Mussie Hailu
Consultant
Prime Quadrant
Institutional Connect is pleased to feature a speaker spotlight with Mussie Hailu, Consultant at Prime Quadrant. In this interview, Mussie shares insights into his role at Prime Quadrant and what drew him to build a career within the family office space. He discusses how the day-to-day responsibilities and decision-making environment of a family office differ from those in traditional asset management or private banking, and highlight aspects of the role that may be unexpected to those outside the sector. The conversation also explores the non-linear nature of career progression in family offices, offering reflections on the key factors that shaped his journey, along with practical advice for young professionals with three to five years of industry experience navigating their own career paths.
Mussie Hailu: I stumbled into the family office space entirely by accident. I was seeking a position at an operating company and later in the interview process was informed that the role was for the family office. It was an entry level role, focused mostly on back-office; however, I had the privilege of being exposed to how the family’s capital was being invested.
The main difference between the family office space and the asset management industry is that each is operating on a different side of the aisle. Family offices provide holistic and bespoke services to their clients, often including investment management, tax and estate planning, financial education, etc., with full visibility into their clients’ balance sheet and act as fiduciaries. Asset managers are in the business of raising capital from individuals and/or institutions and investing that capital according to their investment mandate.
Family offices are notoriously private. A common phrase in the industry is: “If you’ve seen one family office, you’ve seen one family office”, highlighting how each family office is unique and structured to serve the family’s individual needs. They vary widely in size, structure, scope of services provided, and sophistication. Working in the family office space, you have the great privilege of meeting and establishing relationships with the country’s most successful entrepreneurs. These clients are sophisticated and expect a high-touch service, so the role can be demanding from both a client service and technical perspective.
Mussie Hailu: As our client families’ advisors on all aspects of their capital, trust is the main currency. Beyond achieving technical proficiency, establishing relationships with clients grounded in integrity, discretion, and alignment is indispensable. The family office industry in Canada is small and tight knit; everyone knows everyone. Your network is your net worth, so building your social capital, alongside your human capital, will be the linchpin to your success. If I could go back in time, I would place more emphasis on networking and fostering meaningful connections and less time nose deep in books in the dark corner of the library.
Mussie Hailu: Stay curious and be a continuous learner. It’s easy once you’ve earned your credentials and an established position to become comfortable. However, the industry is always evolving, and it’s your job to remain apprised of the latest developments. I also recommend finding a mentor, formal or informal. Identifying someone who you respect and admire, who is a few steps ahead of you in their career, gives you an idea of what you can be and the steps you need to take to get there. A healthy mentor/mentee relationship is mutually beneficial, so don’t think that you are getting the better end of the bargain. Many mentors derive great satisfaction from sharing wisdom and advice with mentees who remind them of a younger version of themselves.
Mussie Hailu, Consultant at Prime Quadrant will present at NextGen Forum on March 3rd at Vantage Venues
