Wealth manager targets family offices
WEALTH management firm Spencer-Churchill Miller Private (SCM Private) , run by star fund manager Alan Miller, plans to target family offices, expecting them to outsource more of their investment management.
Meetings are arranged with ten family offices, with collective assets of around £15bn, and further London presentations are planned in the first quarter of 2010.
SCM Private says feedback from family offices so far shows they are unhappy with the total cost of investments.
They believe that UK equity fund investors could be paying as much as £5.8bn in hidden annual charges which are not included in the Total Expense Ratio (TER) of their funds.
The TER does not take into account costs such as commissions, taxes and interest on borrowing.
SCM Private’s annual management fees are between 0.5 per cent and 0.75 per cent. Miller, co-founder and investment manager of SCM Private, said: “Our proposition is based on extremely competitive charges and the utmost transparency and liquidity – attractive features for many family offices.”
SCM Private was established in June 2009 to cater to wealthy clients.