Editor’s note: With all the alarming economic news in Europe, it easy to become despondent about the overall shape of the financial services industry. Wealth management is not immune to such concerns but at the same time, a number of new businesses have been launched this year, a testimony to the continued optimism and dynamism of the sector. As the half-way point of 2012 approaches, this publication lists some of the “new kids on the block” in wealth management in Europe since January. If there are omissions here that readers wish to correct, please do let us know.

Mishcon de Reya, the international law firm, is branching out into providing non-legal advice to high net worth clients, appointing corporate partner Richard Tyler to lead the new initiative. The new business will offer clients private bank relationship management advice, consolidated asset reporting and tax and structuring advice, in addition to Mishcon’s full range of legal services.

The man behind Simply Biz, a UK provider of research and compliance for IFAs, is looking to create a new business for restricted advice with the aim of growing into one of the biggest in the country. Ken Davy's ambition is to roll out the new firm in September or October 2012, before the Retail Distribution Review comes into force at the start of 2013.

Thomas Miller Investment started an onshore private client business under Harry Morgan, who joined as head of private investment management. The creation of an onshore private client investment business in the UK is meant to complement the firm’s offshore operation in the Isle of Man.

Société Générale Private Banking unveiled a new private investment banking service for ultra high net worth entrepreneurs who have a holding company or a family office. The new offering includes financing solutions, M&A advisory, capital increases and initial public offerings as well as standard wealth management services. It is headed by Galeazzo Pecori Giraldi, who will lead a team of senior bankers and account managers in Europe and the Middle East.

JP Morgan Private Bank started a family office solutions group, concentrating on single family offices that have a net worth of more than $500 million in the Europe, Middle East and Africa region.

The Family Office Real Estate Partnership created a new European investment club that will enable family offices to invest collectively in commercial property, a space in which they have become major players in recent years, according to the London-based firm. The company seeks to help family offices to invest directly in real estate, which it sees as more profitable, cost-efficient and transparent than traditional property funds.

Geneva-based Mirabaud launched Mirabaud Sports, Art & Culture, a private banking unit in Spain to provide bespoke services for professionals in sports and culture, sectors which the firm estimates are together worth €3.9 billion (about $5. 1 billion) a year.

MIG Bank, the Swiss bank specialising in online trading, received the go-ahead from the UK regulator to start offering online foreign exchange and gold and silver trading through a subsidiary based in London.

Reed Smith, the international law firm, launched a tax practice in Germany with the addition of Thomas Gierath to its partnership. He previously worked at Dechert, another global law firm. Gierath advises on domestic and international tax matters across private equity, venture capital, corporate, real estate and financial products.

Luxembourg-based La Mondiale Europartner, the international division of French insurer AG2R La Mondiale, officially launched its high net worth wealth management operations in the UK. A range of Retail Distribution Review-ready, tax-efficient and international investment portfolios aimed at high and ultra high net worth investors will be provided in partnership with wealth managers, private banks and other professional intermediaries.

UK-based Grovepoint Capital, the private investment firm, rolled out an investment arm for clients such as family offices and high net worth individuals, called Grovepoint Investment Management.