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Wealth manager targets family offices

WEALTH management firm Spencer-Churchill Miller Private (SCM Private) , run by star fund manager Alan Miller, plans to target family offices, expecting them to outsource more of their investment management.<br /><br />Meetings are arranged with ten family offices, with collective assets of around &pound;15bn, and further London presentations are planned in the first quarter of 2010.<br /><br />SCM Private says feedback from family offices so far shows they are unhappy with the total cost of investments. <br /><br />They believe that UK equity fund investors could be paying as much as &pound;5.8bn in hidden annual charges which are not included in the Total Expense Ratio (TER) of their funds.<br /><br />The TER does not take into account costs such as commissions, taxes and interest on borrowing.<br /><br />SCM Private&rsquo;s annual management fees are between 0.5 per cent and 0.75 per cent. Miller, co-founder and investment manager of SCM Private, said: &ldquo;Our proposition is based on extremely competitive charges and the utmost transparency and liquidity &ndash; attractive features for many family offices.&rdquo;<br /><br />SCM Private was established in June 2009 to cater to wealthy clients.