wally Head, Principal and Vice Chairman, who is retiring at the end of 2021 after almost ten years with Gresham.

Ted Neild, Gresham’s Chief Executive Officer and Chief Investment Officer, commented: “Nicole is widely recognized as a dynamic leader and innovative thinker – we are delighted that she is now part of the Gresham Team.” Neild added, “Nicole shares our vision on the importance of independence and the freedom it affords our team to break free from the conventional approaches in our industry and generate results for our clients.”

Nicole spent the past ten years at the PNC Financial Services Group as an Executive Vice President and the Managing Executive of Hawthorn, PNC Family Wealth. Previously, she served as Director of Fiduciary Services at Hawthorn and provided wealth management advice to ultra-high net worth clients. Nicole began her career in the advertising industry in New York City. As the daughter of family business owners, early in her career she assumed responsibility for managing the family’s restaurant, jazz club and real estate business, also located in New York City. Later, she practiced law in high profile law firms in Philadelphia until she established and ran her own trust and estate legal practice for nearly a decade.

Commenting on joining Gresham, Nicole said: “I am thrilled to join a high-performing organization that is firmly committed to its independence. That commitment allows us to avoid many of the conflicts of interest inherent in our industry that so often erode the foundation of trust with clients, and it frees us to think creatively about client solutions. I couldn’t be more excited to join an organization whose values are so well-aligned with mine.”

Nicole’s full profile can be found at www.greshampartners.com/team/#nicole-perkins.

Gresham is proud to support the new Center on Law and Finance at the Law School of The University of Chicago. Kim Kamin, Gresham’s Chief Wealth Strategist and a graduate of the Law School will serve on the Founders’ Committee for the Center.

We have been active investors in China for 15 years. This research piece focuses on the potential impact of recent regulatory actions taken by the Chinese government and implications for public and private investing in China.

Generally, you lose access to your child’s health and financial information once they become legal adults at age 18 unless they take certain steps to provide you access. Gresham provides a list of essential legal documents for completion when a child turns 18 and before they go to college or leave home for other purposes. 

The prospects for inflation in the U.S. continue to receive a lot of attention. This research piece describes our outlook for near-term and longer-term inflation in the U.S. 

Gresham has been selected as the winner of the Wealth Planning Award in the 8th Annual Family Wealth Report Awards. This is Gresham’s fourth FWR Award in the past five years, with Gresham also winning …

Kim Kamin, Gresham’s Chief Wealth Strategist, recently co-authored an article in BNA’s Tax Management Estates, Gifts and Trusts Journal titled “Perspectives on Planning for Personal Property”. 

The article was derived from the authors’ presentation at the 46^th Annual Notre Dame Tax & Estate Planning Institute.

Kim Kamin, Gresham’s Chief Wealth Strategist, recently co-authored an article in Trusts & Estates titled “Unequal Inheritances: A Final Parental Communication”.

The article addresses considerations and implications of leaving unequal bequests to children, including what “equality” means in this context.

Gresham Partners, LLC, announced several well-deserved promotions. These changes recognize the significant contributions these employees have made to Gresham and their exemplification of Gresham’s core traits.

Joe Richardson has been promoted from Controller to Manager of Investment Operations and Finance. Joe has done an excellent job as Controller in managing and developing a team, executing on the investment team’s strategies, supporting our clients and the client service team through the entire investment life cycle, and overseeing the Firm’s financials and ownership activity.

Vin Mathew has been promoted to Controller, having served as our Assistant Controller since joining Gresham in 2014. Vin will become more involved with the Firm’s budgeting, forecasting and annual audit, and he will continue to be heavily involved with investment operations and investment partnership annual audits.

Emily Reinke has been promoted to Senior Custodian Operations Analyst. In her 3+ years with Gresham, Emily has refined the custody operations function, helped hire and train new employees, taken on the billing process, and supported the client service team, operations team and compliance function. In this new role, Emily will apply her knowledge and experience to continue to reinvent and improve processes within and outside her team.

Christina Pucek and Jeff Wille have both been promoted to Senior Associate. Their promotions reflect the outstanding job they have done with their clients, serving as leaders in the Associate group and consistently identifying opportunities to improve our processes and procedures. In their roles as Senior Associates, they will continue to deepen their technical knowledge, develop their presentation expertise and serve as leaders among the Associates.

These changes recognize the significant contributions these employees have made to Gresham and their exemplification of Gresham’s core traits.

Gresham Partners helped Greenhouse Scholars surpass its fundraising goal of $350,000 at its recent 2020 Rally for Our Future fundraising event.  Gresham has supported Greenhouse Scholars since 2013 both financially and through the direct involvement of many members of Gresham’s team. 

