People In The News
Wilmington Trust announced that Linda L. Bourn has been hired as a managing director in its wealth advisory services business to serve the company's ultra-high-net-worth and family office clients. Bourn was previously with Clearbrook Partners family office.

Odyssey Financial Technologies, a global provider of front- and middle-office software for the private banking, private wealth management and asset management industries, announced the appointment of Greg Conley as chief executive officer. Conley was previously president and CEO of Verio, a Web hosting provider.

Rockefeller and Company, a global wealth management firm serving high-net-worth clients, announced that Christopher J. Wolfe has filled the newly created position of chief of investment strategy and will also serve as a managing director. He previously served the same role with the Merrill Lynch private banking and investment group.

Neuberger Berman Group LLC has hired Chris Biotti to head the firm's private wealth management operation in its Boston office. He previously served a similar role in the firm's San Francisco office and was a director and private banker with Deutsche Bank National Trust Co.
Glenmede, a Philadelphia-based investment and wealth management firm, hired Jason Pride to fill the newly created position of director of investment strategy. He was previously director of research for The Haverford Trust Company.

Family Offices Face Evolution
The global financial crisis has forced single-family offices to rethink their operations, their services and their long-term goals, according to a new study.
Family offices are, among other things, considering opening up their services to outside families, consolidating with other family offices or closing operations entirely, according to the study by U.S. Trust, Bank of America Private Wealth Management, and Camden Research.

"Like most financial service organizations, family offices were not immune to recent market upheavals," said Belinda Sneddon, group executive of U.S. Trust Family Office. "Scandals and widespread investment losses have left family offices poised for a period of significant evolution. The family office model is turning back to basics, enhancing risk assessment and focusing on its strengths, which lie primarily in wealth management services."

The study was based on interviews and online surveys with North American family office executives and family principals from 40 single-family offices and 10 family offices that are evolving into multifamily operations. The study was conducted between June and September.
The study found that family offices are:
Recruiting in-house research analysts and expanding their interest in proprietary research. Twenty-three percent of family offices say there is a shortage of financial analysts and 22% plan to recruit them over the next three years
Rethinking long-held models with an emphasis on managing liquidity and becoming more opportunistic.
Returning to the core mandates of consolidated control of wealth management. While nearly all family offices surveyed offer financial advisory services, 49% offer life management and concierge services.
Heavily weighting features such as the reputations and recommendations of financial services providers.
Considering opening to non-founding family clients. Twenty-eight percent are considering  this option,  mainly for the purpose of  building assets and gaining access to more investment opportunities,  and retaining top  investment professionals.
Considering closing operations. Thirty-one percent of respondents said a shutdown was a possibility.