For years, shipping magnate John Fredriksen ran his family office from London’s affluent Chelsea district. Recently, however, the 81-year-old shifted to far more modest offices above a post office in the City’s Eastcheap area, closer to where his operating businesses are overseen. Around the same time, at least two senior figures at Seatankers, the firm managing his fortune, stepped down from UK leadership roles.
The changes reflect a broader reassessment underway among the ultra-wealthy following the UK’s tax overhaul last year. While family offices had largely held their ground compared with individual relocations, new signs suggest this resilience is weakening. A review of corporate filings shows several family offices scaling back UK operations, relocating staff, or establishing parallel hubs overseas, accelerating the trend toward multi-jurisdictional setups.
Seatankers is among those exploring expansion in the UAE as it reshapes its London footprint. Others are making similar moves. German investor Christian Angermayer shifted his London base to a less central area before relocating personally to Switzerland. Egyptian billionaire Nassef Sawiris withdrew most capital from the UK arm of his family office, NNS, and initiated plans to wind it down, later paused, while moving assets and building a new base between Abu Dhabi and Italy.
Lawyers and advisers describe the situation as a recalibration rather than an outright retreat. Still, the adjustments underscore the ripple effects of the UK’s decision to abolish the long-standing non-dom tax regime, a move that has prompted many globally mobile wealthy individuals to seek alternatives in Europe and the Middle East.
London retains important advantages. Even when principals have left, many family offices have remained due to the city’s deep talent pool, infrastructure, and reputation for managing multi-generational wealth. As Martin Roll notes, many firms are adopting a cautious “wait-and-see” approach, keeping a UK presence while hedging risk elsewhere.
The stakes are high. Family offices account for a significant share of UK startup funding and collectively oversee hundreds of billions of dollars. Their capital often comes with longer investment horizons than traditional institutions, creating outsized economic impact.
The UK has long ranked alongside New York and Singapore as a premier family office hub. Yet the post-reform environment is testing that position, particularly as jurisdictions such as Dubai, Hong Kong, Monaco, and Abu Dhabi actively court these firms. Tax considerations remain the primary driver of relocation decisions, and nearly half of family offices now operate across multiple locations.
As recruiters put it, interest in the UK has not disappeared, but perceptions have shifted. London remains relevant, though no longer viewed as the default choice it once was.
