Family Offices Lifestyle

TouchedbyYou's picture
Rank: Baboon | banana points 115

This has been covered in some length, but thoughts on joining a family office reporting to the CIO.

General progression in title, pay, skill set? Hours? Networking?

Low Key family office, hard to find deal info. Would also do portfolio (stock) allocation. Real Estate arm too.

$2-6B in AUM

Not located in NYC.

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Comments (3)

Nov 5, 2018

Hi TouchedbyYou, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:

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Hope that helps.

Most Helpful
Nov 10, 2018

According to my experience and what I've read here on WSO in the past, it depends on a few factors: the CIO, the family and what is your goal.

CIO
You can't really grow and develop skills if you work with a bad CIO (or a boss, as this applies to essentially any job), while a good one can both teach you a lot and make your life pleasant. Many FOs offer nice working hours, the buy side perspective combined with the freedom of moving across asset classes, liquidity/illiquidity, sizes, etc. It's something you won't find easily elsewhere.

I would try to figure out if actually the CIO is a skilled and clever guy (not only a good friend of the family with a bit of finance on the CV that is in charge of managing the assets) and to see whether or not you get along with this guy. FOs are smallet than most PE shops, so you really need to be sure you like the personality of the person you report to because you might not even have someone else to talk to during the whole day.

Your hours will depend massively on this guy. They might be really nice (45-50) or not at all.

Family
As all the (single) FO depends one family, you might end up unemployed quickly and irreversibly if for instance the family wealth comes from a business that is performing poorly.

In addition, the "investment policy" of the FO might be really narrow by some preferences of the family.

Your pay depends on this, either if the family is expecting the FO to manage conservatively the wealth of the family or if they want to get some solid returns - in the second case, they should be ready to pay a bit more to attract the right talents.

Career goal
Here it's essentially a matter of what's your end goal. Having worked at a FO means that you have learned the investor perspective but you rarely will have a well known name on your resume. I would say it'd be feasible to move to smaller funds while uphill for MF.

This bucket contains your title and networking. The first is quite likely largely more a badge than a real title that shows progression. You mentioned you'd report directly to the CIO, so I don't see a lot of room for progression. Networking is quite easy when you are the guy with the big wallet in his hand and try to reach out to the others. We all don't like to be called by the guy that wants to sell you a new phone contract but in this case it's essentially the other way around.

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Nov 11, 2018
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