As 2014 wraps up, family offices continue to look to avoid paying management fees associated with private equity firms. These offices are looking to invest directly in deals, a trend that we expect to see continue in 2015. That shift bodes well for merchant banks, such as Loeb Partners Corp., which work to form close relationships with family-owned businesses to evaluate potential investments. Loeb president Jamie Kempner joined the firm from Lazard Freres' general industrials banking group, where he was a senior adviser. Kempner is no stranger to family businesses. He is a descendent of the legendary Loeb banking family, and the son of New York socialite Nan Kempner, known for her charity work, collection of couture and spending "more than I should, and less than I want."
What is the Loeb model and how is it different from other banks?