Andreessen Horowitz’s recent hire of former Jordan Park Group Chief Investment Officer Michel Del Buono suggests the venture capital firm is getting into startup founder wealth management.
As Bloomberg notes, wealth management can be a hugely profitable venture once the money comes in the door. Managers charge a percentage of the assets they oversee and profit margins can reach up to 50%. Andreessen is no stranger to breaking the norm in the venture world. In 2019, Andreessen formally became a registered investment adviser, which meant that the firm no longer had to limit its stakes, including in its general fund.