For the past few years London has witnessed a rapid growth in development of family offices that carefully steward the investments of the world’s wealthiest individuals. As high-net-worth individual (HNWIs) gradually depart from private banks in order to widen their investment scopes, there has been an increased desire to have a private team of individuals working solely on the entire investment portion of generational wealth creation.
Recruiting a dedicated team
There is a great pool of talent in the UK job market, with skilled financial analysts, venture capital experts, asset managers, hedge fund portfolio managers, risk managers and back-office staff who have cut their teeth in banks or private funds. Indeed, London hosts the strongest technical skills and financial talent in Europe. Many experienced financial professionals wish to transition into family office work, considered to be more rewarding, engaging and flexible.
Nevertheless, finding such roles that offer stability, regular bonuses and a good work life balance, can be perplexing for potential candidates who are used to having headhunters approach them with opportunities in their career path so far. However, as not every ex-employee from a hedge fund is suitable for a role in a family office, the selection process for such positions is distinct from traditional banking vacancies. More and more family office experts are turning to recruiters like us to find the right candidates.
What Irving Scott offers to family office recruitment
- Over 15 years experience of recruiting property managers for private households. It is a natural progression for an experienced property manager to move from the management of one large household to control the real estate assets of a family office.
- Comprehensive skills in finding candidates who are aware of the culture change they are facing by taking a role in a family office. In the same way that we consistently successfully recruit professionals from hotel and catering positions to work privately with ultra-high-net-worth families, we are also skilled at attracting analysts and portfolio managers to positions in family offices.
- Irving Scott recruiters know how to create an appetite for change whilst simultaneously managing expectations. Moving to a family office role undoubtedly means an increase in flexibility, a stability in working hours and a smaller team to work with. However, it is also true that growth is not as rapid as in private banking and promotion may not be possible. It is important that candidates know that there is less opportunity for progression once they join a family office and that they are unlikely to be able change sectors in the future.
- We know that, by the time the family office approaches Irving Scott for a selection of candidates for a role within their business, they are already in a process of transition. Change is often uncomfortable, especially in a family office situation where trust has been built up over many years. Succession often initiates a lot of changes in staff. Irving Scott family office recruiters engage with all stakeholders prior to finding candidates who will make the most of the opportunity. A replacement often needs to have a different background to that of the team member they are taking over from because the needs of the family have changed, with a new generation of family members engaging in strategic decision making.
- Irving Scott recruitment specialists have a background in wealth management. We understand the nuances of recruiting in this highly specialized sector. We also understand family dynamics. We know that every family has unique needs and a unique culture. Each family’s legacy must be preserved and enhanced.
- We have in-depth knowledge of how ultra-net-worth families adapt to change. We have helped them thrive through Brexit and the pandemic. For example, on a practical level, we know how important it is to apply for second citizenships in this time of political turmoil and we make it happen. Irving Scott recruiters are both proactive and resourceful.
Contact our team today to find out more about our family office recruitment services.