When one thinks of prominent figures in the private wealth sector, Queen Elizabeth II is unlikely to feature on many lists. However, as a stalwart on the throne for over 70 years, she had a profound impact on all aspects of life and work.
Throughout her whole life she was a strong and consistent figure. As Queen, she displayed indefatigable integrity and maintained an immaculate record during her long reign. This no-doubt contributed significantly to the development and credibility of ‘brand UK’.
Moreover, Royal-centric pageantry and active participation in "the season" (Ascot, Wimbledon, Henley Regatta, Highland Games, etc.) has almost certainly been a powerful pull factor in attracting the world's rich to London - and to these events.
The fascination and admiration the Royal family – particularly the Queen – has certainly played a role in attracting many to London and the UK as a whole.
Royal-centric pageantry, demonstrated most recently in this Summer’s Platinum Jubilee celebrations, remains hugely important to the UK economy.
A patron of the British Chambers of Commerce, she championed British businesses and industry specifically. She was also a patron of the Chartered Insurance Institute.
As leader of the Commonwealth, she had a significant impact on the development of the UK and cross-border wealth management community.
She was an unwavering supporter of all Commonwealth nations and championed the network of – for the most part – well-regulated and reputable international financial centres that grew in the post-World War II era, with London at the heart of them all.
This network of British Overseas Territories (BOTs) and Crown Dependencies (CDs), as well as other Commonwealth jurisdictions including Canada, South Africa, Australia, New Zealand, Hong Kong and Singapore, continue to draw huge invisible revenues to London.
These revenues come via the cross-border work created by and for London-based legal, tax, banking, insurance and investment management businesses amongst others.
This network supports many thousands of jobs and generates significant tax revenues for HM Treasury. Jersey alone contributes over £530 billion to the UK economy annually, according to a CEBR report.
The Queen was also no stranger to the private wealth sector as a client. Three of the sector’s worst kept secrets were that she banked with Coutts & Co, invested with Cazenove Capital, and used Farrer & Co as her solicitors.
She also embodied many of the values the private wealth management sector prides itself on.
Her commitment to charity and philanthropy was clear to all. She acted as a patron to over 600 charities and organisations across the UK. These included: Blind Veterans UK; Barnado’s; Girlguiding; the Lord Mayor’s Charitable Foundation; Royal Forestry Society; and countless more.
As Queen, she also played a key role in ensuring the Succession to the Crown Act of 2013 passed. Although symbolic to the vast majority of the population, it demonstrated her commitment to being a champion of gender equality and equality of opportunities.
Moreover, she was not a loud or brash figure. She reigned with consistency, quietly yet strongly and offered reassurance to all when it was most needed. Who could forget her “We will meet again” speech at the height of the Covid-19 pandemic when so many – including herself – were isolated from friends and loved ones.
Her strong sense of duty and steadfast moral compass is something we can all seek to emulate as we remember her fondly.