As part of its “Economic Personalities” program, Al Arabiya Channel hosted Abdulmohsin Al Omran, Founder and CEO of The Family Office to shed light on his journey as a Saudi businessman who founded a company that successfully manages billions of dollars for Gulf families. Below are the highlights of the interview:
- Abdulmohsin Al Omran is a Saudi citizen who grew up in Riyadh and pursued his education in King Fahd University of Petroleum and Minerals in Dhahran, acquiring a Bachelor of Science degree in Industrial Management and Finance.
- During his time at Goldman Sachs, Abdulmohsin experienced the importance of discipline and commitment, and understood the dilemmas faced by Gulf families with their investments scattered with many institutions without a unified investment strategy that meets their goals.
- The Family Office adopts the Endowment Model of investing and builds a clear investment strategy spanning five to 10 years while diversifying across investment managers, opportunities, sectors, and assets.
- Many families lose their wealth as it erodes with diminishing purchasing power due to excessive spending, inflation or the distribution of the inheritance over a many individuals. Here lies the importance of wealth management, planning, and saving.
- Many top-tier asset managers refused to work with The Family Office upon its inception as a Gulf-based company and demanded full disclosure of client names. Abdulmohsin refused to reveal the names of his clients out of respect for the trust they had placed in him; then started acquiring the necessary licenses from international regulators in the United States, the United Kingdom, and Hong Kong.
- Then, he separated wealth management from asset management by establishing Petiole Asset Management AG in Switzerland, the investment arm of The Family Office, and acquiring the FINMA license. Petiole has recently entered in a partnership with one of Switzerland’s top private banks.
- Al Omran believes in the importance of training the youth during their university education and post-graduation. This is why The Family Office has launched its Young Professionals Program, allowing trainees to acquire practical knowledge. The successful ones are offered full-time employment.
Watch the full interview above.