Levitt Capital Management, a wealth manager headquartered in Nice, France, has opened its first U.S. office in New York's Rockefeller Center, the firm announced Monday. The new location will serve as a stateside base for meeting with prospective and existing clients, according to the company.
The firm specializes in advising U.S. citizens who have relocated to Europe, a niche that founder and chief investment officer Robert Levitt says is underserved. "Americans who relocate to Europe have uniquely complex financial needs, which advisers on either side of the Atlantic are ill-equipped to understand and address," Levitt said in a statement. He added that the firm receives multiple inquiries daily from Americans whose portfolios, wealth structures, and succession plans, designed for a U.S. environment, "simply don't work in Europe."
The potential client base is substantial. According to the Association of Americans Resident Overseas (AARO), an estimated 117,462 Americans lived in France in 2023. The United Kingdom hosts the largest American expat community in Europe, with roughly 325,321, while Germany has about 238,652.
The transatlantic wealth management space has seen a flurry of activity recently. Last month, St. Louis-based RIA Moneta Group Investment Advisors expanded to the U.K. with an office to serve U.S. expats and overseas family offices. In June, Miami-based Corient completed its acquisitions of Stonehage Fleming and Stanhope Capital Group, moves that pushed its global assets above $500 billion and established a footprint in Europe, the Middle East, and Africa.
Industry observers note that the growing number of Americans abroad, coupled with complex cross-border tax and estate issues, is driving demand for specialized advice. "The needs of these clients go beyond standard portfolio management," said a wealth management consultant who asked not to be named. "They require expertise in U.S. and European tax treaties, foreign financial asset reporting, and succession planning across jurisdictions."
Levitt Capital Management's move also reflects a broader trend of U.S. RIAs seeking growth through international expansion. However, the firm is taking a different route by establishing a physical presence in the U.S. rather than acquiring a local firm. The Rockefeller Center office, a prestigious address in midtown Manhattan, signals the firm's commitment to serving a clientele that often splits time between continents.
The firm's focus on American expats is a niche that many larger wealth managers overlook, according to industry analysts. "Most large firms are not set up to handle the complexity of cross-border wealth management," said a senior executive at a rival firm. "Levitt has carved out a specialty that is difficult to replicate."
As the transatlantic wealth management land grab continues, Levitt Capital Management's new office positions it to compete for a share of the estimated 5.9 million Americans living abroad, according to AARO data. The firm's ability to serve clients on both sides of the Atlantic could become a competitive advantage as more Americans seek advice that spans borders.
