The MASECO Institutional discretionary fund management service is designed for the financial advisors of high net worth US citizens living in the UK and Europe and is a response to the regulatory and tax issues that prevent UK and European private client advisors taking on US persons as clients, the firm said in a statement. This service will allow advisors to outsource discretionary investment management, custody, and regulatory reporting requirements.

“The onerous tax and compliance requirements create a business risk that many firms have not wished to tackle in the past. Through our one of a kind solution, we offer our partner firms a compliant solution that allows them to focus on the client relationship and the client’s needs, while we take care of the rest,” said Kristopher Heck, head of MASECO Institutional, who has recently joined the firm from BlackRock’s iShares exchange-traded fund business.

“We are also delighted to have Kristopher join us to lead this effort going forward. He brings with him a wealth of experience in the investment management industry along with direct personal experience of the challenges an American living abroad faces,” Josh Matthews, managing partner of MASECO.