Australian entrepreneur Peter Scanlon, who made his wealth in the logistics and aviation industries, is opening up his family office to new families.
Scanlon, 70, told Australian business website BRW that the existing team will continue at the new company, which will be known as Hume Partners, and will target individuals or families with more than AUS$20 million of investible funds.
The former chairman of Patrick Group, a publicly-listed company that was absorbed by Toll Holdings in 2006, will act as the multi family office’s foundation client. His estimated wealth is AUS$777 million.
The Scanlon Foundation, which promotes diversity in business and social cohesion, will continue to be run by the family office, which has previously operated under the name Taverners Group.
Scanlon has placed $75 million in the foundation, and said he was inspired to establish it by the “courageous” immigrants he saw making new lives for themselves in Australia in the aftermath of the Second World War.
Scanlon’s son Brady is an executive director and member of the investment committee at his family office. Other key executives in the firm include CEO Ross Burney, chief financial officer Kate Wilkie, and chief investment officer Matt den Elzen.
Under their watch, Taverners has seen compounded annual returns of more than 10%, according to BRW, through investments in property, equities, fixed income, direct lending, ETFs and private equity.