Today’s Modus newsletter is short, as I’m taking some time off this week, and somber. Next Friday, it will have the original journalism that most of you come here for.
By now, most or all Modus readers know about the deadly shooting that happened on Monday at 345 Park Avenue, a large office tower just north of Grand Central Terminal that is home to Blackstone, the NFL and other companies. A gunman, who in a note in his wallet expressed grievances with the NFL, arrived at the building at the end of the workday and opened fire, killing four people. He shot himself in the chest and was found dead shortly after.
The victims included Didarul Islam, a New York police officer, and Aland Etienne, a security guard, as well as two others whom Modus readers are more likely to have known.
Julia Hyman, a 27-year-old associate at the Rudin real estate company, which also owns the building, was killed as the gunman fired randomly on her floor, according to the police. Hyman, a New Yorker and a graduate of the Riverdale Country School in the Bronx and of Cornell University, was a “cherished” employee at the firm with a “heart of gold,” those who knew her said.
Wesley LePatner, a senior executive at Blackstone, was another victim. She was one of the highest-ranking women at the firm, serving as the global head of Core+ real estate, the chief executive of Breit, the company’s real-estate megafund, and a visible leader and mentor.
In memorial articles in WSJ and NYT, the star professional was also praised for balancing her work, community and family. “She always had a sense of poise, prepared for every meeting and prepared for every situation,” Blackstone President Jon Gray told Bloomberg. “And she would bring that sense of purpose to every element of her life.”
LePatner, 43, is survived by her husband, Evan, and their two children.
The shooting was New York’s deadliest in 25 years.
More News
- ICYMI, a Modus exclusive last week: Who is Mr. Family Office? You Get to Know When You Need to Know.
- Sara Hamilton, the founder of Family Office Exchange, has stepped down as executive chair of the FOX board and will continue to serve as an advisor, the organization announced this week. Nathan Hamilton was named the new executive chairman of the FOX board.
- UBS briefed senior staff this week about potentially moving its headquarters out of Switzerland, after the government proposed new capital rules that could require the bank to carry an extra $24 billion, a source told Reuters. London, unsurprisingly, is the favorite possible landing place.
- More than 100 NFL players from roughly half of the league’s 32 teams are facing penalties over reselling their Super Bowl tickets. Players are allotted tickets to the final game of the season and are permitted to sell them at face value, not for a higher price. Demand for Super Bowl tickets is increasing, particularly when the game features certain teams and is held in specific cities. Earlier this year, Modus reported, prime tickets with perks were selling for as much as $95,000 per seat.
- Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire.
- Deloitte’s 2025 Private Survey, which gathers information from leaders at 100 family-owned U.S. companies with annual revenues from $100 million to over $1 billion (so it’s likely that some of them have family offices) included some expected results about their board governance, succession planning and tech adoption. In short: They want to formalize and improve their governance; AI is everywhere, so companies are adding board members who can help them with it; succession planning is hard; and smaller companies are considering mergers and acquisitions to strengthen supply chains (which is undoubtedly tariff-related). The survey was conducted this spring, many weeks before the new trade agreements with Japan and the EU were finalized, so it’s possible that the sentiment reflected in the report has shifted somewhat.
- Cresset, the multi-family office that has acquired numerous firms and manages over $70 billion in client assets, announced leadership changes this week. CIO Jack Ablin was promoted to the role of chief investment strategist. Mike Silverman, an executive managing director, was named the new CIO. Amy Hong, Cresset’s chief compliance officer, will take on the additional role of chief operating officer.
- Wallis Annenberg, the daughter of Walter Annenberg, a publisher and diplomat, died this week at her home in Los Angeles. She was 86. After becoming CEO of the family foundation 23 years ago, she donated $2 billion of their wealth.
- The Wall Street Journal's Gunjan Banerji is asking: What Would You Ask a Mega-Millionaire About Money? Help her out here.
- America’s billionaires pledged to give away their fortunes 15 years ago. How’s that going?
- Family offices put lawyers in an awkward position.
- Everyone Has Hemorrhoids Now.
Jobs
- A private investment company and family office in New York is hiring a CFO. The company, founded in 1925, is one of the most experienced merchant banking firms, offering advisory services, credit investments, real estate, and private equity, according to the job description. The CFO will lead the financial, accounting, tax, risk management and administrative interests of the four-generation clan.
- The office of one of New York's "top philanthropic families" is hiring a senior accountant to help with their personal accounting and taxes.
- Northern Trust's global family office group is hiring an investment practice executive in Chicago. Candidates should have 10+ years of experience. The job has a wide salary range, $250,000 to 415,000.
- Pathstone is hiring a manager for its client transitions team. The Atlanta-based leader will "help operationalize one of the most distinctive capabilities in our firm."
- Citi Private Wealth is hiring a planner to work closely with its private bankers and other colleagues on client trusts, estates, etc.
Other Stuff
- Modus has already sent 35 newsletters — all with original reporting and searchable online.
- Over 1,500 people follow Modus on LinkedIn — because, like the newsletter, we only share relevant and timely things.
- What makes a good news tip? Documentation and other things. You can reply to this email and share information with me in confidence, or message me on Signal using a personal device that is not accessible by your employer.
I'll be...
- Hanging out in Edmonton and Calgary this weekend.
- Back to New York.
- In L.A. for Future Proof.
