KPMG+2023年全球家族办公室薪酬基准报告-The 2023 Global Family office Compensation Benchmark Report

The2023GlobalFamily

OfficeCompensationBenchmarkReport

KPMGInternational

/familyoffice

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Contents

1Foreword

Surveymethodology

2anddemographics

Keyfindingsand

3post-pandemicchanges

4UK

5Europe

6USA

7Americas

8Asia

9Australia

10MiddleEast

11FocusonInvestments

12FocusonRecruitment

13FocusonGovernance

14Strikingsimilarities

2The2023GlobalFamilyOfficeCompensationBenchmarkReport

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Foreword

FamilyOffices,sinceinception,havestruggledwiththeconceptofcompensation.

CoinedbythefamilyofJ.P.Morganin1838andpopularizedbytheRockefellerssomefourdecadeson,theconceptofaFamilyOfficehasgrowninpopularitywithanywherefrom3,000to6,000estimatedtoexistacrosstheUSAtodayandglobalnumbersreaching20,000.

WhilethenumberofFamilyOfficeshasexponentiallyincreased,thelandscapeitselfhasevolvedtoo.

FamilyOfficeshavematuredandarenolongersmallandintimateentitiesmanagingtheextraordinarywealthofindividualsandtheirfamilies.Manyhavebecomeinstitutionalizedmachinesequippedwithexceptionalprofessionalstomatch.

MacroeconomicfactorsincludingtheCOVID-19pandemic,conflictinEasternEuropeandBrexithavealsoplayedapartinencouragingFamilyOfficestoconsidertheirorganizationalstructuresandwhilethereportgoesontoexplorethetypicalgovernancestrategiesatplay,onethingtheyarestillstrugglingwithishowtoremuneratetheirstaff.

AFamilyOfficerequiresadistinctskillset,incomparabletoalmostanyotherworkingenvironment.Afterall,thisisanenvironmentwhereit’smorethanjustwork—it’spersonalanditoftenmakesthedecisionregardingcompensationaproductofguessworkandemotionratherthanbuiltonresearchorprecedent.

Toaddtothepressure,mostoftheprofessionalsthatFamilyOfficessearchforhavebackgroundsin

theverybenchmarkedenvironmentofprofessionalservicesandinvestmentbankingandareaccustomedtoaconsistentandfamiliarcompensationstructure.

Thisreportmonitorsthesalaries,careerhistory,anddemographicofFamilyOfficeemployeesacrosstheglobe.ItalsoidentifiesAssetsUnderManagement,theassetclassestheyfavorandhowtheircompensationalignswithboth.Forthefirsttime,thereporthasdelvedintosuccessionplanning,socialmobility,andwealthtransfer—lookingathowmanygenerationsaretypicallyatplaywithinaFamilyOffice,howmanylocationstheyoperateinandwhattheirgovernancestructureslooklike.Orperhaps,thelackthereof.

Benchmarkreportshavebeencreatedforbonusstructures,Long-TermIncentivePlans(LTIP),andidealcareertrajectoriesintoFamilyOfficeLeadership.AmagnifyinglenshasbeenplacedontrendsspecifictomajorFamilyOfficehubsacrosstheworld,focusingoneachatahighlevelanddrillingdownonFamilyOfficehubsthathaveriseninpopularitysuchasSingapore,HongKong(SAR)ChinaandtheUAE.

Thisreportisoneoftheworld’s

largestdatasetonFamilyOfficecompensationandwithmorethan650singleFamilyOfficeprofessionalsparticipatinginitscreation,KPMGPrivateEnterpriseandAgreuspresenttoyouatrustedbenchmarkforyour

FamilyOfficeCompensation.

GregLimb

GlobalHeadFamilyOfficeandPrivateClientandPartnerKPMGintheUK

PaulWestall

Co-FounderofAgreus

TayyabMohamed

Co-FounderofAgreus

3The2023FamilyOfficeCompensationBenchmarkReport

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2

Surveymethodology

anddemographics

FamilyOfficeprofessionalsrangingfromPersonalAssistantstoPrincipalspartookinanonlinesurvey.Afurther25qualitativeinterviewswereconductedwithFamilyOfficeChiefExecutiveOfficers,ManagingDirectors,andLeadersineachcontinent.Theresultsfromboththeonlinesurveyandthequalitativeinterviewsarerepresentedinthisbenchmarkreport.

