The firm, which is opening with 48 staff, says that no outside private equity capital has been involved.

Latigo Peak Partners, a new independent wealth management firm serving ultra-high net worth individuals and families, has launched with about $18.6 billion in AuM and a team of 48. The firm is founder-owned and self-funded. It made a point that no outside private equity investment is involved.

Founders Phil Scott and Jim Atwood previously led two of the largest wealth management practices within JP Morgan Advisors, the wealth management arm of JP Morgan. Over the past six years, the pair grew their combined revenue from $34 million to more than $130 million.

The firm is headquartered in Palm Beach Gardens, Florida, with operational hubs in Bellevue, Washington, and Boston, and a field office in Los Angeles. It will use a multi-custodial structure, with Charles Schwab and BNY Pershing providing custody and lending. Fusion Financial Partners advised on the design and launch of the RIA.

Latigo Peak will build customized portfolios around each client’s income requirements, risk tolerance, liquidity needs and long-term objectives, with an emphasis on public equities and fundamental analysis. It also offers family office services covering estate and wealth planning, gifting, philanthropy and next-generation education.