Multi-family office Shelterwood Financial Services has broken away from the Huber family after the family decided to exit the multi-family office business and instead run its own single-family office, according to emii.com, part of Euromoney.

The MFO was set up by engineering materials firm JM Huber Corp in 2004, the publication said.

“JM Huber Corp has decided to concentrate its time and resources on its core businesses and the single-family office now serving the Huber family,” the publication quoted a spokesperson as saying. Shelterwood officials declined to comment, it said.

Shelterwood’s executive management team, led by chief executive Bill Rankin, is reportedly seeking to transition ownership of the firm to a new group of co-sponsoring families or strategic partners and is hoping to complete this by year-end.