A look back at the most read stories on eprivateclient this week...
Tuesday
Moore Stephens Channel Islands hired Dustyn Molver into the firm’s Guernsey business as a client services director within its private client services division. He joined the firm from Ocorian where he was head of fiduciary – Guernsey, a role he held from November 2020. Prior to this, Mr Molver spent two years at Equiom where he was a client services director.
There will be a 78 percent increase in people aged 100 or more in the UK over the next 20 years - according to a study by Bowmore Wealth Group. At the same time, the number of people aged over 66 is expected to grow by 38 percent to 16.2 million in the next 20 years, up from 11.8 million in 2021. With the retirement age at 66 years old, this means an increasingly large group of people will have to fund over three decades of retirement.
Wednesday
Global fiduciary services provider JTC increased revenues by 28.2 percent to £147.5 million in 2021. Private client services accounted for £54.8 million of this, representing an 8.4 percent year-on-year increase for this division. Meanwhile total underlying EBITDA was up 25 percent to £48.4 million.
New research revealed that while the average London tenant will pay £1,574 per month, the average cost of residing at the very top of the capital’s rental market comes in at a huge £23,839 - a 1415 percent rental price premium.
Thursday
London law firm Farrer & Co made 12 partner promotions, including seven fee-earners and (subject to completion of ABS conversion) all of the firm’s business services’ directors and CFO. The seven fee earning partners included four former eprivateclient Top 35 Under 35s with the 12 appointments representing a record uptake in partnerships for the firm.
UK law firm Royds Withy King secured a landmark ruling that that saw a sister hide a £1 million inheritance of antiques and classic cars from her brother. The attempted fraud saw sister Sonia Whittle turn father Gerald Whittle against his son, David Whittle, shortly before his death.
Friday
EY made ten internal promotions within its UK private tax team. The promotions saw Seun Adeyoola named as a director, Sabeen Hasan, Josh Lane and Claire White as senior managers, Jill Cruickshank, Laura Lee, Freya West, Tim Gould and Fiona Squire became managers and Mark Walker is now a senior tax adviser.
Employees who have been claiming “Home Office Relief” during the Covid 19 Lockdown should be urgently reviewing their tax codes to clarify whether HMRC have included the relief within their notice of coding, tax and advisory firm Blick Rothenberg warned.