""This has been going on for years," Michael Kosnitzky, co-leader of Pillsbury's Private Client & Family Office practice, who advises some of the world's wealthiest families, told Business Insider. "Everyone's making a big deal of it now, but we've been parachuted into these situations for a long time," he said, not just to help hire these people, but to design the executive comp programs that keep them."
""When I started, family offices were run by retired estate lawyers," said Kosnitzky, who has focused on family offices for more than 20 years. "That was ridiculous - lawyers aren't businesspeople, and trusts-and-estates lawyers are the worst." "They thought what a family office needs is someone who knows about wealth. It's not," he added. "What they need are people who understand investments, who can manage platform and club investing, and manage the personnel. These are not lawyers.""
Mike Bezos hired Valeria Alberola to lead his Miami-based family office, Aurora Borealis Nezos, as part of an expansion to manage an estimated $40 billion fortune across generations. Wealthy families worldwide are transforming family offices from administrative hubs into sophisticated investment engines. These offices increasingly recruit experienced financiers from major banks and private equity to run investments, operations, and personnel. Legacy family-office roles led by estate lawyers and tax advisors are being replaced by professionals with investment and platform-management expertise. Firms are also designing executive compensation and organizational structures to retain top talent and support complex, multi-generational goals.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]