Family Offices Struggle to Hire Managers

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European family offices

CNBC

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Business

Business & Economics

Why the wealthy can't find enough people to manage their money

Summary

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89% Informative

As of last September , there were 8,030 family offices globally managing $3.1 trillion in assets.

By 2030 , the number of family offices is expected to grow to 10,720 with $5.4 trillion under their management.

Family offices in growing Asian wealth hubs such as Singapore are turning to automating workflows and outsourcing due to talent shortages in the city-state.

A lawyer in his mid-40s who did not wish to share his real name, declined to take a job offer as a general counsel at a Singapore -based family office.

He cited the potential lack of transparency and process around compensation and promotion discussions as amongst other reasons for having turned down the role.

The lawyer said it's akin to "putting all your eggs in one basket".

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informal

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English

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