As the number of billionaires in India increase, family offices which manage the wealth of ultra-high-net-worth individuals are on a hiring spree for professionals, according to a Mint report, which added that demand for investment professionals, analysts, and legal experts are sky-high now, with chief investment officers (CIOs) being the most coveted of the bunch.
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Why are family offices looking to hire talented professionals and especially CIOs?
Family offices are shifting their investment strategies, increasingly looking at startups, venture capital, and specialized asset classes like real estate and cryptocurrencies.
India currently has more than 300 family offices, compared to only 45 in 2018, as per a recent PwC report.
The demand for talent in family offices is such that some are considering doubling their staff, like Artha India Ventures, the family office of Ashok Kumar Damani, a former BSE director and broker, which plans to expand its current team of 15 members by the end of this year, according to the report.
Similarly, Sharrp Ventures of Marico Ltd chairman Harsh Mariwala’s family has hired substantially across investment, analytics, advisory, and accounting roles.
Why are CIOs coveted by family offices?
The role of CIO demands expertise across various asset classes and the ability to lead an investment team.
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Patni Financial Advisors (PFA), the family office for the Patni Computers family, Premji Invest, one of India’s largest family offices, and Claypond Capital, Manipal Group chairman Ranjan Pai’s family office, have all hired highly experienced CIOs recently.
What are the advantages of working in family offices?
Family offices are usually less aggressive in hiring and have a small team which can bring significant rewards for those committing to it long-term.
Family offices also tend to focus more on long-term relationships and connections and tend to be more forgiving in situations of downturn, as compared to large investment firms.