Affinity Private Wealth offers fee reduction for early joiners

New Jersey-based boutique Affinity Private Wealth is seeking to attract new clients with an early joiner charging structure and is planning to reduce fees once it reaches the £200 million asset mark.

The firm, which was set up by a senior team from Fairbairn Private Bank back in October, is offering its first 25 discretionary clients a reduced fee of 0.85% of funds under management. This contrasts with their normal rate of 0.95%.

In addition, managing director David Stearn said the team plans to reduce all client fees down to 0.85% once the firm surpasses the £200 million asset level. ‘When we get over £200 million we will reduce everyone’s fee down to 85 basis points, so there is a community benefit for all our clients for our success,’ Stearn said.

Earlier this month, the firm bolstered its team with the hires of Sean Crisp from Citco, who joined as a director in the trust team and compliance director, and ex-Goldman Sachs investment manager Belen Santamaria.

Alongside Stearn, the boutique’s 12-strong team also includes former Fairbairn’s chief investment officer Russell Waite and Justin Thomas, the former managing director of Fairbairn Trust Limited.