PE firm launches family office to manage wealth

Traditum Private Equity has launched a family office to help high net worth families take a more strategic approach to investment and tax strategies.

The new service provides a single point of contact to co-ordinate their different advisers and align their strategies.

David Mitchell, Traditum’s founder and chief executive, says the service aims to fill a gap in the market which they identified through their work with high net worth investors.

“The typical high-net-worth family has between nine and 16 advisers across a range of disciplines from investment, private banking and taxation to private client, legal and property advice,” he said.

“Our role is not to provide advice, but  to reduce the complexity, coordinate the multiple strands of advice and ensure that a single strategy is deployed. The initial feedback we have received has been very positive. Advisers appreciate having an experienced professional team to co-ordinate advice and ensure they are delivering to a single strategy, while clients get a better service from their advisers.”

As part of the service, Traditum’s Leeds-headquartered team will spend time with the family, review their existing financial plans and identify any gaps in provision. Clients are encouraged to develop a family charter – a document that sets out their values, the principles they want to follow in managing their wealth and their short, medium and long-term objectives.

Traditum can also provide guidance on some of the common issues faced by high-net-worth families, such as their choices after exiting a business, how to ‘give back’ to society through philanthropy or impact investing, and how to involve children in managing the family wealth.

The Traditum team delivering the new service includes some of the UK’s most experienced private client advisers. Trevor Sherlock, head of client services, was formerly head of private clients for EY’s UK financial services practice. George Lyall, who is director of client services, is a former partner with law firm Womble Bond Dickinson.

Sherlock said, “Managing wealth is a privilege but it is complex and can be a daunting task as decisions taken now can have an impact on future generations. Traditum’s approach is to help families develop a strategy and work with their existing advisers, trying to identify fill any gaps in provision. Ultimately the aim is to help them be true to their values and fulfil their aspirations, both now and in the future.”