A look at the most read stories on eprivateclient this week…
Monday
UK private wealth law firm Boodle Hatfield promoted five senior associates to partner, with effect from 1 May 2020. The new partners are Eleanor Sepanski and Laurence Morgan in private client & tax, 2015 eprivateclient Top 35 Under 35 Harriet Errington and Katie O’Callaghan in family and Kellie Jones in litigation.
Six wealth and investment management firms joined forces to raise money to support frontline NHS staff. The firms donated to a group called Critical NHS, which provides meals for hospital staff, given the closure of hospital food outlets and lack of availability at supermarkets.
Tuesday
Global investor services group IQ-EQ hired Bruno Noyon as managing director, France. The appointment serves to support IQ-EQ’s strategic focus on growing and strengthening its French operations. Before joining IQ-EQ, Mr Noyon spent over 15 years as chief operating officer and senior vice president of the French investment servicing business of listed, global financial services firm, State Street.
Following industry consultation, the Cayman Islands’ Department for International Tax Cooperation (DITC) released a new CRS compliance form which reporting financial institutions and trustee documented trusts will need to complete annually in respect of the same reporting period as their CRS annual returns.
Accountancy firm RSM UK appointed Rob Donaldson as its new chief executive officer. The decision was made at a general meeting (GM), hosted by the board via an audio-visual link, at which “a comfortable majority” of the shareholding vote voted in favour of Mr Donaldson as the partner “best placed to lead the firm.”
Global fiduciary services provider JTC reported a “strong year of trading”, with group revenue for 2019 increasing by more than 28 percent to £99.3 million and private client income growing by over 31 percent.
Thursday
Jersey’s government has introduced emergency legislation to help people to take steps to put in place wills and make other estate planning arrangements during the COVID-19 pandemic. The new legislation will temporarily relax the formal requirement for two witnesses to be physically present when a will is signed.
A specialist IFA and asset manager focused on asset protection for vulnerable clients, Frenkel Topping Limited (FTL), established a 50:50 joint venture with Hudgell Solicitors, a UK law firm specialising in personal injury, medical negligence, travel litigation, civil liberties and abuse.
Transatlantic law firm Womble Bond Dickinson added a new private client partner - Will Ford - to its London private client team. Mr Ford will join the firm on 1 May 2020. Prior to joining WBD, Mr Ford worked as a client adviser at Anthos for 3 and a half years having joined there from Macfarlanes where he trained and spent 11 years.
There could be a silver lining from the COVID-19 related stock market crash for individuals who want to transfer assets to their dependents, as the lower valuations will have reduced the tax cost considerably, private wealth law firm Boodle Hatfield advised.