Duty-Free Billionaire’s Family Office Shuts Investment Team (1)

Duty free shop DFS Group Ltd. co-founder Robert Miller’s family office is disbanding its own investment team, in favor of handing its roughly $2 billion investment portfolio to external managers, said people familiar with the matter.

The family office is winding down Hong Kong-based SAIL Advisors Ltd., its 20-year-old investment office, the people said, requesting not to be named because the matter is private. Harold Yoon, SAIL’s chief investment officer, and Adrian Ng, who looked after its private equity and venture capital investments, were among those whose regulatory licenses with the firm were removed recently, according to ...