A look at the most read stories on eprivateclient this week…
Monday
Monday saw the publication of the 2020 eprivateclient Top Law Firms which this year featured 48 law firms - up from 43 last year - divided across three tiers. Tier I featured 16 firms, Tier II 18 firms and a further 14 featuring in Tier III.
Leaked US government documents revealed that five global banks - JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon - defied money laundering crackdowns by moving large sums of illicit cash for individuals and criminal networks, according to the International Consortium of Investigative Journalists (ICIJ).
Tuesday
The PraxisIFM Group reported a seven percent increase in revenue to £60.5 million – an increase of £4.2 million from 2019. Despite this the firm recorded a net loss of £2.7 million – down from a profit of £9.7 million last year.
New research found that the majority of the trust and corporate services industry expects the impact of COVID-19 to be short term. In a recent global survey of wealth managers, private banks, fund administrators, trust and corporate services providers, 50 percent of respondents said they expected business activity to return to pre-COVID levels within six months.
Wednesday
Offshore law firm Baker & Partners launched Baker Regulatory Services Limited - a specialist regulatory consultancy offering. The new entity will be led by Barry Faudemer, former director of enforcement of the Jersey Financial Services Commission (JFSC), who joined as CEO.
A growing number of people are realising that investing in small unlisted companies can be an effective way of passing on wealth and reducing their Inheritance Tax bills, private equity investment firm Growthdeck claimed. The amount of tax relief claimed on investments in unlisted companies and other business assets passed on in estates jumped 64 percent last year to £1.4 billion, up from £828 million the year before.
Thursday
Andrew Fahie - the Premier and Minister of Finance of the British Virgin Islands (BVI) – reiterated, with certain reservations, the jurisdiction’s support of the UK towards implementation of a publicly accessible register of beneficial ownership for companies, “in line with international standards and best practices as they develop globally”.
Jersey Finance appointed executive and non-executive director and accountant Jason Laity as its new chairman. Mr Laity has worked for more than 30 years in international financial services experience with significant board and partnership level leadership experience, notably as chairman and senior partner of KPMG in the Channel Islands until 30 September 2019.
Friday
Deloitte announced its latest round of promotions in the firm’s Jersey office with a record 25 promotions effective from September. Amon those promoted were Rob Sinden who became an associate director and Caroline Honeycombe, Duduzile Maboyi and Manik Memon who were promoted to senior manager.
Research from money.co.uk revealed that schoolkids in the UK say they should be paid double the amount they currently receive in weekly pocket money - an average of around £28 a month. Basic household chores like washing up and putting away the groceries are woefully underpaid and should command at least a 100 percent rise in pocket money, according to a poll of the nation’s children (aged 6 -16) and their parents.