Law firm Mishcon de Reya is the latest group to launch a UK wealth business.
Mischon, which was founded by Victor Mischon in a one-room office Brixton in 1937, has established Mayfair Private in conjunction with wealth firm Opus Private
In a statement the firm said Mayfair Private will aim to meet the complex needs of wealthy individuals, families and their private client offices.
It will offer services ranging from family governance, family office advisory, wealth protection, philanthropic structuring, along with sourcing and protecting lifestyle assets and bespoke concierge services. The business will not offer investment, asset, treasury or portfolio management services.
Mishcon de Reya managing partner Kevin Gold (pictured) explained why the firm is well placed to take advantage of the wealth opportunity.
'Years of experience advising clients on their business and personal matters has helped us understand that families really are the most complex organisations in the world,' he said.
'We have a reputation of fiercely guarding our clients' interests through the specialist legal advice we provide but we have become increasingly aware of a gap in the wider service offering for them.'
Mayfair services will offered through offices in London, Guernsey and Dubai.
The launch increases the competition in the London wealth market, which last week saw US giant Meketa Investment Group establish an investment proposition.