The man responsible for looking after the wealth of the Rausing family – founders of the Tetra Pak empire – has left to join family-owned private bank Lombard Odier Darier Hentsch.
Charles O'Ferrall joins the Swiss-based bank in its new London office as COO. "Charles has significant experience operating and managing teams of advisors and in running successful family offices," commented Sally Tennant, chief executive of LODH UK. "He has the right skill set and knowledge to play a vital role in building our UK offering."
O'Ferrall has left Alta Advisers Limited, the family office of Hans Rausing, where he has worked as COO since 1996. From 2004–2007 he was also CEO of Nyland, the family office of Lisbet Rausing, Han's daughter. He has also been involved in setting up a number of family networks and organisations in recent years, such as the European Family Office Alliance.
The loss of O'Ferrall highlights the problems that family offices face in retaining high quality staff. In the inaugural Merrill Lynch/Campden Research European Single Family Office Survey, recruitment and retention was rated as the number one challenge.
"The need is to find talented 25–35-year-olds with relevant investment experience who want to make a major career commitment to a family office as investment professionals, which will give them a balance of job security and lifestyle, but will not pay absolute top dollar compared to banks, hedge funds or private equity firms," the director of a Scandinavian family office told the survey.