A look back at the most read stories on eprivateclient last week...
Monday
Monday saw the publication of the 2022 eprivateclient Top 35 Under 35 - the definitive annual list of leading young private client practitioners in the UK and UK Crown Dependencies. There were almost 500 nominations recorded for the 2022 Top 35 Under 35 with 170 individuals nominated (of which 88 were women and 82 men) from 79 different firms.
Across the various private client advisory disciplines, UK-based lawyers are the largest cohort with 32 of the 70, whilst a further 16 work in the fiduciary and trust arena and the same number within the tax advisory and accountancy sector. At the same time six Top 35 Under 35s work at offshore law firms.
Tuesday
Credit Suisse signed separate agreements with The Bank of N.T. Butterfield & Son Limited (Butterfield) and Gasser Partner Trust (Gasser Partner) for the sale of Credit Suisse’s global trust business (Credit Suisse Trust, CST), while CST entities will continue to operate with a limited number of clients.
Liz Truss was elected as the next leader of the Conservative party and was sworn in as Prime Minister at Balmoral by the Queen later that day. The most immediate challenge for Ms Truss will be tackling the current cost-of-living crisis. One way she aims to do this is through a series of tax cuts, which has been at the forefront of her campaign.
Wednesday
Investor services provider IQ-EQ promoted Guernsey-based Alasdair McLaren to the newly created role of regional head of private wealth for the UK, Ireland, and Crown Dependencies. Prior to this, Mr McLaren was IQ-EQ’s head of private wealth for Guernsey having been promoted from client services director to segment head in 2019, and has been with the firm since 2014.
Big four firm KPMG UK made a number of executive committee appointments as three senior executives left. After 32 years at the firm, KMPG UK’s chief operating officer (COO) Tim Jones will retire in the new year and step down as COO at the end of September.
Thursday
Trust services provider Ocorian promoted Michael Betley to global head of private clients, succeeding Nick Cawley who took up a non-executive director role and set up a private client advisory board within the business. Mr Cawley will monitor industry trends and advise on strategic priorities for Ocorian’s private client service line, in collaboration with Mr Betley.
Hundreds of UK customers of a collapsed Puerto Rican bank linked to tax evasion and money laundering were given a chance to check and correct their tax affairs. HMRC wrote to around 600 people in the UK who used the Euro Pacific Bank (EPB) urging them to check their tax position and make any corrections to their tax affairs.
Friday
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’.