Private Asset Management

Sounding Board: Multi-family Offices Ramp Up Recruitment 02/18/2010

By Buzz Bray, president, RMG Associates

There have been some interesting and noticeable changes in multi-family office hiring as a result of the financial services industry being turned on its ear in the fall of 2008. Since early 2009, MFO recruiting firms have seen trends in hiring that are emblematic of the times and changes in the industry. To differentiate themselves from the investment banks and wire houses, MFOs have shifted their focus to hiring subject-area experts in all client-facing positions.

This probably does not come as a surprise to anyone in the industry. In this current job market, even relationship managers and business developers are expected to possess an area of knowledge relevant to ultra-affluent family clients—something they may not have been required in the past. Of course, other members of the team will have deep expertise in their respective areas.

Now in 2010, the industry is still evolving, and certain roles have become more crucial to firms who are seeking out the best available talent for their team. The value for firms of having the right individuals in these positions is critical to them. Here are some examples of the roles that are currently of particular importance ...

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