The service has been run for some time but today was the official roll-out. It will be headed by Iain Tait, partner at London & Capital. The PIO has been created by merging the firm’s specialist investment team - which focused primarily on special investment mandates for the firm’s largest clients - and the UHNW client team, under Tait’s leadership.

The newly constructed team now includes three senior client-facing wealth managers, two portfolio managers and a specially designated investment team for each PIO client, with access to the firm’s chief investment officer, chief economist and the heads of individual asset classes.

While the service has certain distinguishing features – it aims to primarily cater to financial industry professionals – it is part of a trend of wealth management firms and banks rolling out private investment offices for clients who do not want the full cost of their own stand-alone offices. L&C says that as the firm is not a bank, this gives its offering a high degree of independence.

“As an individual’s wealth increases, so too does the complexity associated with the management of their financial affairs. Over time individuals can find themselves invested in a plethora of structures, which have become inefficient and unwieldy, and are lacking any strategic oversight. They have often outgrown their wealth manager, but they are for the most part still accumulating wealth – so a full family office structure is rarely a practical consideration,” Tait said.

The new venture is designed to bolster the firm’s status as a sizeable player with a “boutique”, specialist appeal. L&C was founded in 1986 and now oversees a total of $3.3 billion of client money (as at 31 December). Among its characteristics is its services for US-based and expat US clients - L&C is a licensed organisation by the US Securities and Exchange Commission. Headquartered in London, it employs 80 people with a subsidiary, London & Capital Asia, based from Hong Kong.