Private Portfolio Managers (PPM) is looking to expand its activities in the family office market and is scouting for a fund manager to add to its current line up.

"There are 50 family offices in Australia and we manage for a few of them. There are tremendous opportunities to expand in this field," Private Portfolio Manager director Hugh MacNally told InvestorDaily.

PPM's managed portfolios have performed well since their inception in 1995.

The firm's growth fund has outperformed its benchmark, returning 13.1 per cent annually since inception - 3.5 per cent more than the All Ordinaries Accumulation index.

"We want to turn our good performance into new clients," MacNally said. "We're stepping up our marketing efforts."

PPM is also in talks with several Asian family offices, but MacNally said the lead time for these relationships to come to fruition is usually very long.

"We go to Singapore every six months," MacNally said. "We've had preliminary talks. It is certainly an area that is endearing to us."

PPM is not interested in growing the business by teaming up with a large institution through an incubation strategy, MacNally said.

"We've set up the system and we're looking to add some fund managers over time," he said.

PPM is in the market to add at least one manager, MacNally said.

The firm currently has four managers, who each look after 60 relationships and manage for each client a portfolio of about 20 to 25 stocks.