Iconiq Co-Founder Boeding Starts Firm Catering to Ultra-Wealthy
(Bloomberg) — A founder of Iconiq Capital, the money manager with ties to Silicon Valley billionaires including Mark Zuckerberg, has started his own firm aimed at ultra-wealthy investors.
Epiq Capital Group, a multifamily office owned by Chad Boeding, expects to cater to “prominent senior executives, founders and early employees of high-profile companies who have a net worth in excess of $100 million,” the San Francisco-based firm said Tuesday in a statement. It will provide both investment-management and financial-planning services, according to a filing with the U.S. Securities and Exchange Commission.
Epiq will offer direct investments, but won’t create internal funds. Some rivals have criticized Iconiq for pushing its own venture capital and private equity vehicles, rather than remaining an impartial adviser. Such fee-generating practices have become a flashpoint in the high-end wealth-management industry, resulting in some clients fleeing banks that may push their own products for independent wealth managers.
“Epiq’s launch is directly related to Boeding’s intense commitment to avoiding conflicts of interest commonly found at major banks and large advisory firms,” the company said.
Iconiq, also based in San Francisco, was founded in 2011 by Divesh Makan, Boeding, Michael Anders and Will Griffith. Makan, a former Goldman Sachs Group Inc. and Morgan Stanley adviser, has described the team at Iconiq as “Mark’s family office.”
Boeding, who also earlier worked at Goldman Sachs, was listed as a partner at Iconiq as recently as April 27, according to a regulatory filing. Representatives for both firms didn’t immediately respond to questions about whether he was still associated with Iconiq.