VC firm Andreessen Horowitz (a16z) may be looking to expand its services by managing the finances of startups it invests in.

According to Bloomberg, the company recently hired Michel Del Buono as chief investment officer. His duties will include overseeing a range of wealth-management services.

Providing wealth-management services could be a highly profitable business for the firm. Companies usually charge 1% of a client’s assets, with profits reaching as high as 50%.

While a16z did confirm Del Buono’s hiring to Bloomberg, it declined to comment on any future business plans.