Family Offices / Wealth Management

Family Office gradually becomes an essential tool to manage wealth of Russian families. Classical Family Office is a company created by a wealthy family to serve its interests employing a staff of investment professionals, lawyers and accountants. Family Office does almost everything - from managing personal assets and sourcing investment opportunities to specific issues such as yachting.

In recent years, the number of family offices has been growing worldwide. Family offices start their operations in new regions. For example European offices set up operations in Asia to diversify its investment portfolio and source investment opportunities in emerging markets or to increase its customer base and market share (multi-family offices).

Russian wealthy families also seek to set up their own family offices and many have already done. However, it is not always obvious how to build an effective management structure of the FO, adapt it to Russian realities.

Odgers Berndtson enjoys a many years long successful recruitment history of catering to large and small Russian FOs. This Practice is headed by Andrey Loshkarev who managed a FO and enables us to give first-hand advice in the following areas:

• The formalization of the goals of the beneficiaries
• Professional assessment of the FO`s tasks and identification of real needs for experts, HR-policy development
• The search for effective professionals with regard to the specialization of the FO, its main tasks
• Development of a detailed organizational structure showing hierarchy / adaptation of the structure
• Defining roles and responsibilities: job descriptions for each employee
• Defining KPI's to objectively assess the performance of FO, build and implement a transparent system of incentives
• Assessments of the FO`s staff, development of a competency model