Former Kontora Managing Director Founds Family Office: “A family office should think like a family, not like a bank”

What bothered you about internationalization?

Landsiedel: Firstly, personally: I would have liked to continue as a partner; that was the plan – until it became clear that a complete sale would prevent that. Secondly, internationalization changes the business model. I'm interested in the model where the management and shareholders are one and the same. We wanted to restore that immediacy and independence.

You know the pressures of business—margin erosion, regulation, rising costs . Don't you also have respect for what you're building now?

Landsiedel: Of course, you need a certain size. We're starting with around €1.25 billion in assets under management, which is a good fit for the company. We're keeping the structure lean and digital, but our client relationships individualized. We want to scale and professionalize processes like reporting and administration without losing proximity.

Kontora's DNA lies in the illiquid sector. Does that also apply to you?

Landsiedel: We cover the entire spectrum of asset classes, but naturally have a bias towards real estate, as Ole Ölmüttel has extensive experience in this area. With Sebastian Hartroth, we also have a traditional real estate manager on board. We also invest in private equity and private debt, and also manage liquid assets. Our goal is holistic asset management.

Are you under a liability umbrella?

Landsiedel: No. The KVG we acquire eliminates this need. It also allows us to keep external costs low, allowing us to offer our services competitively. From a governance perspective, it's essential: We take responsibility – without any ifs, ands, or buts.

Why have your own KVG?

Landsiedel: Because we see regulation as an opportunity. Those who have mastered it benefit from it. We have the people and licenses to do it. Furthermore, we interpret regulatory issues differently than large firms. At Kontora, for example, I was responsible for Germany's first closed-end special fund – we want to continue this creative freedom.

We also want to help other family offices and institutional investors, for example, with structuring, investment access, or reporting. Whenever investment vehicles are to be subject to investment tax law, a fund structure becomes exciting – and that's exactly what we can offer: tailor-made solutions that integrate seamlessly and individually.

Are all colleagues now at the partner and shareholder level?

Landsiedel: Yes, we are six partners. We also have an employee in asset control. So, to start with, we'll have seven people, and we'll be adding another colleague to the KVG at the turn of the year.

And the six shareholders – do you have equal rights?

Landsiedel: No, the stakes vary. I hold the largest share, followed by Jerome Roeschke and Ole Oelbüttel, and the other partners have smaller stakes.

What is the distribution of tasks?

Landsiedel: Ferdinand Delius is responsible for client advisory services, Beata Seweryn for reporting, Jerome Roeschke for fund and portfolio management, Ole Oelbüttel for investment management, and Johannes Kiefer for risk management. This ensures clear lines of responsibility and short lines of communication. All of them have held professional and disciplinary responsibility in these areas for many years and have worked together in an interdisciplinary manner.

Many family offices are struggling with revenue and cost pressures. You spoke of a "comfortable sailboat." Is it really that comfortable?

Landsiedel: Comfortable in the sense that we're not under any external pressure. Our setup allows us to operate without the constraints of ownership. We expect a positive result in our second year – strong for a start-up in the family office sector. Growth, yes, but organic.

And now, the six of you are becoming entrepreneurs for the first time. How much respect is involved in that—and how much romance? Do you already cook together in the kitchen on Fridays?

Landsiedel: (laughs) Not every Friday yet, but we do cook together occasionally. We've known each other for years and have worked in various configurations. Nevertheless, this is a new chapter, not a "business as usual" situation. It feels liberating—no hierarchies, no endless coordination. Of course, there's a certain romance involved, but that's precisely what drives us: enthusiasm, personal responsibility, independence.

Are you also more humble because you are now responsible for everything yourself?

Landsiedel: Yes, but it feels right. We've been acting entrepreneurially for a long time, and now we're doing it consistently. We make decisions together – with clients, banks, and ourselves in mind. Our goal: to provide services of the highest quality and a working environment that suits us.

Did you never consider joining a larger company – such as LGT?

Landsiedel: We discussed joint ventures, but decided against it. Our focus is on capital management, regulation, investment access, and reporting – we're strong in those areas. Our sweet spot is independence.

What do you take with you from your time at Kontora?

Landsiedel: For a long time, Kontora was one of the best places for all of us to work – because of the people, the culture, the standards. We're taking this attitude with us: independence, curiosity, and excellence in detail.

Can you understand the sale?

Landsiedel: In part. Such decisions are complex. I understand the strategic reasons, but many people asked themselves: "Am I still part of the new structure?" That prompted some, including us, to take their own steps.

What should the new family office stand for?

Landsiedel: For independence, owner management, and the highest quality. We want to provide comprehensive support to asset owners – from structuring to reporting, as a full mandate or for individual topics.

How do you see the market and the competition?

Landsiedel: The market is changing. Alongside traditional family offices, many new family offices are emerging, often for young entrepreneurs. The Boomer generation is passing on, and the next generation is bringing their own ideas . Growth is built on relationships, trust, and time, not on volume.

Does the current banking landscape make things easier for entrepreneurs like you?

Landsiedel: Family offices aren't banks. Of course, you need banks as partners for transactions or custody, but they operate differently. Banks think in quarters, we think in generations. This long-term perspective is our advantage.

Statements from the shareholders on the founding of Landsiedel & Partner:

Henning Landsiedel , CEO: "Our independence allows us to focus our actions entirely on the interests of our clients. With an interdisciplinary team of proven experts, we pursue the goal of supporting owners of complex assets with the highest quality standards."

Ferdinand Delius , Managing Director of Family Office: "Every client and every asset is unique. Our goal is to leverage this individuality in strategic advice to our clients' advantage."

Ole Oelbüttel , Partner & Investment Management: “Our extensive experience in real estate and investment management allows us to precisely address the needs of our clients, even at the individual investment level.”

Beata Seweryn , Partner & Director of Reporting & Controlling: "We achieve quality leadership in reporting and controlling through professional expertise, digital processes, and client proximity. In short: We do what we love, and we love what we do."

Johannes Kiefer , Partner & Director of Risk Management: "Each of our specialist areas is managed independently by a proven expert. Our trusting team structure enables us to be the problem-solvers for our clients in all aspects of their assets."

Jerome Roeschke , Managing Director of Funds & Portfolio Management: “Meeting the individual needs of asset owners requires competence, speed of action and precision.”

To person:

Henning Landsiedel is the founder of the Hamburg-based multi-family office Landsiedel & Partner. Landsiedel previously served as Managing Director of Portfolio Management at Kontora Kapitalverwaltung (KVG) since July 2020.