eprivateclient

The week on eprivateclient: Baker McKenzie, JTC, Saffery Champness and more...

News Team, 29/07/2022

A look back at the most read stories on eprivateclient this week....

Monday

Global private client service and institutional services provider JTC made a number of senior appointments as part of its bi-annual group-wide promotions, which this month saw 119 employees recognized firm’s global network. In particular, Zach Mueller was made group director, group development – London, and William Blewett took on the role of director, private client services – South Dakota.

UK law firm Lime Solicitors and its charity partner, the Anne Robson Trust, launched a new campaign encouraging the public to speak with their loved ones about their wishes after they die. The Let’s Talk About the End campaign intends to raise awareness of the will making process and encourage people to start having more open conversations.

Tuesday

Private equity group CVC Capital Partners sold its stake in TMF Group to the fiduciary services provider's own fund. CVC bought TMF Group for €1.75 billion in 2017. At the same time, CVC will also sell an approximate 50 percent stake to the Abu Dhabi investment authority sovereign wealth fund which values the company at around €3 billion.

Saffery Champness Registered Fiduciaries promoted former eprivateclient Channel Islands Top 35 Under 35 Zac Hanley to trust manager. Mr Hanley joined the firm as a trainee trust administrator in 2011. Most recently, he was assistant trust manager and was named eprivateclient Channel Islands Top 35 Under 35 in 2020 and 2019. 

Wednesday

Saffery Champness (Suisse) S.A. partnered with currency platform Coinify to accept cryptocurrency payments. With the use of Coinify, Saffery Champness' clients will be able to make payment for services using over twenty-five cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin cash.

Leeds-based law firm Clarion made a series of promotions with Giulia Sinibaldi, Laura Gillin, Lois Davey, Natalie Brierley, Nicholas Choiniere, Robert Patterson and Zoe Roberts all promoted to the role of senior associate.

Thursday

A tax avoidance scheme promoter was hit with a £1 million fine after a legal challenge by HMRC. Hyrax Resourcing Ltd was handed the almost-maximum allowed fine by the First Tier Tribunal for failing to disclose an avoidance scheme to HMRC as legally required. Hyrax promoted a disguised remuneration scheme that involved routing money to an offshore trust in Jersey.

Former Ocorian executive director Nick Cushion left after nearly 19 years to join IQ-EQ in Jersey as a director. He started at Ocorian in 2003 and was promoted to executive director in 2018.

Friday

Former eprivateclient Top 35 Under 35 Phyllis Townsend was promoted to partner at global law firm Baker McKenzie. Ms Townsend, who was named as a Top 35 Under 35 between 2014 and 2016 and again between 2018 and 2020, was one of 116 new partners added to the firm in the year to 30 June 2022, an increase of 22 percent from the previous year. 

The sentencing of two former financial advisers, Mark Kelly and Rikki Nicholls, to six years imprisonment for conspiracy to defraud and money laundering earlier this month (15/07/22) highlights the need for trustees to take steps to protect their pension scheme members from fraud, tax advisory firm RSM UK warned.