Following the Lehman Brothers collapse, Iain Tait was one of the first to notice a gap in the market: UHNWs wanted a family-officelike service without the cost and administrative burden associated with running a private advisory firm. In response, he set up London & Capital’s Private Investment Office division, which focuses on 75 of the firm’s wealthiest and most complicated clients, including many resident non-doms. He says that the regulatory difficulties wealth managers face in signing clients up has ‘gone from being fiddly to having an impact on business’. Tait personally manages around 25 of the unit’s clients. He speaks of a ‘challenging’ investment environment in 2017.