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4The2023GlobalFamilyOfficeCompensationBenchmarkReport

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ThisdatawasalsoreferencedagainstprimarydatathatAgreushasonan

internaldatabase,collectedovera13-yearperiod.Thisincludesover

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morethan

1,500

FamilyOffices

globally

3,360

FamilyOffice

contacts

3

7,800

4

registeredFamily

Officecandidates

surveyrespondents

625

Continentsplit

3%

7%

42%

9%

10%

29%

Americas

Europe

AustraliaAsia

MiddleEast

ROWincludingAfrica,Caribbean,andSouthAmerica(notcoveredinthisbenchmarkreport)

25%oftherespondents

areFamilyOfficesthatareembedded

intoanoperatingbusiness,theremaining

arestand-aloneentities

75%

PurposeofFamilyOffice

Administrationoffamilywealth

67%

Wealthpreservation

62%

Riskadjustedgrowth

60%

Philanthropicinitiative

29%

5The2023GlobalFamilyOfficeCompensationBenchmarkReport

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3

Keyfindingsand

post-pandemicchanges

2022wasallaboutrecovery,retention,andregulationwithanobjectiveofbuildingupandgivingback.FamilyOfficesbegantoturntheirattentionawayfromtheeffectsofmacroeconomicfactorsandinsteadlookedtoreviewtheaffairsofthefamiliestheyserveandputstructuresandrelevantplanninginplacetoprotecttheirwealthinlightofpotentiallegislativechangesandreputationmanagement.

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WhileFamilyOfficesbegantothinkaboutcompensatingtheirstaffforthelongterm,thehugestrainontalentthatwewitnessedin2022meansthatFamilyOfficeswillstandardizetheircompensation,embedlongterm,incentivestructuresandprofessionalizetheirentireapproachtorecruitment.

Toaddressthisissue,UHNWFamiliesareincreasinglyintroducingemployeeparticipationschemeslikeprofitsharing,riseinBcorpsandinterestinemployeeownershiptrusts,whereasonthepersonalsideFamilyOfficesaredevisingprofessionalcompensationstructuresthatincentivizeexcellenceandensurelongevityintheirnewhires.Thiswillseethelikesofcarriedinterest,co-investmentopportunitiesandlong-termperformancebonusesriseinpopularityandforthefirsttime,theywillnotjustbeofferedtoC-suiteFamilyOfficeprofessionalsbutinstead,anyonedeemedcritical.

Onaglobalscale,whiletheworldstillliveswiththeeffectsofexternalfactorssuchasthepandemic,Brexitandconflictoverseas,FamilyOfficeshavebecomeaccustomedtooperatingintimesofuncertaintyandarequiteuniformedintheirapproach.PlanBcontingencystrategieshavebecomecommonplaceandsowhatever2023andbeyondthrowsatFamilyOffices,theyshouldbeabletohandleitastheyhavedonebefore.InKPMGfirms’experience,FamilyOfficestendtopause,reflect,andthentakeaction.

Whilethecomingyearscouldseetheintroductionofyetanothernewandexcitingassetclass,manyFamilyOfficeswilllooktodiversifyawayfromriskyareasandinvestintraditional,safearenaswheretrackrecordshavealreadybeenachieved.

Diversifyingdoesnotalwaysmeaninvestingheavilyinthelikesofcryptocurrencybutrather,decentralizingriskbyspreadinginvestmentsacrossmultipleareaswithprecedentsofhighreturn.Cryptolikemany‘new’assetclassesmaywellcontinuetoplayaverysmallroleinFamilyOfficeportfoliosbutitisenvisionedthisshallfallintothecategoryoffun—asmallpercentageforPrincipalstoplaywitheitherforpassionorsimplecuriosity.

Speakingofrecessionagainandwhileuncertaintyisstillintheair,itcouldbearguedthat2023offersaglimmerofcertaintyandthatisthankstotheknowledgethatarecessionislikely.TheInternationalMonetaryFund1hadforecastathirdoftheworld’seconomytobehitbyarecessionin2023withtheUS,ChinaandEuropeallexperiencingaweakeningofactivity.Whiletheaftershockisyettobeexperienced,FamilyOfficescan

planforthatoutcomeandinvestcautiouslywiththeaimofensuringeverydownfallisconsideredanopportunity.ThePrivateEquity(PE)spacewillbeaparticularlyinterestingwatchasfollowingadeclineduringCOVID-19andaV-shapedrecoverysoonaftermakingitthemostpopularassetclassofchoice,itisnowthoughtthatPEmaywellbenefitfromamarketcorrection.Likeanyotherinvestmentdecision,FamilyOfficesshouldapproachtherestof2023withaneducatedoutlookandthat’ssomethingonlyattainedbywell-structuredandhighlycapableteams.

