Lord North Street to open office in Switzerland
Lord North Street, a Private Investment Office managing the assets of wealthy families and charities with substantial endowments, is to extend its International Private Investment Office Network to Switzerland.
A newly formed Swiss-based Private Investment Office will be run by Sonia de Luca and Fabio Blom, and will be subject to authorisation by the Swiss regulator. Investment research and other services will be provided from London by Lord North Street Limited.
de Luca, who joined after 13 years at J.P. Morgan Private Banking, will be appointed as a director of Lord North Street Limited and “play an important part in the management team” building the business. Blom has for the last six years been responsible for strategic asset allocation and management at a single family office. His previous experience covered various investment management roles at Credit Suisse and prior to that at JP Morgan Private Bank.
The Private Investment Office concept, pioneered by Lord North Street in London in 2000, has taken root in the family office and endowment world. A Private Investment Office manages the investments of very wealthy families and endowments and sits on the clients’ side of the table in negotiations with asset managers and banks.
It has no product to sell, does not benefit from pushing any solution over another and gives any rebates and commissions to the clients. In this way, it acts as an outsourced investment office for its clients.
Lord North Street’s international network includes MdF Family Partners, based in Madrid and Barcelona, and MdF Private Investment Office, with its presence in Latin America. All members of the Network subscribe to the Private Investment Office principles which ensure they avoid the conflicts of interest.
The firm is director-owned, unlike a family office or even most multi-family offices which generally has a dominant, owning family. It has no in-house products; searches for the best managers of individual asset classes for clients; advises families and endowments on appropriate asset allocation with no bias; charges competitive transparent fees and takes no retrocessions.
The firm said it continues to manage its affairs free of any growth imperative for the business which might otherwise be detrimental to the servicing of clients”.