投资专业人士越来越多地在对冲基金和其他活跃的资产管理人员中努力投资富裕家庭的资金。
私募股权从业者看到家庭办公室的需求特别强劲，因为资产课程在过去几年中表现出其他替代投资领域。落后的对冲基金回报和投资者偏好更便宜，被动战略正在为重点关注积极基金管理的公司的偏离贡献。
“There is definitely an uptick in transition by professionals from these firms to family offices,” says Bill Woodson, who oversees family offices in North America for Citigroup’s private bank. “I’m getting inquiries from colleagues internally and externally who want to know about the space. And I think it will continue to grow.”
因此，迄今为止对家庭办公室的人员运动比洪水更多地涓涓细流，因为他们已经提升了招聘步伐，而不会对投资人员进行戏剧性增加。
行业估计将美国家庭办公室总数达到5,500至6,500人，以及一项芝加哥的行业集团家庭办公室交流的调查表明，每个办事处都有三项投资工人。行业专家说，以办公室总数为办公室的中点，这意味着只有18,000个就业机会，虽然数字正在增长。
“投资专业人士有很多需求，但有很多机会寻找职位，”纽约一家家庭办公室的家庭办公室首席投资官Brendan Macmillan说，Akkad Capital Partners。“我的目标是拥有更多的投资专业人士，但这是家庭将成本承担什么的职能。”
Others say cost is an issue, too, with many family offices watching their pennies. Akkad Capital has hired three investment staffers since opening a year ago, and MacMillan hopes to bring two more on board over the next three years.
It’s easy to see why the number of investment hires is increasing at family offices, even if it’s not booming. Industry estimates put the amount of assets managed by family offices at $4 trillion. And the total has likely increased by about two-thirds over the last five years, says Robert Casey, senior managing director of research at the Family Wealth Alliance, a family-office consulting firm in Wheaton, Illinois.
许多家庭办公室渴望私募股权退货，而无需向外部经理支付大额费用。在5月份发布的118家家庭办公室的调查中，家庭办公室交流发现，每个办事处的平均三个投资人员中的两名专注于私募股权。
“Direct investing gives family offices the opportunity to invest — as a lead or co-investor — in companies they know well and where they, on average, expect double-digit returns,” Sara Hamilton, Family Office Exchange’s chief executive officer, said in a statement at the time.
The median private equity benchmark (excluding venture capital) registered an annualized return of 10 percent for the three years through 2016, compared to 8.9 percent for the Standard & Poor’s 500 Index, including dividends, according to the American Investment Council, a trade group for the private investment industry. The Barclay Hedge Fund Index averaged a return of only 3 percent during that period. And 1,057 hedge funds were closed last year — the second highest total ever after 1,471 in 2008, according to Hedge Fund Research.
“鉴于对冲基金和关闭所面临的所有挑战，对于家庭办公室可提供比以往的所有才能，而不是此前可以获得更多的人才，”芝加哥财富管理公司惠普合作伙伴的高级投资顾问Karim Ahamed表示。
对冲资助者看到了像乔治索罗斯和史蒂文科恩这样的行业明星将他们的公司转换为家庭办公室，尽管科恩可能会换另一个方向。虽然对冲基金业一直在今年举起卷土，但Soros和Cohen的高调动作捕获了投资专业人士的注意。
“看到那个认为，”我可以在家庭办公室增加灵活性的交易者“，花旗的伍德森说。“据推测，他们可以获得同样的赔偿和学习和发展。”
对冲基金和其他基金经理也anticipate more stability for themselves at family offices, industry experts say, after finding it difficult to produce returns strong enough to keep investors happy. Meanwhile, firms’ shift to lower-cost passive strategies is spurring active fund managers to invest for families instead, according to Michael Castine, a partner at New York-based Ridgeway Partners, which places executives at family offices. “So people will try to join family offices where they think they will get paid more,” he says.