Asaresult,severalhundredpandemic-billionaireswerecrownedandcountriesandterritoriesaroundtheworldbegantoseethepotentialofhostingtheseultra-wealthyandprofessionalizedfamilies.Thishasledtomoreandmore‘FamilyOfficehubs’beingaddedtothelist,witheachofferingsomethingslightlyuniquetothefamiliestheywishedtoserve.Fromtaxincentivestoco-investingopportunities,Dubai,HongKong(SAR),China,Singapore,Greece,IndiaandmanymoreinternationalplayersjoinedthebattletobecomeadestinationofchoiceforFamilyOffices.In2023,HongKong(SAR)ChinahadalreadypubliclyrevisiteditsCapitalInvestmentEntrantScheme(CIES)tokeepupwithanincreasinglycompetitiveSingaporeanditcanonlybeimaginedwhatelseothercountriesandjurisdictionshaveuptheirsleevestoattractinternationalwealth.2

ItisKPMGandAgreus‘viewthatmanyFamilyOfficeswillnotonlytreat2023asanopportunitytocompletelyre-strategizebutrather,dothingsright.Byprofessionalizingfamilywealth,embeddinglong-termcompensationbenchmarks,retainingtherighttalent,anddecentralizingrisk,FamilyOfficescanthriveinyetanothereraofuncertainty.

Finally,thepandemicputFamilyOfficesonaplatform.FamilyOfficesshowedthemselvestobethesingle-mostfluidgroupofinvestorsandservedasthebackboneoftheglobaleconomy.SomeFamilyOfficesinvestedin‘start-ups’tospeeduptheworld’srecoverytothevirusandverymuchkepttheworldrunningwhile

muchofitwasforcedtostop.

1InternationalMonetaryFund,“WorldEconomicOutlook”,January30,2023.

2ForthetextoftheBudgetspeech(inMandarin/ChineseandEnglish),andrelateddocumentationandvideos,see:https://www.budget.gov.hk/2023/eng/index.html.

7The2023GlobalFamilyOfficeCompensationBenchmarkReport

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Keyfindings

Upliftinsalary

Gender

ofallFamilyOfficeprofessionalsidentifyasfemale

21%

58%salaryin2022

41%receivedanupliftof6%–10%

20%receivedanupliftofmorethan15%

receivedanupliftintheir

Globally

UKhasthehighestpercentageoffemaleCEOsat37%

36%ofFamilyOfficeprofessionalsreceivedthisupliftduetoinflation

Assetsundermanagement(AUM)

26%ost

manage

Accordingtoourrespondents,Asia’sCEOsare100%male

Australia92%aremaleUSA80%aremaleEuropeit’s77%MiddleEasthasa

6%overUSD5BN

75%

male25%female

Hiring41%

ofFamilyOfficesexpandedthesizeoftheirteamsin2022andafurther

Generationsofwealthbeingmanaged

TherearemostcommonlytwogenerationsofwealthbeingmanagedinFamilyOfficestoday(38%)

40%

planonhiringin2023

Remoteworking

74%

ofFamilyOfficesfacilitate

workingfromhome

Just10%

managethewealthoffourormoregenerations

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havea

succession

planinplace

UBO

MostultimatebeneficialownersoverseetherunningoftheFamilyOfficefromaboard(27%)

21%

sitinthepositionofCEO

Successionplan

52%

48%

donot

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Relocating

OfFamilyOfficesthathaverelocated,

Costofrunning

AFamilyOfficemostcommonlycosts

0.1%–0.5%

ofAUMtorun(37%)

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40%

28%12%

Secondofficelocations

30%lin

ThemostpopularcontinentsforsecondlocationsincludeEurope(44%)

LTIPJust23%

ofFamilyOfficeprofessionalsreceiveanLTIPofwhichthemostcommonstructureiscarriedinterest(44%)

Bonuses

Sizeofteams

MostFamilyOfficeshavelessthan

receiveadiscretionarybonus

receiveaformulaicbonus

60%

26%

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5employees(31%)

donotreceiveanytype

ofperformancebonus

cantakehomemorethan100%oftheirsalarybutthemostcommonlyawardedbonusis21%–30%ofsalarytakenhomeby20%ofprofessionals

20%

13%

buta

quarter

have

20or

more

(25%)

