The launch of Latigo Peak Partners signals a significant shift in the ultra-high-net-worth wealth management landscape as top-tier institutional talent moves toward total autonomy. By spinning out from J.P. Morgan Advisors, founders Phil Scott and Jim Atwood are establishing an independent, self-funded firm that manages approximately $18.6 billion in assets. This move seeks to decouple sophisticated investment rigor from the constraints of large-scale institutional frameworks, prioritizing long-term family stewardship over the transaction-oriented horizons often dictated by private equity-backed competitors.
Latigo Peak’s $18.6 Billion Institutional Spin-out
Latigo Peak Partners is entering the market with a substantial scale that positions it among the largest independent wealth management firms in the United States. The firm is launching with a team of 48 professionals and approximately $18.6 billion in assets under management. This scale is underpinned by the recent performance of its founders, Phil Scott and Jim Atwood, who previously managed two of the largest wealth management practices within J.P. Morgan Advisors. Over a six-year period, Scott and Atwood grew their combined revenue from $34 million to over $130 million. Headquartered in Palm Beach Gardens, Fla., the firm is also establishing operational hubs in Bellevue, Wash., and Boston, Mass., alongside a field office in Los Angeles, Calif. To support its infrastructure, Latigo Peak is implementing a multi-custodial model, utilizing Charles Schwab and BNY Pershing for its custody and lending requirements.
Strategic Independence from Private Equity Capital
The firm is positioning its self-funded, founder-owned structure as a primary competitive differentiator against the growing trend of private equity consolidation in the RIA space. By eschewing outside capital, Latigo Peak aims to avoid the predetermined investment horizons and exit-driven mandates that often characterize private equity-backed wealth management models. The founders are testing whether a model centered on "family capital" can provide more stable, long-term stewardship for ultra-high-net-worth clients. This approach emphasizes fundamental investment judgment and public equity investing, allowing advisors to form independent views rather than adhering to standardized institutional products. The firm's design, supported by strategic advisor Fusion Financial Partners, is intended to provide the flexibility required to manage complex needs, including estate planning, philanthropic strategies, and multi-generational education, without the pressure of satisfying external institutional investors.
Key Takeaways
- Latigo Peak launches with approximately $18.6 billion in assets under management and a team of 48 professionals.
- Founders Phil Scott and Jim Atwood transitioned from J.P. Morgan Advisors, where they grew revenue from $34 million to over $130 million.
- The firm operates as a self-funded, founder-owned entity using a multi-custodial structure with Charles Schwab and BNY Pershing.
FinanceInsyte's Take
In our view, the launch of Latigo Peak is a calculated strike against the "institutionalization" of independent wealth management. While much of the sector is being absorbed by private equity firms seeking rapid scale and eventual exits, Scott and Atwood are betting that ultra-high-net-worth clients value the absence of an exit horizon. By bringing $18.6 billion in assets into a self-funded model, they are proving that significant scale can exist without sacrificing the autonomy required for bespoke family-office services. This move suggests a growing appetite among elite advisors for models that prioritize long-term fiduciary alignment over the aggressive growth mandates of private equity backers.
Questions & Answers
How does Latigo Peak's capital structure impact its long-term strategic objectives?
The firm is entirely founder-owned and self-funded, meaning it operates without outside private equity capital. This structure is intended to allow the firm to make decisions based on long-term client interests rather than the predetermined investment horizons or transaction requirements typical of private equity-backed firms.
What is the scale of the revenue and assets being transitioned to this new firm?
The firm is launching with approximately $18.6 billion in assets under management. The founders, Phil Scott and Jim Atwood, previously grew their combined revenue from $34 million to over $130 million during their tenure at J.P. Morgan Advisors.
Which financial institutions will provide the necessary custodial infrastructure?
Latigo Peak is utilizing a multi-custodial structure, specifically selecting Charles Schwab and BNY Pershing to provide its custody and lending solutions.
What specific service capabilities is the firm offering to ultra-high-net-worth clients?
Beyond customized portfolio construction and public equity investing, the firm provides family-office capabilities including estate and wealth planning, gifting, philanthropic strategies, and education for future generations.
Source: Latigo Peak
