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Facebook and LinkedIn Creators' MFO Co-Founder Leaves to Launch Competing Firm

By Garrett Keyes May 21, 2018

An ICONIQ Capital co-founder has broken away and started a rival multifamily office to compete for the same high net worth demographic.

EPIQ Capital Group, launched by Chad Boeding, co-founder/partner of ICONIQ Capital and a Goldman Sachs alum, will cater to prominent senior executives, founders, and early employees of companies with net worths greater than $100 million, according to a press release from the company. This is the same clientele targeted by Boeding’s previous firm, ICONIQ, whose known clients included Facebook founder Mark Zuckerberg and LinkedIn cofounder Reid Hoffman.

EPIQ’s launch was made in direct response to Boeding’s commitment to avoiding conflicts of interest present at major banks and wealth management firms, the release states. An April ADV form for ICONIQ Capital, which shows the firm managing $31.9 billion in client assets, reveals in addition to offering investment advice, ICONIQ is also a sponsor, general partner, or managing member (or equivalent) of pooled investment vehicles. But ICONIQ has received criticism from rivals in the past for recommending its own funds instead of staying impartial, Bloomberg reports.

EPIQ, however, claims it is committed to serving as a fiduciary and will “never sell proprietary products [or] have its own internal funds,” instead opting to offer direct investments and third-party options, the press release states.

With more and more firms entering the high-net worth advice space and evolving client views of fiduciaries, EPIQ seems to want to distinguish itself in the field by highlighting its fiduciary responsibilities.

EPIQ could not be reached and ICONIQ declined to comment.