Indian billionaires spark hiring rush at family offices. CIOs are hot commodity.

The wealth management powerhouses are racing to snap up investment professionals, analysts, and legal experts. The demand for seasoned chief investment officers (CIOs), in particular, has reached a fever pitch as family offices scale up operations to manage the increasingly sophisticated financial needs of their ultra-wealthy clients.

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“There has been a noticeable spike in hiring within Indian family offices. This is largely due to more business families establishing new family offices or expanding existing ones," said Amit Patni, founder and director of Raay Global Investments, the single-family office of the Amit Patni Group.

The hiring boom coincides with a shift in investment strategies. Family offices are now venturing beyond traditional investments, with a growing appetite for startups, venture capital, and specialized asset classes like real estate and cryptocurrencies.

“Many family offices are hiring professionals, particularly to support investments in venture capital (VC), direct deals, and managing specialized asset classes," added Patni, who also oversees Campden Family Connect's India operations.

Some of these traditionally lean teams are even considering doubling their staff. Artha India Ventures, the family office representing Ashok Kumar Damani, a former director at the BSE Ltd and a registered broker, plans to expand its current 15-member team by the end of the year.

Family offices take off

“The primary reason for the uptick in hiring is the growing number of established family offices, driven by the significant boom in the listed space, the surge in IPOs, mergers and acquisitions (M&As), and the substantial number of exits that have created considerable wealth now needing professional management," said Anirudh A. Damani, director, Artha India Ventures.

India now boasts over 300 family offices, a stark increase from just 45 in 2018, according to a recent PWC report. As India is projected to witness the fastest growth in ultra-high-net-worth individuals globally over the next five years, the demand for skilled professionals in family offices is set to rise further.

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Expanding overseas operations is another factor fuelling this hiring surge. “Many families are setting up family offices outside of India, which has further driven the demand for talent," Patni noted. 

Artha, for example, is eyeing opportunities in Africa and Southeast Asia, alongside its continued focus on India.

Sharrp Ventures, the investment office of Marico Ltd chairman Harsh Mariwala's family, also has been aggressively building its team. Led by Rishabh Mariwala, Sharrp has made substantial hires across investment, analytics, advisory, and accounting roles.

CIOs: the golden goose

As family offices adopt a multi-geography, multi-asset approach, the role of the CIO has become one of the most coveted.

“Given the complexity and diversity of investment options, having a dedicated CIO has become essential," said Damani. This role demands deep expertise across various asset classes and the ability to lead a team that can execute a family office’s investment strategy effectively.

Patni Financial Advisors (PFA), the family office for the Patni Computers family, has also hired a new CIO, Gautam Sehgal. Sehgal joined the family office after his stint at Bajaj Holdings and Investment LTD, during the 2021 startup boom.

“The company continues to expand its team as investment opportunities grow," said Arihant Patni, managing director of PFA.

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In January, one of India's largest family offices, Premji Invest, appointed Prakash Chellam as its managing director. Chellam, who transitioned to the family office ecosystem, had previously worked at the private equity fund Marathon Edge LLP and the investment banking firm JM Financial for over a decade.

Manipal Group chairman Ranjan Pai's family office, Claypond Capital, hired Shyam Powar as CIO from Allegro in November. Powar had co-founded Allegro in 2002 with Kunal Kashyap.

Beyond CIOs, there’s a rising demand for professionals in accounting, legal, and compliance roles.

Investment bankers and venture capitalists are increasingly being drawn to family offices, lured by the promise of higher rewards and growth opportunities. An investment banker, who requested anonymity, confirmed that attrition rates are rising as skilled professionals transition to family offices.man 

Long-term relationships over a quick buck

Damani explained that while fixed compensation at family offices might initially be lower compared to VC funds, it generally increases over time. “As you increase confidence in the firm or the family with you, then the compensation starts going up," he said.

However, the carry (carried interest, or the profits shared with an investment manager) and bonuses are more enticing, as family offices typically offer a more substantial carry than VC funds. 

“The amount will be much larger than what you get from a fund," Damani said, attributing this to the smaller number of people sharing the carry pool.

Family offices are less aggressive in hiring and usually require fewer people. “They’re not looking to hire teams of 30-40 people," he said, emphasizing that they prefer to maintain a smaller, more dedicated team. This setup often leads to more significant rewards for those who commit to the family office long-term.

However, PFA’s Patni emphasized that while hiring is up, family offices prioritize long-term retention over quick gains. “The key for any family office is to keep churn low since there is a lot of benefit that comes with learning on the job," he explained.

With their small teams and specific skill set requirements, family offices often rely on word-of-mouth referrals rather than traditional recruitment methods. In many cases, talent is sourced directly from the family’s primary business or through trusted referrals.

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“In family offices, professionals are entrusted with managing real, generational wealth," said Damani, adding that family offices tend to be more forgiving of mistakes, provided there is a long-term commitment to the family’s goals.

“Unlike in VCs and IBs, where job turnover can be high—especially during volatile periods—family offices are known for retaining talent through thick and thin."