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Family office backed by fund and bank titans to restructure

Family office backed by fund and bank titans to restructure

Artorius Wealth, the multi-family office backed by banking and fund management titans, including ex-Credit Suisse UK CEO James Leigh-Pemberton and Janus Henderson’s Andrew Formica, is restructuring its business.

The company, which had separate London and Manchester entities that have been operating as appointed representatives, will bring them together under the Artorius Wealth Management brand in order to simplify its structure.

The company is in the process of finalising the transfer of clients from Artorius Wealth Manchester and Artorius Wealth London. Following this, the two businesses will be liquidated, according to its results for the year to 30 April 2017, published earlier this month.

Artorius Wealth is a growing business founded by James Phillips and the late Richard Algar, both Credit Suisse alumni, back in 2015.

Now headed by former Stonehage Fleming partner Ian Marsh (pictured), the business boasts a long list of shareholders. Aside from the directors and other staff at Artorius, it also has a number of backers from other financial services firms.

These include a number of directors from Praetura Asset Finance, including Michael Fletcher and David Foreman, and property investor Caspar Macdonald-Hall.

In its full year results, the firm reported turnover of £2.1 million, up from £915,000 in 2016. While the majority of this was from advisory and transactional fees, at £1.18 million, discretionary management fees also contributed £423,000.

Despite a narrowing of losses, the company still posted a £2.4 million loss, down from £3.8 million the previous year. The company has £4.3 million cash in the bank.

The company stated that it ‘deliberately focuses on a relatively small client base so that it can maintain its service level’. It has a total of 24 employees and has offices in London, Manchester and Zurich.

The directors highlighted Brexit as a risk for the business in the results, saying: ‘There is a risk that Brexit has a detrimental effect on the group, either by restricting its regulatory passporting permissions, or by causing economic volatility that affects the valuation of client portfolios as set out above.

‘However, the directors view Brexit as an opportunity for the group to support new clients who seek high quality wealth management services, as provided by the group, to assist them in navigating their financial plans through this unprecedented period of uncertainty.’

Artorius was contacted for comment. 

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