UK-based independent wealth management firm, London & Capital, has opened a new private investment office division.
Headed by L&C partner Iain Tait, the new office will target individuals who require a wealth management service more comparable with a family office but do not want to incur the expense or administrative burden associated with setting up a dedicated family office.
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L&C said, the new service will be priced at 50-100 basis points of assets under management on average, and will target primarily, but not exclusively, financial services clients, particularly hedge fund managers and investment bankers.
The private investment office has been created by merging L&C’s specialist investment team and ultra high net worth (UHNW) client team, under the leadership of Tait.
Tait said: "As an individual’s wealth increases, so does the complexity associated with the management of their financial affairs. Over time individuals can find themselves invested in a plethora of structures, which have become inefficient and unwieldy, and are lacking any strategic oversight.
"They have often outgrown their wealth manager, but they are for the most part still accumulating wealth – so a full family office structure is rarely a practical consideration. It is with this group of clients in mind that we have established the new private investment office."
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