Wally Head, Gresham’s Vice Chairman, is an active member of the Ultra-High Net Worth Institute’s Advisory Board, and Kim Kamin, Gresham’s Chief Wealth Strategist, was recently appointed Domain Chair for the Estate Planning and Legal content that is curated or developed by this newly established educational non-profit Institute. Wally and Kim also are members of the Institute’s Leaders Council, and Gresham is a firm member of the Institute.

We provide our observations regarding the global economy and capital markets, the death of “dumb” value investing, and…

The world is awash in a sea of liquidity, as all four major central banks of the developed
world are synchronized in their aggressive implementation of easy money policies. Despite
this liquidity, the global economic recovery remains the slowest on record, still hindered by
the excessive leverage built-up prior to the financial crisis four years ago. While these easy
money policies have produced some positive outcomes, little money is currently making its
way into the real economy, but is now spilling over into capital markets, distorting prices
and increasing risks to investors. While we believe many areas of the capital markets
remain attractive, investors must be cautious in deploying capital to ensure that they are
adequately rewarded for the risks they are taking.

The world continues to ride the same train of global imbalances. While short-term solutions have
allowed us to arrive at the next station, few are attempting to address the long-term issues. We believe
that capital markets will continue to assail the weakest links in the financial system, which, hopefully,
instills the required discipline for policymakers to make needed, but difficult, decisions. Unfortunately
for long-term investors, this suggests that we will continue to encounter a series of market crises,
leading to continued market volatility that can test investor resolve. During this period, it is important
that investors are cognizant of the risks in their portfolios and remain alert for the opportunities
created. While current markets continue to be driven by governmental policy rather than underlying
fundamentals, we do see several powerful secular trends and risks that should shape the foundation
of a portfolio for the long term.

The biggest surprise of the year was how well asset classes performed. U.S. equity markets were up 15% and bond markets were up 6.5%, both of which are reasonably good by historical averages.

Policy makers in developed economies are likely to remain accommodative, as domestic employment and growth concerns will dominate our trading partners’ concerns regarding the debasement of the U.S. dollar. The very solutions aimed at solving the crisis, may be accelerating many of the secular changes that guide our long-term investment activity. We remain concerned about the wide divergence of inflationary expectations, the potential debasement of the dollar and the long-term secular shift of global economic growth to a series of emerging economies away from developed nations largely responsible for driving economic growth over the last fifty years. In this environment, which may possibly last for a number of years, we expect market volatility and the potential for extreme market outcomes to remain higher than usual.

The credit crisis continues to erode the global economy at an accelerating pace. Governmental authorities are responding aggressively in an effort to thaw credit markets and avoid a severe and prolonged recession. While we are seeing signs of the banking system stabilizing and market volatility subsiding, we still face the question of whether these efforts will ultimately succeed. The range of possible economic and market outcomes remains wide, mandating a cautious approach for risk conscious investors such as ourselves. During this difficult period, we remain focused on limiting losses and protecting against permanent impairment of capital.

The second half of 2007 provided a stark example of the reasons we have felt that the risk/reward equation for investment markets was uninspiring. In particular, it confirmed and perhaps exceeded our expectations that credit markets would likely constitute Ground Zero in any financial upheaval. We can now say with much greater confidence that the problems in credit markets have spilled over into the general economy. However, we are fortunate that the credit crisis began at a time when global economic and business trends were relatively good, providing some cushion to the expected economic downturn. While the debate over whether the U.S. economy is headed for, or already in, a recession has become more of a technical exercise for economists, there is no debate that corporate profits, particularly those in the financial and consumer discretionary sectors, are slowing and general business conditions are weakening.

Broad U.S. stock market indices increased slightly, up a little over 1% during the first quarter. Smaller companies did slightly better but the real disappointment was in the very largest companies, as the top 50 declined almost 2%. The best performers were in the mid-cap range, which advanced by a little over 4%, in part because that is where the merger and acquisition boom is centered.

For the year 2005, U.S. stock markets appreciated modestly, as shown in Exhibit 1 to the right. Within sectors, energy was the star performer, up 32%, followed by utilities, up 16%. Otherwise, it was hard to find broad areas of support. Other sectors provided lackluster to down results, as market leadership was narrow. Discretionary consumer goods brought up the rear, down 6%, which includes the very poor performing auto and related companies.

Stock markets enjoyed an above average year in 2004, thanks to a surge in the fourth quarter. For the year, stock markets were led by energy and basic materials companies, reflecting a surge in oil and commodities prices, and industrial companies riding the profit expansion. Many larger, high-quality, consumer-oriented companies disappointed, especially the drug companies, as did technology.