Alexander Spencer-Churchill has parted with the wealth management firm which he co-founded with Alan Miller, the former chief investment officer of New Star Asset Management, The Telegraph reports.

Spencer-Churchill Miller Private, which was launched in May of last year, was recently renamed as SCM Private, apparently to reflect the split. According to the report, Spencer-Churchill has set up a property business called ASC Private.

Gina Miller, wife of Alan, was quoted by the publication as having said that there was no disagreement behind Spencer-Churchill’s decision and that he is still helping with the firm’s charitable work.

At its launch, what is now SCM Private positioned itself as a low cost wealth management company which would build portfolios entirely from exchange-traded funds, operating with an annual management charge of 0.75 per cent and a performance fee of 5 per cent.

The firm had not responded to enquiries from WealthBriefing on the matter at the time of publication.