Two more former Lord North Street heavyweights have returned to the market with a new private office.
Adam Wethered (pictured) and William Drake, who co-founded Lord North Street in 2000, have set up Owl Private Office alongside Andrew Wimble, who has been running his own investment consultancy since leaving JM Finn last May where he was a director.
Owl describes itself as an 'overarching advisory consultancy serving very wealth families and endowments'.
In a statement the firm added it had 'identified a need for a conflict-free advisory service assisting with formulation of objectives, strategies and structures that need to be defined and effected before specialist professional advisers and asset managers are appointed'.
From its base at One Smith Square in Westminster, Owl will offer a variety of services to UK and international clients. These range from helping clients assemble and coordinate a team of advisers, to setting up a dedicated single family office.
Owl will also assist clients source, appoint and 'hold to account the right professional advisers and investment managers to suit their needs'.
'Owl offers an overall ‘review of existing arrangements’ service, with a sharp eye on quality and costs on the client’s behalf,' it added.
Unlike the typical wealth charging structure, which is based on size of funds under management and advice, Owl will set charges on a flat fee basis. This will be based on the amount of work and time provided.
Wethered and Drake are latest to go it alone following Lord North Street's merger with fellow private office Sandaire in 2014.
Last year a five-strong team of former Lord North Street managers joined forces to set up a multi-family office called Wren, headed by chief executive Michael Parsons.
Commenting on the launch of Owl, Wethered said: 'Whereas previously families and trustees may have relied upon all-embracing and generalised advice from law firms and their wealth managers, there has been a continuous move towards specialisation caused by the need for deep expertise in most areas of law, tax and wealth management, encouraged by the increasing regulation of professional advice.'
He added: 'Many families do not have the time to examine and pursue their complex requirements. In our experience there is now a gaping absence in the very high end wealth advisory journey.
'We will step into this role by providing overarching advice that brings together the appropriate specialists and helps the family and advisory team think through, from a personal and practical perspective, the critical and fundamental issues which span several professional disciplines.'