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London & Capital
Founded in 1986 by Richard Leigh and the late Daniel Freedman, London & Capital originated from their financial-services expertise and grew into a...
London & Capital
Founded in 1986 by Richard Leigh and the late Daniel Freedman, London & Capital originated from their financial-services expertise and grew into a multi-family office serving high-net-worth families, charities, and insurance institutions. The firm is now the core of W1M, a combined entity created through a 2024 merger with Waverton Investment Management that is majority-controlled by Lovell Minnick Partners (per Altss research, 2022 acquisition). Freedman's legacy continues through The Daniel Freedman Foundation. London & Capital takes a direct, active approach across equities, fixed income, and a broad alternatives sleeve that spans real estate, infrastructure, hedge funds, commodities, and private credit. The firm holds a dedicated European commercial real estate strategy alongside direct property positions that include a Sainsbury's Local in Tunbridge Wells and a stake in mixed-use assets via Apache Capital Partners. Its alternatives book also contains a Bitcoin ETF allocation and commodity exposure, operating across eight geographic regions that include Europe, North America, Asia, and Africa. Deployment stands at an estimated $32.6 billion (Altss estimate) and the firm maintains investment operations from five offices in London, Edinburgh, Glasgow, Barcelona, and Barbados. The 2024 merger with Waverton created W1M, with Somers Limited joining Lovell Minnick as a significant co-shareholder in the combined entity. London & Capital is registered with the FCA, SEC, and CNMV, and it participates in industry networks such as INREV, AARO for Americans resident overseas, and the 10,000 Black Interns Programme. London & Capital's structure differs from a pure single-family office in its dual model: it operates as a multi-family outsourced-CIO alongside a significant institutional insurance and charity book, all under majority private-equity ownership. That hybrid ownership — a Lovell Minnick-controlled holding company since 2022 — places it outside the typical single-family control model and aligns its governance with a PE-backed consolidation thesis for multi-family asset management.
General information
Firm type
Multi Family Office
Year founded
1986
AUM
~$32.6B (Altss estimate)
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Additional offices
Edinburgh, Scotland · Glasgow, Scotland · Barcelona, Spain · Barbados, Caribbean
Principals
Richard Leigh
Co-founder and Managing Director
Daniel Freedman
Late co-founder and Managing Director
Sector focus
Frequently asked questions
Who holds ultimate ownership of London & Capital today?
Since 2022, Lovell Minnick Partners has held a 53.5% majority stake in Sabrina Topco Limited, the holding company for London & Capital. Following the 2024 merger with Waverton Investment Management to form W1M, Lovell Minnick remains the controlling shareholder, with Somers Limited also holding a significant minority position.
Does London & Capital invest directly or through third-party funds?
The firm emphasizes direct investment across all asset classes. Its public materials state portfolios are predominantly directly invested rather than through third-party funds, and its alternatives activity confirms direct positions — for example, a physical commercial property at a Sainsbury's Local in Tunbridge Wells, limited-partner interests via Apache Capital Partners, and a Bitcoin ETF holding.
What alternative asset classes does London & Capital cover?
Alternatives coverage spans real estate, infrastructure, hedge funds, commodities, private credit, and secondaries. The firm runs a dedicated European commercial real estate strategy, carries a Bitcoin ETF on its book, and maintains commodity exposure. Its research record also tags buyout, natural resources, and venture as strategies under consideration.
Which regulatory bodies oversee London & Capital?
The firm is registered with the UK Financial Conduct Authority, the US Securities and Exchange Commission, and Spain's Comisión Nacional del Mercado de Valores. This triple registration supports its specialization in cross-border families, including US-connected clients.
How does London & Capital handle US-connected families?
US-connected clients are a core specialization: the firm's own website highlights decades of experience with cross-border families, it holds SEC registration, and its team participates in the Association of Americans Resident Overseas network. The Barbados office provides an additional offshore structuring node for these families.
What philanthropic structures are associated with the firm?
The Daniel Freedman Foundation carries forward the legacy of late co-founder Daniel Freedman. The firm also participates in the 10,000 Black Interns Programme, a diversity and inclusion initiative that places Black students in paid internships across asset management.
What was the rationale behind the 2024 Waverton merger?
The merger created W1M with combined scale, an expanded investment team, and continuity under Lovell Minnick's PE-backed consolidation model. The transaction brought Somers Limited in as a co-investor alongside the majority sponsor, signaling a buy-and-build thesis in European multi-family and institutional asset management.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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