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THE AVERAGE CEO HAD A 9.8% PAY RISE THIS YEAR


NORTH AMERICAN CEOS TOOK HOME


$631,000


THEIR EUROPEAN COUNTERPARTS GROSSED


$497,000


FAMILY MEMBERS OCCUPY


OF CEO ROLES 44%


LESS THAN


8% OF CEOS


WERE FEMALE


two offering family professional services, and four administrators. Single family offices reported they had an average of 11 staff, while multi family offices had 14. Westall says smaller teams mean roles are often


more varied, and come with the opportunity to learn new skills. “If you are in a bank, your focus is on a particular


product, or client base. Whereas that could be very broad in a family office. You need to adapt and to be a problem solver. You may be used to investing in property and you have proven yourself there, but now [the family] wants to invest in a yacht.” Many advisers are attracted to family office jobs as


they offer opportunity to work on the “coal face” of deal-making, Westall says. “You get access to working directly on the


deals, and with the principal, but what can be the interesting part of the job can also be quite stressful.” For the first time this year, the GFOR explored the


ratio of men to women working in family offices, and found less than 8% of chief executives and 13% of chief investment officers were female. Women were more likely to occupy other C-suite


roles, and accounted for 38% of both chief financial officers and chief operating officers. Westall says some of the most successful family


“ Willingness to spend [on


staff] is being driven by family offices moving into asset classes they are not necessarily comfortable with


find, so FOs should pay up if they are expecting to earn above-average returns across their portfolio.” Family members occupy 44% of chief executive


roles, but it was less common for other C-suite roles to be held by family members, with 25% of chief investment officer, 14% of chief operating officer, and 11% of chief financial officer roles held by family. Paul Westall, co-founder of family office resourcing


and recruitment specialist firm Agreus, says while family offices were once seen as “a place to retire, now it is a space for professionals”. “It is attracting more professional candidates from


investment banking, wealth management, legal, and these sorts of sectors, which has increased the level of salaries,” Westall says. The family offices who took part in the GFOR had


on average 12 members of staff, with four investment professionals, two providing general advisory services,


ISSUE 72 SUPPLEMENT | 2017


offices were female-run, but his firm occasionally found that “some families from some parts of the world feel more comfortable having a man at the top than a woman”. However, 46% of the placements Agreus has made this year are women. Ward says during her 15-year career in banking,


female representation at director level moved between 9% and 13%, depending on the stage of the cycle, as companies tend to invest more in retention when the market is buoyant. “If you think about the pool FOs are drawing


from, they are drawing from the big banks, the private equity firms, the accountants, lawyers—all of whom are struggling to keep women,” Ward says. “It is disappointing, but I do not find it remotely


surprising.” Ward says in order to attract more women, family


offices needed to allow flexibility and invest in retention. Dr Rebecca Gooch, director of research at


Campden Wealth, says she constantly hears from female wealth holders they would like to see more women among their advisers. “We now have women controlling more wealth, let


us aim for equality in the people that serve them,” she says.


CAMPDENFB.COM 9


THE GLOB AL F AMILY OFFICE REPORT 2017


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