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Corporate and M&A Partner Andrew Apfelberg spoke with Financial Times to discuss why a growing number of wealthy investors are closing their family offices.

Excerpts:

“When it’s the fourth gen­er­a­tion . . . it depends how much the kids hate each other by then,” said Andrew Apfel­berg, part­ner at US law firm Green­berg Glusker.

Younger gen­er­a­tions can also have dif­fer­ent pri­or­it­ies from older fam­ily mem­bers: “Social justice invest­ing versus pure cap­it­al­ism,” said Apfel­berg.

“Uncer­tainty encour­ages fam­ily offices to some­what hunker down and not make great changes and there is a feel­ing here . . . of great uncer­tainty,” said Apfel­berg.