A prominent Australian businessman and investor is opening his family office to outside money, reports say.

Australian investor and businessman Peter Scanlon has turned his Taverners Group family office into a concern that is open to non-family wealth, creating an entity called Hume Partners, media reports said.

The new business is an investment house and multi-family office set up to manage investments for Scanlon and other wealthy individuals and families.

The businessman ranks 65th on the latest edition of the "BRW Rich List" that was published in the Financial Review Magazine yesterday, reports said.

Hume Group is targeting other high net worth individuals and family offices with at least $20 million worth of investable funds.

Hume is led by chief executive Ross Burney, who has worked for Scanlon for five years and represents him and his family on the boards of listed companies such as Qube Holdings and Ruralco, along with chief investment officer Matt den Elzen and chief financial officer Kate Wilkie.