Manchester-based independent wealth manager Dewhurst Torevell is to open a family office service aimed at clients with investable assets of between £10 million and £100 million, according to Crain’s Manchester Business.

And according to the firm’s chairman Alan Torevell the newly-launched service is unique in the north of England.

“There are a few firms in London that specialise in it, and they tend to concentrate in Mayfair,” he said. “The market for family offices is more developed in the US and in Europe - particularly Germany,” Mr Torevell told the publication.

Mr Torevell sold a previous financial advisory company to venture capital firm Granville in the mid-1990s, but left with co-directors Chris Little and Philip Dewhurst in 1997 to set up Dewhurst Torevell. The fourth director is Mr Torevell's son, Martin, who was previously an accountant at Arthur Andersen, according to Crain’s.

The firm made a profit of £207,000 ($327,000) on income of £3.5 million in the year to June 2008 and has around £800 million in assets under management.