Andreessen Horowitz’s recent hiring of former Jordan Park Group chief investment officer Michelle Del Buono suggests that the venture capital foundation is moving into startup founder wealth management.
The outfit, commonly known as a16z, has confirmed that it has hired Delbono as CIO to oversee its services to founders. According to Bloomberg.
TechCrunch reached out to A16z for comment, but did not receive a response at the time of writing.
Andreessen Horowitz is not the first to dip his toe into this arena. Both Iconiq capital And The capital of Sequoia Providing financial management services.
It’s iconic. Managing more than 80 billion dollars23 billion dollars in 2020, and it Customer list It includes Mark Zuckerberg, Sheryl Sandberg And Jack Dorsey.
Meanwhile, Sequoia’s business unit, Sequoia Heritage, was established in 2010 and currently manages $16.4 billion. Bloomberg. This is just one. Several internal programs Venture capital offers huge founders.
According to Bloomberg Notes, wealth management can be a highly profitable business once the money is in the door. Managers charge a percentage of the assets they manage and profit margins can be as high as 50%.
Andreessen is no stranger to breaking the rules in the venture world. Andresen regularly in 2019 He became a registered investment advisor, This means that the company has stopped limiting its own shares, including the total amount.
When the A16z announced its move forward, it made headlines for another reason The headquarters will be “in the cloud.Along with eliminating a centralized headquarters, a16z announced new offices in Miami Beach, New York, and Santa Monica, in addition to its existing Menlo Park and San Francisco posts.
That activity is known and the organization established in the year It was established in Menlo Park in 2009 and is historically associated with the Bay Area. It’s also a reflection of how much has changed since the Covid-19 pandemic, with many companies and businesses working remotely.
The company announced that at the beginning of this year Quick build For first-time entrepreneurs, This may indicate that he wants to expand his supply.
