Lazard, one of the world's preeminent financial advisory and asset management firms, announced that it is starting a private wealth management subsidiary to be managed by Thaddeus Shelly, formerly senior managing director and regional head of Bessemer Trust. Shelly spent eleven years at Bessemer, one of the oldest firms in the business of managing money for wealthy families, and before that he founded and led Legg Mason’s “ultra high net worth” private client services business. Lazard said it plans to offer a variety of services to its customers including tax planning, philanthropic advisory and investment management advice.
Why is this an important announcement? Well, for starters, it’s much more than some a hiring announcement by a prominent company. Frankly, I don’t need to tell you that this is a tough environment. On top of all the dismal economic news, there’s the daunting prospect of more financial regulation and the challenge of trying to anticipate new regulations by possibly new regulatory organizations. Clearly, these are not the times for the timid to undertake expansion.
At The Rosenthal Consulting Group we’re beginning to see signs that the wealth management and private client firms are getting up off the canvass and there’s even some sign of activity in for hedge funds. As such, we’re getting inquiries from those folks about hiring for new slots or re-filling vacant posts. My guess is that such interest will soon translate into hiring, maybe by newly established firms and those still standing. Once floodgates reopen at such firms, I’m guessing that more Law Firms and larger RIAs will soon follow. You can view our current list of employment opportunities at http://RosenthalRecruiting.com.
PS A Regulatory trend and individual investor comfort: An organization of financial advisers says that a few reported rotten apples should not taint the entire group. Finding Financial Advice in an Age of Bad Behavior
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