A new group of advisors to families is springing up across the EU, according to Nick Ring, chief executive of Northern Trust’s Wealth Management business for EMEA.

These advisors specialise in working with a small number of families, who have decided not to have their own dedicated family office.

The trend in the UK market for families to use external advisors and asset managers mirrors that which has been seen in Switzerland over the last few years. There, individual asset managers typically leave their employment in one of the large institutions and set up on their own, managing clients’ money brought in from the previous employer.

The rationale behind the trend is that these talented advisory asset managers want to build lasting relationships with their clients offering advice on a whole investment allocation providing a broad range of asset classes. They are putting their energy into their strengths and what they do best - managing assets. In the past they have often looked to the former employer to provide the support - for custody, accounting and compliance - that is critical for their success.

According to Mr Ring, this group of advisors is growing. But rather than choosing support from their old employer they are looking further afield to specialist providers who understand the ultimate client base, something Northern Trust, amongst a few other specialist service providers, has benefited from.

“You’d be amazed at how many new multi-family offices are springing up across Europe. For us this presents a new opportunity to share our knowledge and expertise in supporting families. The advisors we work with appreciate our experience in servicing family assets and are keen to explore how an established global one-stop shop can augment their offering to the ultimate client,” Mr Ring told WealthBriefing.

Although the concept of the multi-family office has been around for a while, there have been relatively few examples in the UK most notably with Lord North Street, Sand Aire and Stanhope Capital.