What London & Capital does

London & Capital is a UK-headquartered private wealth and investment management firm founded in 1986 in London, historically managing approximately US$3.5 billion in discretionary assets for high-net-worth individuals, families, and institutional clients. Its core proposition is active, direct, multi-asset portfolio construction spanning equities, fixed income, alternatives, and multi-asset solutions, with a stated emphasis on cost transparency achieved by investing directly in securities rather than through third-party fund wrappers. The firm held regulatory registrations with the FCA (UK), SEC (US), and CNMV (Spain), enabling it to serve US-connected and European clients with complex cross-border wealth structures.

In February 2024, London & Capital — previously part of LMP (Lansdowne Partners) — merged with Waverton Investment Management, combining into a single wealth and investment management platform branded as W1M (Wealth Management Limited). The post-merger entity reports approximately £24.4 billion in assets under management, around 370 employees, and 5 global offices in London, Edinburgh, Glasgow, Barcelona, and Barbados. The combined platform continues to operate three distribution channels — Individuals & Families, Financial Advisers, and Institutional Investors (insurers, charities, non-profits) — and retains a relationship-led service model with a co-founder (Daniel Freedman) remaining in a managing-director role.

The revenue model is a conventional discretionary asset-management model, generating fees calculated as a percentage of AUM with likely tiering by relationship size, asset mix, and service complexity; no technology product, mobile app, public API, or disclosed pricing schedule is referenced in the available data, indicating the business operates as a traditional advice-led wealth manager rather than a digital or platform-led fintech. The acquisition and merger are documented in a single primary source dated 2024-02-29, and the firm is currently classed as acquired/merged.

Name

London & Capital

Website

https://londonandcapital.com

Company type

Private

Founded year

1986

Operating status

Acquired

Headcount range

101–250 employees

Short description

London & Capital is a London-based private wealth and investment management firm managing ~US$3.5B in discretionary AUM for HNW individuals, families, advisers, and institutions. In February 2024, it merged with Waverton Investment Management to form the W1M platform.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Core offering

London & Capital is a private wealth and investment management firm providing discretionary and advised portfolio management across equities, fixed income, alternatives and multi-asset strategies. It serves high-net-worth individuals and families, financial advisers, and institutional investors in the UK, US, Europe and beyond, implementing portfolios predominantly through direct securities rather than third-party funds. The firm is registered with the FCA, SEC and CNMV and supports cross-border, including US-connected, client mandates.

Product overview

Based on available sources, London & Capital is described as an investment management firm that has merged with Waverton Investment Management. The merger involves two investment management firms, with the specific strategic or financial implications not detailed in the article.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Management for Individuals & Families Discretionary and advised wealth management service for high-net-worth individuals and families in the UK, US, Europe and beyond, focused on growing and preserving wealth, wealth structuring and tax-aware investment solutions.
• Adviser Services (Financial Adviser Solutions) Investment solutions and support for financial advisers, including resources, technology and reporting to reduce administration and support positive outcomes for adviser firms' underlying clients.
• Institutional Investment Solutions Investment management services for institutional clients including asset allocators, insurers, charities and non-profits, providing a range of investment solutions across asset classes and risk profiles.
• Equities Investment Service Active global equities investment capability, part of the firm's 'Global, Active, Direct' multi-asset offering.
• Fixed Income Investment Service Fixed income investment capability spanning global bond and credit markets, delivered within the firm's direct, active investment approach.
• Alternatives Investment Service Alternative asset class investment capability offered alongside equities and fixed income within the firm's multi-asset framework.
• Multi-Asset Portfolio Solutions Multi-asset portfolio solutions combining equities, fixed income and alternatives, applied across private client, adviser and institutional mandates.
• Responsible Investment Offering Responsible investment approach integrated into the firm's investment process across asset classes.

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Waverton Investment ManagementunclearStrategic or Co-development Partner · 29 February 2024LMP's London & Capital has merged with Waverton Investment Management. This represents a strategic merger between two investment management firms. The specific strategic or financial implications of the merger are not detailed in available sources.

Recent moves5 records

Expansion highlights5 records

Direct peers

• Rathbones Group: Rathbones is one of the UK's largest discretionary wealth managers serving individuals, advisers, and institutions; closest direct competitor to W1M by client mix, model portfolio offering, and UK private wealth focus.
• Brooks Macdonald: Brooks Macdonald provides discretionary investment management and financial planning to UK private clients, intermediaries, and institutions; comparable AUM scale and multi-channel distribution to W1M.
• Evelyn Partners: Evelyn Partners is a UK wealth manager and professional services firm serving HNW individuals, families and advisers with discretionary and advisory portfolio management; direct overlap with W1M's client segments and DFM proposition.
• EFG Private Bank (UK): EFG's UK private bank offers discretionary wealth management, investment advisory and family office services to international HNW clients with UK footprints — comparable to W1M's expat and US-connected client capability.
• Brown Shipley: Brown Shipley is a UK private bank and discretionary wealth manager (Quintet group) serving HNW clients across investments, banking and financial planning; direct competitor with similar client segments and London headquarters.
• Quilter Cheviot: Quilter Cheviot is the UK private wealth arm of Quilter plc offering discretionary portfolio management to HNW individuals, families, and charities — a like-for-like comparison to W1M's UK domestic wealth business.
• Close Brothers Asset Management: Close Brothers Asset Management provides discretionary portfolio management to UK private clients, intermediaries and charities — comparable AUM scale and DFM-adjacent proposition to W1M.
• Cazenove Capital (Schroders Wealth): Cazenove is the UK wealth division of Schroders providing discretionary and advisory private client investment management to HNW individuals, families, and charities — closely comparable to W1M's UK wealth practice.

Broad incumbents

• St. James's Place: St. James's Place is the largest UK wealth manager by AUM, operating a partner-adviser distribution model for HNW private clients; broader incumbent with overlapping client base and discretionary mandates.

Emerging players

• Vanguard Personal Investor / Index-Adjacent Wealth Platforms: Low-cost passive and advisor-led platforms represent the secular competition to discretionary active wealth managers; relevant comparator for the fee/discretionary mix W1M competes against for cost-conscious HNW flows.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about London & Capital