Top Recommended UHNW Wealth Managers
Following the collapse of Lehman Brothers, Iain Tait was one of the first to notice a gap in the market: many UHNWs wanted a family-office-like service without the cost and administrative burden associated with running a private advisory firm. In response, he set up London & Capital’s Private Investment Office division, which focuses on 75 of the firm’s wealthiest and most complicated clients, including many res non-doms.
Tait speaks of a ‘challenging’ investment environment in 2017. He says the regulatory difficulties wealth managers face in signing clients up has ‘gone from being fiddly to having an impact on business’. He laments the time spent conferring with lawyers and accountants on restructuring instead of focusing on the meat and bones of discretionary wealth management. ‘We’re kind of in the twilight zone again – it’s been very frustrating.’
Tait personally manages around 25 of the unit’s clients, many of whom have given him a mandate across all their assets. Indeed, the likeable and forthright South African, who ran his own wealth management firm before joining London & Capital in 2006, is seen by the board of directors as a future head of the business.