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London & Capital
London & Capital was founded in 1986 as a specialist investment house for private clients with complex, cross-border financial needs. Daniel Freedman, who...
London & Capital
London & Capital was founded in 1986 as a specialist investment house for private clients with complex, cross-border financial needs. Daniel Freedman, who joined in 1999 and became CEO in 2003, reshaped the firm around an advisory model that combines discretionary portfolio management with in-house tax and legal expertise. The firm has historically attracted international clients, including US-connected families in the UK, European expatriates, and entrepreneurs with assets in multiple jurisdictions. Portfolios are constructed using external, institutional-grade fund managers across listed equities, fixed income, alternatives, and private markets. London & Capital does not manufacture its own funds; it selects third-party strategies to build multi-asset allocations tailored to individual risk profiles. The firm's investment committee, led by CIO Pau Morilla-Giner since 2016, focuses on liquidity management and drawdown mitigation—explicitly avoiding concentrated, illiquid bets. Asset-class coverage includes global equities, investment-grade and high-yield credit, absolute-return funds, and real assets such as infrastructure and property. Geographic exposure typically spans developed markets in North America, Western Europe, and Asia-Pacific, with selective emerging-market allocations. The firm manages assets for several hundred wealthy families and a smaller number of institutional mandates, including pension funds and insurance companies. Its London-based team has maintained a relatively flat structure, with portfolio managers and wealth planners collaborating directly with clients rather than through layers of relationship managers. In recent years, London & Capital has expanded its US expatriate services, deepening its capabilities in IRS-compliant reporting and cross-border trust structures to serve American families residing in Europe. London & Capital's structural differentiator lies in its refusal to sell in-house funds to its clients. As an independently owned manager without a distribution agenda, the firm sources investments entirely on an open-architecture basis, removing the conflict between product manufacturing and advisory that characterizes many wealth managers. Its deeply integrated tax team—comprising in-house accountants and former solicitors—operates alongside investment professionals, a model that makes the firm function more like a multi-family practice embedded within an asset manager.
General information
Firm type
Bank / Wealth / Trust
Year founded
1986
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Daniel Freedman
CEO
Frequently asked questions
How does London & Capital construct client portfolios?
London & Capital uses an open-architecture model, selecting external institutional fund managers rather than proprietary funds. Portfolios are built across equities, fixed income, alternatives, and real assets, with allocations tailored to each client's risk profile and liquidity needs. The firm does not manufacture any investment products internally.
Who leads investment decisions at London & Capital?
CIO Pau Morilla-Giner has led the firm's investment strategy since 2016. The investment committee oversees asset allocation and fund selection, focusing on capital preservation and mitigating drawdowns. CEO Daniel Freedman remains involved in strategic investment direction, particularly around cross-border structuring.
Does London & Capital cater to US expatriates?
Yes. A dedicated US expatriate division handles cross-border wealth management for American families living in Europe and the UK. This includes IRS-compliant portfolio construction, tax reporting, and trust planning designed to navigate both US and local tax regimes—a structurally distinct capability within the firm.
Is London & Capital an independent firm?
London & Capital is an independently owned limited company with no external parent. The firm is not affiliated with a bank, insurer, or investment platform, and its equity is held by its partners and senior management. This ownership structure enables the open-architecture approach without distribution pressure from an in-house product suite.
Does London & Capital provide tax or legal advice alongside investment management?
Yes. The firm employs in-house tax professionals, including accountants and former solicitors, who work directly with portfolio managers. This integrated advisory covers international estate planning, cross-border trusts, and multi-jurisdictional tax compliance—functioning as an internal specialist team rather than an outsourced service.
What is the firm's approach to alternative investments?
London & Capital includes alternative strategies such as absolute-return funds, private markets, and real assets within multi-asset portfolios, but prioritizes liquidity and transparency over illiquid, closed-end structures. The firm avoids concentrated private equity or venture capital commitments as a core allocation, maintaining a conservative posture toward illiquidity risk.
What sets London & Capital apart from a traditional wealth manager?
Its structural refusal to manufacture or distribute in-house products removes a core conflict of interest common among wealth managers. Combined with an in-house cross-border tax team and a focus on internationally mobile families, the firm operates as a blend of asset manager and multi-family advisory practice—unusual for an independently owned UK manager of its scale.
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