- After placing some searches on hold earlier this year as the pandemic introduced layers of uncertainty, many family offices are again looking to hire fresh talent, executive recruiters said in interviews.
- Family offices have evolved as more wealth has concentrated among the very richest individuals and families, and many are poaching talent from private equity firms and private banks.
- Business Insider is rounding up some of the must-know executive recruiters in the space.
- Visit Business Insider’s homepage for more stories.
You’ve heard of the war for talent in different corners of financial services, especially between high-flying startups and Wall Street institutions.
A similar battle is unfolding between traditional firms and family offices, the privately held, loosely regulated wealth managers for the world’s richest individuals and their families.
After placing some searches on hold earlier this year as the pandemic introduced layers of uncertainty, many family offices are again looking to hire fresh talent or reassess their staff, executive recruiters said in interviews.
They are looking to grow their direct-investing and private markets capabilities, poaching investors, and wealth advisors from private equity firms and private banks.
And US-based family offices are seeking out fresh legal talent, in part due to the likelihood of a higher tax rate for the wealthy and a shifting regulatory environment under President-elect Joe Biden.
“Family offices have always been fairly lean with their team structures and we haven’t seen any drives to cut costs by trimming their recruitment,” said Paul Westall, director of the London- and New York-based search firm Agreus Group, in an interview last month with the family office organization and research provider Campden Wealth.
“On the contrary, we have seen family offices reacting to new opportunities and having to bring in additional expertise in order to have knowledge and talent in-house,” Westall said, adding family offices are increasingly relying less on “external advisors such as banks.”
Business Insider rounded up six must-know executive recruiters in the space.