Managing the life of Sergey Brin is big business.
Through Bayshore Global Management, the Google Inc. co- founder has hired former bankers and philanthropy experts to help manage his $30.1 billion fortune. He’s employed a former Navy Seal and SWAT team veteran for security, and a yacht captain to handle his aquatic endeavors. A fitness coordinator, a photographer and archivist help run his life.
Bayshore, based in Los Altos, California, provides a glimpse into the services family offices bestow upon the wealthy beyond investing and accounting. As the number of billionaires has surged worldwide in recent years, demand for people who can provide niche skills -- and discretion -- has jumped.
“Family offices are expanding and people are setting new ones up,” said Natasha Pearl, chief executive officer of Aston Pearl, which serves single-family offices that have at least $400 million. “It’s increasing demand for employees who can be trusted to keep the families’ private lives confidential.”
There are now more than 14,600 families with at least $100 million in assets globally, up 42 percent since 2008, according to the Boston Consulting Group. Many of these have set up their own offices to help manage investments and day-to-day lives. The firms employ about 20,000 people, according to London-based researcher Campden Wealth, which started collecting the data last year.
Family offices serving the world’s billionaires usually employ at least 50 people, with staff across multiple teams including executive, administrative and investment groups, according to Campden Wealth data.
Vulcan Inc., the Seattle-based company created by Microsoft Corp. co-founder Paul Allen and his sister Jody Allen, has more than 500 people. The family office features an in-house media company, a 17-member team managing a multi-billion dollar investment portfolio and a division that’s working on space travel. Vulcan is also currently hiring a chief investment officer and wildlife conversation expert among other positions, according to its website.
Allen, who has a net worth of $17 billion, according to the Bloomberg Billionaires Index, named Vulcan after the Roman god of fire. He’s also a Star Trek fan. Alexa Rudin, a spokeswoman for Vulcan, declined to comment.
Bayshore gets its name from the location of Google’s headquarters, an area in California known as North Bayshore. It’s existed since at least 2006, two years after Google, the world’s largest search engine, had its initial public offering.