A look back at the most popular stories on eprivateclient this week...
Monday
Research by London lettings and estate agent, Benham and Reeves, revealed that Hong Kong buyers remain the most prominent foreign national owners of property across the residential market in England & Wales. The data showed that buyers from the 50 most represented foreign nations among owners of homes in England & Wales combine to own 187,275 properties. Buyers from Hong Kong own the largest proportion of these properties, with 24,759 homes representing 13.2 percent of the aforementioned total.
International law firm McDermott Will & Emery (MWE) added three lawyers to its private client practice group in the USA. Partner Anita Rosenbloom and counsel John Kiely in New York, as well as partner Jay Scharf in Miami, have all joined MWE from US national law firm Stroock & Stroock & Lavan, where Ms Rosenbloom served as chair of the private client services group.
Tuesday
London-law firm Boodle Hatfield appointed Nicola Bushby as a partner in its private wealth disputes team. She joined from Irwin Mitchell, where she was a partner in its will, trust and estate disputes team for over three years. Prior to this, she worked as a solicitor at Campbell Taylor Solicitors for around 13 years before joining Wilsons Solicitors as a senior solicitor in August 2017.
Clearer government policy to stimulate growth in UK technology companies is needed, while healthy immigration will be key to boosting the sector’s workforce, according to audit, tax and consulting firm RSM UK. The firm highlighted that nearly 54,000 international workers migrated to work in the UK’s technology sector in 2022, up from 40,000 in 2021 – the largest year-on-year increase in the last five years. Yet despite the increase, inbound immigration currently accounts for just one percent of the five million people employed in the UK’s technology sector.
Wednesday
International law firm Stephenson Harwood appointed Ross Davidson as a managing associate in its private wealth team based in Hong Kong. Mr Davidson joined the firm from Macfarlanes after over seven years based in London. He joined Macfarlanes in 2014 and was promoted in 2018 to senior associate in the firm’s private client team, advising international families who were looking for co-ordinated advice on both their business and personal affairs.
Suntera Global made a further Guernsey acquisition to broaden its service offering and augment its international fund administration capability. It acquired Carey Commercial (Carey), a boutique fund, corporate and private wealth services provider. The transaction is subject to regulatory approval. With a 45 plus year heritage and a team of 80 specialists, Carey - which has operated for over 45 years and has a team of around 80 staff - currently provides a range of professional, administrative and accounting services to a portfolio of fund managers, large institutions, UHNWs and family offices globally.
Thursday
The majority of the British public is concerned about the wealthy not paying their fair share of taxes, according to polling from the Fairness Foundation. The research found 79 percent are concerned that the wealthy do not contribute their fair share of taxes, rising to 86 percent of 2019 Labour voters, compared to 79 percent of Conservative voters. Moreover, 75 percent of people – including 72 percent of 2019 Tory voters and 82 percent of 2019 Labour voters – are concerned that people with net wealth of £10 million or more have too much influence on the political system.
Listed private wealth and corporate services firm Praxis recorded revenue of £47.3 million for the year ending 31 December 2022. The firm - listed on The International Stock Exchange (TISE) - reported organic growth of 4.2 percent and earnings before interest, tax, depreciation and amortisation (EBITDA) of £5.2 million. Its net debt was reduced to £0.7 million, whilst its gross profit margin increased to 59.1 percent.
Friday
The majority of British millionaires support a wealth tax on the country’s richest segment of the population, polling data from advocacy group Patriotic Millionaires UK has revealed. The poll, conducted by Survation, showed 68 percent of those with over £1 million to invest – the top six percent of the UK population – support the introduction of a net wealth tax on ultra-high net worth (UHNW) individuals (those with investible assets of more than £10 million). The percentage stood at 66 percent amongst the UHNW population.
Younger Brits are overwhelmingly in favour of working from home over full time office attendance, according to research from Big Four professional services firm Deloitte. Deloitte’s 2023 Gen Z and Millennial Survey revealed that more than three-quarters of UK Gen Zs (77 percent) and millennials (71 percent) would consider looking for a new job if their employer asked them to go into their workplace full-time. At the same time, UK respondents feel they are less likely to be able to ask for more flexibility at work if the economy doesn’t improve (72 percent of Gen Zs/68 percent of millennials globally versus 46 percent of Gen Zs/42 percent of millennials in the UK).