A look at the most read stories on eprivateclient this week…
Monday
The 2020 eprivateclient Top 35 Under 35 Channel Islands listings were published with 35 men and 35 women based in Guernsey and Jersey recognised for their achievements over the past 12 months. To see who made the lists, click here
After three years practising in Hong Kong, Charles Russell Speechlys has taken the next step in its plans for its practice in the SE Asia by setting up its Hong Kong branch as a Hong Kong firm. The firm will continue to practise both Hong Kong law and the laws of England and Wales under the Charles Russell Speechlys name
Tuesday
Smith & Williamson made 11 director promotions within its tax and professional services arm. Within the firm’s professional services arm the 11 promoted are spread across the firm’s offices in London, Bristol and Southampton with one in Southampton (Amy Harper), three in Bristol (Sarah Bacon, Katherine Colledge and Ruth Powell). In London, seven members of staff have become directors (Alexandra Bray, Stuart Goodman, Peter Key, Dominic Longley, Barnaby Redwood, Emily Spooner and Liz Hudson). Amongst these Liz Hudson was named as an eprivateclient Top 35 Under 35 in 2011.
Officials from the United States’ Internal Revenue Service (IRS) indicated that the agency is analysing the use of private foundations for tax planning, transatlantic law firm McDermott Will & Emery warned. Tamera Ripperda, who is the commissioner of the IRS’s tax exempt and government entities (TEGE) division and previously served as the industry director for the global high wealth in the large business and international (LB&I) division at the IRS, said the agency is focusing on cross-division collaborations to target high-income, high-wealth taxpayers.
Wednesday
Joanna Caen was appointed as the new managing director of PraxisIFM Nerine (Hong Kong), taking over from Melanie Ison who is making a switch to the PraxisIFM office in Guernsey. Ms Caen, who is from New Zealand, previously worked for international law firm, Herbert Smith Freehills where she held the position of partner and head of private wealth in China.
Global fiduciary services provider Zedra confirmed that it has completed its acquisition of BNP Paribas Singapore Trust Corporation Limited. BNP Paribas Singapore Trust Corporation Limited is to be renamed Zedra Trustees (Singapore) Limited and will serve the growing Asian ultra-high net worth and high net worth markets, with clients typically being families and entrepreneurs.
Thursday
Trident Trust hired Hannah Bisson as a director – business development in Singapore. Ms Bisson was named as an eprivateclient UK and UK Crown Dependencies’ Top 35 Under 35 in 2016 and a Channel Islands ‘ Top 35 Under 35 in 2018. She joined from Butterfield where she had worked for 12 years, the past two of which have been in Singapore.
A husband looking to have the finances of his divorce heard in Scotland rather than England had his appeal dismissed in full by the Supreme Court. The Supreme Court handed down its judgment, which concluded that the wife of Charles Villiers, Emma Villiers, was entitled to bring her maintenance claim in the English courts as she was a resident in London at the time of her application.
Friday
UK law firm Russell-Cooke added six senior associates to the firm’s partnership with effect from 1 July 2020. The promotions came from across the firm’s practice groups including property litigation, children and education, family, charities and private client.
New figures from the OECD found that nearly 100 countries carried out automatic exchange of information in 2019, enabling their tax authorities to obtain data on 84 million financial accounts held offshore by their residents, covering total assets of EUR10 trillion, a significant increase over 2018 – the first year of such information exchange – where information on 47 million financial accounts was exchanged, representing EUR5 trillion