I’ve written on this several times, but here’s a great article about how family offices are increasingly attracting top talent to work for them instead of traditional Wall Street jobs. More and more, family offices are succeeding in persuading talented financial professionals to leave hedge fund or investment banking careers and work for a family office. One of the perks, in addition to competitive compensation is that the professional will no longer be tasked with marketing duties or the fast-paced, high-stress atmosphere that often is found on Wall Street.
An interesting part of the story is the post-financial crisis shift in thinking among family offices from relying on alternative managers to trying to circumvent many of these managers that may have fared poorly in 2008 and been non-transparent in their money management. Now, family offices are actively recruiting these talented managers to manage money directly for the family office instead of simply supplying capital to outside managers.
Family offices are plucking top-notch investment talent from hedge funds and private equity firms to work in-house, promising big paydays without the sales and marketing responsibilities. They are also pooling their resources and making their own deals to buy companies or back start-ups.
The evolution reflects a postfinancial crisis mentality. Burned by poor returns and a lack of transparency, family offices are now seeking ways to circumvent the so-called alternative managers that have produced disappointing returns in recent years.
“They are saying ‘I am not happy just handing my money over to Goldman Sachs or JPMorgan or anyone anymore,’ ” said Russ Alan Prince, president of Prince & Associates, a market research firm that specializes in global private wealth.
The earliest family offices in the United States date back more than a century, when ultrawealthy industrialists sought ways to manage and consolidate their financial and personal affairs. John D. Rockefeller, Thomas Mellon and others created these mini-firms for convenience and efficiency. Source
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