Wealth boutique Spencer Churchill Miller Private founder Alexander Spencer-Churchill has quit the venture to set up a new company, ASC London, focused on property.
In December, the wealth manager, which is now known as SCM Private transferred its property related activities to ASC London, a separate company run by Spencer-Churchill.
Former New Star CIO Alan Miller and Gina Miller will continue to focus specifically on SCM Private’s investment business.
Spencer-Churchill Miller Private (now SCM Private) launched in May 2009 offering two investment strategies using exchange traded funds.
Last year, Alan Miller publicly criticised “hidden charges” imposed by fund managers which he said can push client fees to over £10bn a year.