A look back at the most popular stories on eprivateclient this week...
Monday
A High Court judge ordered a financial remedies hearing retrial after it was revealed that a university professor had concealed an inheritance of over £4 million from his ex-wife. Prof Rick Fawn's ex-wife and fellow professor, Prof Sally Cummings, repeatedly challenged her financial settlement following her divorce from Prof Fawn. Both Prof Cummings and Prof Fawn were professors at Scotland's oldest university St Andrews. [Read more]
Financial services group Maples succeeded in its challenge against regulator Cayman Islands Monetary Authority (CIMA), after the latter said it had identified anti-money laundering (AML) failures at the firm. In a complex legal ruling, a Grand Court judge found largely in favour the firm. In 2020, following an on-site inspection at Maples Corporate Services and MaplesFS, CIMA issued a report in which it concluded that the two entities had failed to properly meet some areas of their AML obligations. [Read more]
Tuesday
International law firm Stephenson Harwood strengthened its global employment, pensions and private wealth (EPP) practice with the arrival of immigration lawyer Jessica Yu. Ms Yu has joined the firm as a partner and head of immigration in its London office. Her practice focuses on UK immigration and nationality advice, advising clients including HNW individuals and corporate entities.
Inheritance tax (IHT) receipts from April 2022 to March 2023 were £7.1 billion, £1 billion more than the same period a year earlier. The increase can be attributed to increasing property wealth, higher numbers of wealth transfers and the UK government’s decision to freeze the £325,000 nil rate band until at least April 2028. Over recent weeks, a number of ministers have suggested that an increase in the IHT threshold or a cut in the rate of tax is on the cards in a bid to win votes at the next general election.
Wednesday
Fiduciary and family office services provider Highvern appointed legal and private wealth specialist Tom Mylott as head of operations in its Cayman Islands team. Mr Mylott draws on his experience as a dual qualified lawyer and trust director to drive operational and strategic growth for the business. Mr Mylott has joined Highvern having spent more than 20 years in the industry working across law and fiduciary firms.
London law firm Boodle Hatfield promoted four associates to senior associate, with effect from 1 May 2023. The newly promoted senior associates are Katie Male (family), Michael Duffy (private client & tax), Fred Clark (corporate) and Katherine Worrall (real estate). Ms Male, a 2022 eprivateclient Top 35 Under 35, joined Boodle Hatfield in 2015 as a trainee solicitor and became an associate in 2017. She has experience in a range of aspects of family law including divorce, financial remedy proceedings, cohabitation disputes and pre and post-nuptial agreements.
Thursday
eprivateclient exclusively revealed that on Tuesday 2 May Nick Pheasey will succeed Greg Limb as head of family office & private client in the UK at Big Four advisory firm, KPMG. A partner at the firm, Mr Pheasey has been at KPMG since 2002 and has specialised in private client tax matters throughout his career. He is based primarily in KPMG’s Manchester office but operates across the north of England, splitting his time between Manchester and Leeds.
A full list of winners, finalists, and commendations from the 25th PAM Awards, presented on 26 April at a black tie gathering attended by almost 400 guests at the Royal Lancaster Hotel in Mayfair. PAM Insight would like to congratulate the companies listed below, and thank all those that took time to submit an entry. PAM Insight, the organiser of the PAM Awards, would like to thank the sponsors and supporters: BNY Mellon Pershing, FIS, Amundi ETF, Findlay Park Partners, iCapital, Multrees Investor Services, Miller Harris, Francos, Louis Roederer and ARC. Click here to see the list of winners.
Friday
Charles Russell Speechlys promoted six individuals to partner and made 11 senior associate promotions, effective 1 May 2023. The partnership promotions comprise Katie Talbot in tax, trusts & succession; Richard Davies and Caroline Young in commercial; Robert Avis in private wealth disputes; Phil Webb in real estate; and Mazin Al Mardhi in construction, engineering & projects.
National law firm Freeths strengthened its private wealth offering in the South East with the appointment of Mark Baker. Mr Baker has joined the firm as an associate from Penningtons Manches Cooper, where he spent almost 10 years in the private client team. He specialises in guiding personal representatives through the estate administration process and is experienced in a broad range of estate matters.