Private client wealth manager to expand business in Latin and north america and the caribbean with focus on fund management
Private client wealth managers and fund managers London and Capital has opened its first US office. London and Capital, which was established in 1986, said the Miami base has been established so that the company could continue to grow new business from Latin America, the Caribbean and North America, where assets have increased by more than 40% over the past year.
Daniel Freedman, group managing director of London and Capital, said the North America business is focused on fund management. According to Freedman, the firm manages seven funds and plans to add to the range this year.
"The US market is beginning to appreciate an absolute style of investment management," he said. "In the long term, our plan is to significantly increase our funds under management attributable to North America. The time is now right to manage these relationships on this side of the Atlantic."
He added that demand from Latin America and the Caribbean has been largely for wealth preservation which led naturally to absolute return investments within set risk and reward parameters.
The Miami office will initially be managed by investment director Tony McLoughlin and executive director William Dalziel, who has been recruited from Zurich Financial Services to be responsible for London and Capital's clients in the Caribbean and Latin America. During his 11 years at Zurich, he was director for international life business in Latin America and then distribution development director. He has been based in Miami for five years.
McLoughlin oversees investment strategy across London and Capital and its investment strategy team. He works with international tax attorneys and estate planners for wealthy private clients.
This is the latest stage in London and Capital's expansion in the offshore market. Last year, it acquired Isle of Man-based BoE Life International to offer tax efficient insurance products to professional advisers, including lawyers, accountants, private banks, trust companies and financial advisers.
Freedman said it bought BoE for an undisclosed sum to have more control over the administration and management of life policies. London and Capital took over around 1,000 policies and a with-profits fund with £50m in assets. Freedman said it would close the with-profits fund and offer investors a unit-linked alternative.
He added that London and Capital had £550m invested in life insurance products at the time, primarily with Axa Isle of Man and Friends Provident International. He said these assets were transferred to BoE Life, which was renamed London and Capital Life.
Paul Massey, who was general manager of Clerical Medical International until December 2003, was appointed managing director. The administration of London and Capital Life was outsourced to Marlborough Sterling.
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