9The2023GlobalFamilyOfficeCompensationBenchmarkReport

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UK

KeyfindingsofFamilyOfficeCEOintheUK

27%

ofCEOsareFamilyMembersintheUK

63%

ofCEOsintheUKaremale

intheUKaremostcommonlyagedbetween45and49yearsold

CEOs

CEOsintheUKmostcommonlycomefromanInvestmentManagementbackground

32%

91%

ofCEOsinUKFamilyOfficesareuniversityeducated

Afurther

32%

ofCEOsintheUKhaveamaster’sdegree

FamilyOfficeCEOsmostcommonlytakehomeasalaryof

GBP198,001–264,000

withanadditionalbonusof41%–50%ofannualsalary

GBP—Britishpounds

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Gender

68%

ofallFamilyOffice

professionalsinthe

UKaremale

Numberofemployees

Lessthan5

6–9

10–14

15–19

20+

25%

5%

22%

32%

16%

32%

Female

21%

62%

Yearsinoperation

8%

6–10years

0–2years

10%

10+years

2–5years

Age

1%

4%

9%

18–24

10%

25–29

12%

30–34

35–39

17%

40–44

15%

45–49

50–54

55–59

17%15%

60+

Generationsofwealthbeingmanaged

PurposeoftheFamilyOffice

SaythepurposeoftheirFamilyOfficeisthe

administrationoffamilywealth

73%

Sayit’stocreaterisk-adjustedgrowth

59%

Sayit’swealthpreservation

56%

Sayitisaphilanthropicinitiative

25%

1

generation

44%

3

generations

10%

2

generations

36%

4

ormore

generations

10%

12The2023GlobalFamilyOfficeCompensationBenchmarkReport

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85%

ofFamilyOfficesbasedintheUKarelocatedinLondon

15%

theremainingaremostlyspreadacrosscrowndependenciessuchasJerseyandtheIsleofManandwithintheUKBerkshire,Buckinghamshire,andCambridge

16%

21%

4%

AUM

21%

USD1.1BN–USD2BN

BelowUSD250M

20%

USD2.1BN–USD5BN

USD251M–USD500M

18%

USD5BN+

USD500M–USD1BN

ofUK-basedFamily

Officesalsohaveat

leastoneother

FamilyOffice

locationofwhich

45%

67%

21%

12%

RoleoftheUltimateBeneficialOwner

OverseesfromtheBoard

22%

CEO

20%

Chairperson

20%

Noactiveinvolvement

20%

Playsanotherundisclosedbutformalizedtitle

7%

OverseesfromtheInvestmentCommittee

7%

arebasedin

Asia

arebasedin

theMiddle

East

arebased

elsewherein

Europe

16%

ofFamilyOfficesintheUKhaveasuccessionplaninplace

Itmostcommonlycosts0.6%–1%oftotalAUMtorunaFamilyOfficeintheUK

37%

ofC-suiteFamilyOfficeLeadersintheUKaretargetedoncuttingcosts

37%

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Salary

Role

Lessthan

GBP60K

GBP

60K–

72K

GBP

72K–

85K

GBP

85K–

99K

GBP

99K–

132K

GBP132K–158K

GBP158K–198K

GBP198K–264K

GBP264K–330K

GBP330K–396K

GBP

396K–

500K

GBP500K–625K

GBP

1M+

Chairperson0%

0%

0%

0%

50%

0%

0%

0%

0%

0%

50%

0%

0%

0%

Chiefexecutive

officer

0%

5%

5%

5%

9%

18%

23%

0%

9%

14%

5%

9%

0%

Chiefinvestment

officer

0%

0%

0%

9%

9%

18%

36%

9%

0%

9%

9%

0%

0%

Chieffinancial

officer

0%

0%

0%

20%

30%

0%

50%

0%

0%

0%

0%

0%

Chiefoperating

officer

0%

0%

0%

14%

29%

29%

14%

14%

0%

0%

0%

0%

0%

0%

Financialcontroller/

Financialdirector

20%

20%

10%

30%

0%

20%

0%

0%

0%

0%

0%

0%

Legalcounsel0%

0%

0%

0%

0%

0%

0%

0%

100%

0%

0%

0%

0%

Taxspecialist0%

0%

0%

0%

0%

50%

50%

0%

0%

0%

0%

0%

0%

0%

Investment/

Portfoliomanager

8%

0%

23%

23%

15%

23%

8%

0%

0%

0%

0%

0%

22%

Operations

manager

34%

22%

11%

0%

11%

0%

0%

0%

0%

0%

0%

0%

Investmentanalyst0%

40%

20%

0%

40%

0%

0%

0%

0%

0%

0%

0%

0%

Accountant100%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

Personalassistant/Executiveassistant

50%

17%

17%

0%

17%

0%

0%

0%

0%

0%

0%

0%

0%

Bookkeeper50%

50%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

0%

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Bonus

Chairperson

Chiefexecutiveofficer

Chiefinvestmentofficer

Chieffinancialofficer

Chiefoperatingofficer

Financialcontroller/Financialdirector

Legalcounsel

Taxspecialist

Investment/Portfoliomanager

Operationsmanager

Investmentanalyst

Accountant

Personalassistant/Executiveassistant

Bookkeeper

0%20%40%60%80%100%

51%−60%61%−70%

201%ormore

Lessthan10%11%−20%21%−30%31%−40%41%−50%

71%−80%81%−90%91%−100%101%−150%151%−200%

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Bonusinformation

theirsalarywasreviewedannually

74%ofFamilyOfficeprofessionalssaid

saidthiswasreviewed

26%periodically

80%receiveabonus

LTIPs

ofFami