We’re shocked – Casablanca-shocked! Family offices have quietly handled the financial affairs of the nation’s wealthiest households for generations, privately playing the role of money manager and life planner to the likes of the Rockefellers and the Mellons.
Now, this obscure corner of the investment business is muscling onto Wall Street’s turf. Family offices are plucking top-notch investment talent from hedge funds and private equity firms to work in-house, promising big paydays without the sales and marketing responsibilities. They are also pooling their resources and making their own deals to buy companies or back start-ups.
The evolution reflects a postfinancial crisis mentality. Burned by poor returns and a lack of transparency, family offices are now seeking ways to circumvent the so-called alternative managers that have produced disappointing returns…..
Wait folks..wait..there’s more at http://dealbook.nytimes.com/2012/04/04/family-investment-funds-go-hunting-for-wall-st-expertise/
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