Wooing Asia's ultra high net worth families
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Genevieve Cua
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WHEN Alexander Scott, fourth generation family business owner, led the sale of his family's UK insurance business in 1994, the way forward wasn't so clear.
The Scott family in the UK owned Provincial Insurance, founded by Mr Scott's great-grandfather Sir James William Scott in 1903. In the aftermath of the sale, there was a dearth of advice for families like his who had successfully sold family assets. Based on news reports, the sale of Provincial Insurance to French group UAP netted some £300 million in 1994.
Says Mr Scott: "Families sometimes sell companies because they cease to function as a coherent ownership group, so it's the right decision for the family and business to separate. In our case, we believed that the sector and business were becoming more volatile and risky. We didn't think we were going to get rewarded for that risk.
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