Lucille Knapp, Northern Trust

Lucille Knapp who is one of the Wealth Management EMEA management team at Northern Trust is also part of the world-wide group whose clients include twenty two percent of Forbes 400 families, who are, the richest people on the planet. Northern Trust also has US$761.4 billion under investment management and US$4.1trillion under custody, making them one of the world’s most formidable private wealth asset managers, fiduciaries, bankers and custodians. With clients now resident in wealth hot spots like Monaco, Lucille who studied her management MBA at INSEAD, spends her time jetting to see them.

Starting her career in the oil industry at SHELL, Lucille worked in IT, Public Affairs and Commercial Fuels marketing for seven years before eventually heading into asset administration and private wealth. “It was a fascinating area.” She says. “And I could easily have stayed longer, but, I’d always promised myself an MBA.” She departed for INSEAD to ‘push herself’ and says she is glad she did. “I met diverse people like vets and brain surgeons; got to grips with economics and spent a lot of time out of my comfort zone.” She raises her eyebrows gently and smiles at me to highlight the point.

After this life changing, educational experience, she spent time as a marketing consultant, working for publishing houses on various projects, one of which included setting up a charity for an institute of art and design: ‘to give something back.’

Of her client work, Lucille, who exudes wisdom and kindness, says she’s seen a strong trend for wealthy families wanting to set up a “family office” type framework and move away from large investment management organisations. “Families are interested in security for their assets with strong administration and economies of scale. They are concerned about good governance; tailored and appropriate investment selection and performance and philanthropic works through foundations.” She explains. Lucille points out, almost absent mindedly, that most MFO’s are regulated by financial bodies but that Single Family Offices aren’t, before adding. “I’m not sure this family office trend is a good one.”

Later she joined Northern Trust, who had a hundred and fifty people in Europe when she joined but now boast more than two thousand, five hundred staff. Lucille spends her days running the business development and promotion division, which is something she says she loves despite some family clients being notoriously demanding. “I like the contact with the families.” She reaffirms.

Elaborating on the issues that arise in her role, she says many of her clients are interested in “soft issues” and this is something she and the team discuss with them at the annual Northern Trust Family Financial Forum. “We spend a lot of time before our conference working out what they want to know.” Lucille says. “The biggest topic is stewardship of families, such as how to manage a thirty five branch family or deciding when to tell their kids that they are rich. “I’m seeing regular use of psychologists with families keen to mend personal and family relationships.” Says Lucille. Clients generally just like to talk at these events so Lucille and colleagues share the experiences they’ve accrued over the years to give direction and guidance. Other hot topics for their ultra high net worth families on the investment side are: the state of the economy and diversifying out of risky investments and private equity positions; reducing exposure to emerging markets and non US individuals limiting their exposure to the USA.


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Contact Karen Jones kjones AT j-p-c.tv

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