Family Office Investment Services Manager
About the Role
FSM seeks a CFA Charterholder to lead investment services delivery — and directly manage capital — across a growing roster of ultra-high-net-worth client families. This role carries a dual mandate: you are both the institutional framework builder who ensures every advisor is tracked, benchmarked, and held accountable, and a discretionary portfolio manager with direct responsibility for assigned capital sleeves within each client's overall allocation.
This is a rare seat for a CFA who has managed real money, is fluent in multi-asset portfolio construction, and can simultaneously operate at the orchestration level — sitting above a roster of outside managers — and at the execution level, managing positions directly. You will not be a passive scorekeeper. You will be in the game.
What You'll Own
Discretionary Portfolio Management
- Manage assigned capital sleeves across client portfolios on a fully discretionary basis, spanning liquid equities, fixed income, and select alternatives
- Construct and maintain model portfolios with explicit factor exposures, benchmark targets, and risk budgets approved by the client principal
- Execute investment decisions including security selection, position sizing, rebalancing, and tactical allocation shifts within the agreed investment policy statement (IPS)
- Generate time-weighted and money-weighted return reporting on directly managed sleeves, held to the same S&P 500 benchmark standard applied to all outside managers
- Produce written investment rationale for every material position change — no undocumented trades
- Coordinate with client tax advisors on tax-lot management, wash sale rules, and the interaction between active trading and the client's broader tax posture
Investment Oversight & Multi-Manager Coordination
- Maintain and continuously improve performance measurement frameworks for each client's full advisor roster, benchmarked against the S&P 500 and appropriate secondary indices
- Produce quarterly manager scorecards covering rolling 1-, 3-, and 5-year returns (gross and net of fees), with plain-English summaries written for principals, not advisors
- Build and maintain pairwise correlation matrices and factor-decomposed diversification analyses across all active managers, including directly managed sleeves
- Perform look-through concentration analysis to surface true single-name, sector, geography, and thematic exposures across the entire portfolio — including positions you hold directly
Portfolio Analytics & Risk
- Decompose each manager's results by asset class, sector, and factor exposure (value, growth, size, momentum); apply the same attribution framework to your own directly managed sleeves
- Develop and maintain liquidity waterfall models under defined stress scenarios, incorporating LP lockups, directly held positions, real estate assumptions, and credit line availability
- Monitor concentration risk in real time across all sleeves — both managed externally and managed directly — and escalate when aggregate exposures exceed agreed thresholds
- Partner with the FSM operations team on cross-entity insurance and risk audits, contributing investment-side risk context
Investment Policy & Client Governance
- Draft and maintain a written Investment Policy Statement (IPS) for each client, covering return objectives, risk tolerance, liquidity requirements, constraints, and benchmark selection
- Lead quarterly investment review meetings with family principals; present performance of directly managed sleeves alongside outside manager scorecards in a unified format
- Participate in asset allocation reviews with the client's strategic advisor; provide quantitative support for allocation shift recommendations
- Translate institutional-grade analytics into direct, no-jargon deliverables that respect client sophistication without burying them in unnecessary complexity
Advisor Coordination & Governance
- Serve as FSM's primary point of contact for each client's wealth management roster, operating as an objective oversight layer above individual outside managers
- Facilitate quarterly advisor review sessions; provide written scorecard summaries to the client principal in advance of each meeting
- Coordinate on capital call timing, distribution reinvestment, and cash management across all sleeves
Required Qualifications
- Bachelor's degree in finance, economics, mathematics, or a related quantitative field
- CFA Charterholder in good standing
- Series 65 (or Series 66) license, or willingness to obtain prior to assuming discretionary management responsibilities; RIA registration experience preferred
- 7+ years of experience in investment management, with demonstrated responsibility for managing discretionary capital — not just analyzing or recommending
- Deep fluency in portfolio construction, performance attribution, factor analysis, and multi-asset risk management
- Direct experience with investment policy statements, rebalancing frameworks, and client-level reporting for discretionary accounts
- Demonstrated experience working in or alongside multi-entity family office structures (trusts, LLCs, LP structures, multi-state tax exposure)
- Proficiency with portfolio management and analytics tools (Addepar, Black Diamond, Orion, Masttro, or equivalents); ability to operate effectively without them when necessary
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Exceptional written communication — your investment memos and scorecards will go directly to principals
Preferred Qualifications
- Prior experience as a named portfolio manager on a discretionary account with documented performance track record
- Experience managing capital in a family office or multi-family office environment, not just an institutional or retail wealth context
- Familiarity with crypto asset reporting, covered call overlays on concentrated positions, and the tax coordination those strategies require
- Working knowledge of LP/PE structures, capital call mechanics, and IRR computation for illiquid sleeves
- Comfort operating without a large support infrastructure — this role rewards self-sufficiency and judgment under ambiguity
What FSM Is Not Looking For
- Analysts who have recommended trades but never owned the P&L
- Advisors whose primary value proposition is tax optimization over investment returns
- Portfolio managers who manage to a style box rather than to a client's actual objectives
- Candidates who equate glossy client materials with institutional rigor
Who You'll Work With
You will report to FSM's engagement lead and work alongside the FSM operations team, client tax advisors, outside wealth managers, legal counsel, and the family principals themselves. Clients are performance-first, intellectually rigorous, and allergic to theater. You will be held to the same benchmark standard you apply to every outside manager on the roster — and that's exactly the point.
Compensation
Competitive base salary commensurate with experience, performance-based bonus tied to portfolio outcomes, client retention, and deliverable quality, and equity participation in FSM's family office practice as it scales. AUM-based compensation is not the primary structure — by design — though performance incentives tied to risk-adjusted returns on directly managed sleeves are on the table for the right candidate.
