eprivateclient's Top 10 stories of 2022 - Part 1

News Team, 21/12/2022

eprivateclient has been looking back at the top ten stories to make headlines this year. Part one begins with stories in positions ten to six, and tomorrow we will conclude with the five most popular stories...

10. The Generation Game: BDO's Catherine Grum on family offices in an ever-changing world (22/02/2022)

Catherine Grum, head of family office at global advisory firm BDO, spoke to eprivateclient about the challenges in the world of succession as the greatest generational wealth transfer in history begins.

Baby Boomers and even the Silent Generation have been framed as at loggerheads with the competing world views of those belonging to the younger Millennials and Generation Z. In the private wealth space, this is often perceived as a greater likelihood by the younger generation to prioritise environmental, social, and governance (ESG) and ethical concerns over a fiduciary duty to maximise income.

On how these differing attitudes may impact wealth transfer, Ms Grum explained that "each generation has its own characteristics, taken from the surroundings in which you were brought up in, world events, and the style of parenting. [Read more]

9. 'Most beautiful car in the world' sold for EUR135 million (24/05/2022)

Global auctioneers RM Sotheby's sold what is considered to be the most beautiful car in the world, a Mercedes-Benz 300 SLR Uhlenhaut Coupé.

The car was secured by a private collector for a record sum of EUR135 million in May this year. This sale price places it among the top ten most valuable items ever sold at auction.

The deal was led Taylor Wessing partners Ronald Graham and Harald Bechteler who advised on many considerations, from the initial structuring of the deal, through the extensive consultations between Mercedes-Benz and RM Sotheby's preceding the auction.

8. Daughters lost fight over £7m fortune (19/01/2022)

Two daughters who reportedly called their banker father the ‘chequebook’ lost their claim to his estate in the Court of Appeal. 

The ruling brought an end to the long running case Miles v Shearer and helps to clarify that there is no legal obligation to financially support adult children on the basis of their lifestyle choices.

The father - former head of merchant bank Singer and Friedlander - Anthony Shearer, died in 2017 leaving his estate, which is reportedly worth £7 million, to his wife Pamela. His two daughters, Juliet Miles, 40, and Lauretta Shearer, 38, sought to obtain financial provision despite having received approximately £180,000 from their father in 2008. 

7. Deloitte looked to acquire Northern Irish data and digital transformation specialist firm (18/02/2022)

Big Four advisory firm Deloitte looked to acquire Northern Ireland based data and AI firm Etain.

This acquisition will double the size of Deloitte’s AI and data solutions practice in Belfast, creating Northern Ireland’s largest AI and data practice. 

Deloitte will be looking to use this acquisition to deliver more ambitious data and digital transformation programmes across the UK.

6. A UK perspective: Trustee considerations & crypto-assets (31/01/2022)

Increasingly, digital assets such as crypto-assets are forming part of high-net-worth individuals' (HNWIs) estates. As with any other asset type, HNWIs are looking to hold their crypto-assets within trust and corporate structures for asset protection, tax optimisation and as part of their succession planning.

Getting comfortable with crypto-assets requires not just a conceptual shift as to what can constitute an asset but also a linguistic education. The terminology that applies to these assets and the processes around trading with them can seem alien. However, trustees are expected to understand what these assets are, how to hold them, and how to invest in them, Moustapha Hammoud, associate & Mariel Stringer‑Fehlow, associate, Mishcon Private wrote.

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