James Hambro & Partners has become the latest UK wealth management firm to set its sights on US clients, after it was granted authorisation by the Securities & Exchange Commission (SEC).
“Anxiety around the political situation in the US means more and more wealthy US individuals are challenging the traditional home bias and looking overseas for wealth management but there are very few firms in the UK who can credibly do this,” said Andy Steel, chief executive. “Several of those who can are actually giving up their SEC registration because they are concerned about the regulatory burden but we have a strong compliance culture and a clear focus on what’s best for the client. We’ve done our homework and we clearly understand the SEC compliance process”
While some firms may be turning their backs on US citizens James Hambro & Partners is not alone in seeing an opportunity in this market. Maseco Private Wealth was established in 2008 as a London-based specialist firm only focused on US clients. Other wealth management firms that have taken the same route as James Hambro & Partners and set up specialist divisions include LGT Vestra and London & Capital.
James Hambro & Partners recently appointed William Francklin from Waverton. The firm describes Mr Francklin as “US specialist with a long history of managing assets for American investors”.
“I’m meeting lots of families who are interested in using our service, particularly on the West Coast where so many disruptive technologies are emerging and where a staggering amount of wealth is being created,” he said. “Many wealthy American families have offshore trusts and require a non-US money manager or at least one based outside of the US to run these. Other family offices do it purely for investment reasons – they want to diversify outside of the US and there’s enormous appeal in having an expert manager they can trust who is based in Europe like JH&P.”
Established in 2010, James Hambro & Partners manages and advises over £2.5 billion of assets from private individuals, financial advisers, charities and trusts.