International Family Office Recruitment

A ‘Family Office’ looks after the financial and business welfare & interests of a wealthy family and the high-net-worth individuals within the family.

These companies can operate as a Single Family Office (SFO) or a Multi-Family Office (MFO). Both are established to represent and provide structure for the business interests of an affluent family or a group of families.

A Family Office operates in a private advisory and management capacity and provides support for the whole of the family’s wealth in terms of all investments & business interests, company ownership, trust funds, property portfolios and major assets/collections; in fact anything to do with the running of the day to day financial and legal matters for all of the family members.

The Family office provides a parallel, independent structure with which to manage the profits received from the family’s business interests and it also plays a vital role in ‘governance’ and legal matters regarding the family’s involvement with all their businesses.

A Family Office will therefore be established where there is considerable wealth within a large family/group of families and will be to the benefit of all involved. In particular, this type of structure can help with managing the disparity in the generations /age groups within the family as the ability to manage personal wealth and the full responsibilities that accompany that wealth will be very different.

The services and roles that can be provided and undertaken under the umbrella of a ‘Family Office’ are very wide ranging. Each Family Office will of course be unique and each will have its’ own priorities and focus. That said however, there are a number of essential services that are common to most Family Offices and would be included as important to the overall structure. Examples of these would be:

• Managing investment portfolios
  • Monitoring and reporting on investments including investments managed by external investment management firms and private banks
  • Managing bank account arrangements for family members
  • Dealing with property/buildings portfolios
  • Overseeing & managing all ‘non-financial’ assets such as collections of art /antiques/wine, cars, yachts, horses, planes
  • Instructing professional advisers on behalf of the family such as lawyers, accountants, wealth managers, private equity/hedge fund managers, investment advisers, insurance advisers, property developers
  • Employing and managing a team of household staff such as: Housekeepers, Personal/Executive Assistants, Security & Close Protection  Nannies,  Tutors, Chauffeurs, Chefs
  • Overseeing /managing schedules regarding the family’s travel and accommodation
  • Managing the family’s public and media relations interests and acting as the public face of the family with regards to business and philanthropic activities (such as foundations & charities)

FAMILY OFFICE STAFF

Every Family Office will have in place a suitable structure of the staff required to suit the family’s particular needs & wishes.

Some families will want to be fully involved in the day to day running of activities and their businesses, whilst others will prefer to take a more back seat position and act more in a supervisory role.
In light of this, it is common for controls to be built in so that any significant decisions can only be taken with the express consent of key family members.
A key element of the success of a Family Office is having the right team of staff in place and ensuring that their on-going performance is well managed and meets the highest standards.

It is essential that the family employ the very best people for the job, can trust the staff they appoint and can have confidence in them that they are providing the best possible service with discretion and integrity.

These are the most integral Family Office roles:

• Heads of Family Office (commonly referred to as The C-Suite): CEO (Chief Executive) CFO (Chief Financial Officer), COO (Chief Operating Officer)
  • Chief of Staff/House Manager
  • Family Office Assistant
  • Legal Counsel/Lawyer
  • Wealth Manager/Planner
  • Portfolio Manager/Investment Advisor/Specialist
  • Private Equity/Hedge Fund Manager
  • Property /Asset Portfolio Manager/Specialist
  • Executive Assistant/Personal Assistant/Operations Manager
  • Human Resources Specialist
  • PR/Media Specialist
  • Family/Corporate Chef
  • Executive & Family Chauffeur
  • Corporate/Personal Security
  • Residential Security

Each Family Office will be as unique and different as each individual family and the businesses it owns and invests in.

This is therefore a general overview and guide as to the Family Office structure and the specific responsibilities it holds.

For much more advice & information on Family Office Recruitment (FOR), please contact us on 02074716000.