Interview with Pascal Rapallino, Partner & Co-Manager of Côme Maison Financière and Chairman of LAFO
{% video_player "embed_player" overrideable=False, type='hsvideo2', hide_playlist=True, viral_sharing=False, embed_button=False, autoplay=False, hidden_controls=False, loop=False, muted=False, full_width=False, width='1920', height='1080', player_id='303194799318', style='line-height: 1.75;' %}
How is wealth management for high-net-worth individuals adapting to a borderless world? To understand this, we spoke with Pascal Rapallino, Partner and Co-Manager at Côme Maison Financière Luxembourg.
As President of LAFO and a lawyer specializing in private equity, Pascal operates at the crossroads of European wealth management strategies. He offers us a precise assessment of current upheavals: from the fragmentation of assets to the tax mobility of families, discover his analysis of the forces that are reshaping wealth management for ultra-high-net-worth individuals today.
The End of the Model of Wealth Homogeneity
The model for structuring the wealth of prominent families has undergone a radical transformation. Twenty years ago, the equation was simple: the family (the individual), the asset-pooling vehicles, and the underlying assets (the investments) were, in most cases, located within the same jurisdiction (Switzerland, Luxembourg, etc.).
Today, Pascal Rapallino points out that this homogeneity has virtually disappeared. The trend is toward “absolutely mind-boggling” geographic diversification, with nearly 80% of families no longer concentrating the three components of their wealth in the same location.
The New International Triptych of Family Offices
The modern approach of Family Offices now revolves around a distinct geographic and tax triptych. On the one hand, there is a trend toward certain countries, such as Italy, for the family’s tax residence due to their favorable tax regimes. On the other hand, Luxembourg retains a central role for Structuring Vehicles intended for European investments. Finally, the category of Investment Underlyings is characterized by maximum diversification covering different regions: the United States and US tech remain essential, Israel plays an important role despite tensions, Asia is present in other sectors, while European resilience is bolstered by a strong sense of “patriotism” toward local investment.
