A look back at the most read stories on eprivateclient last week...
Monday
UK law firm Penningtons Manches Cooper added a new family law partner. Emma Willing joined the law firm from rivals Mishcon de Reya and will be based in the latter’s Guildford office. Ms Willing previously worked at Mishcon de Reya since 2009 and was promoted to partner in November last year. Prior to joining Mishcon she worked at Mayfair-based boutique family law specialist firm Camilla Baldwin Solicitors from 2007 to 2009, having trained at Penningtons Manches Cooper beforehand.
The so-called Bank of Mum and Dad continues to be a major contributor to children’s savings, helping younger generations achieve all important financial goals like that first house purchase or funding further education. With billions of pounds worth of wealth transfer expected between generations in the coming decade, it is important parents do not fall foul of potentially complex tax rules.
Tuesday
Tax and consulting firm RSM UK appointed Matt Taylor as a tax disputes partner within its private client team in London. Mr Taylor has over 25 years’ experience in resolving tax disputes with HMRC, having joined RSM from PwC where he spent 19 years advising corporates, high net worth individuals and partnerships.
JTC published its results for H1 2022, revealing a strong first half of the year. Revenues were up 38.8 percent to £93 million, compared to £67 million in H1 2021. This was due to net organic growth of 9.5 percent and inorganic growth of 29.3 percent.
Wednesday
The US dominated the world’s top 20 cities with the most millionaires in 2022, according to research from the Henley & Partners’ Global Citizens Report which tracks private wealth trends worldwide. New York was top of the list with 345,600 millionaires. San Francisco (third), Los Angeles (sixth), Chicago (seventh), Houston (eighth), and Dallas (18th) also ranked within the top 20.
Offshore law firm Ogier made promotions within its trust advisory group. In Jersey, former Channel Islands Top 35 Under 35 George Yates recently passed his first four Jersey advocate exams and has been promoted to a senior associate.
Thursday
The billionaire owner of outdoor clothing firm Patagonia gave away his company to a charitable trust. Yvon Chouinard said that the new ownership structure would see any profit not reinvested in to the business used to combat climate change. Mr Chouinard said this should amount to about EUR100 million per year.
This year marks the 50th anniversary of the first UK Pride parade in 1972. To celebrate how far the movement has come, the Channel Islands is hosting its own Pride events throughout September. Families today are more diverse, and it is more widely accepted that a family structure doesn’t have to be a mum, dad, son, and daughter. But how are the courts responding to these societal changes?
Friday
Former eprivateclient 2018, 2019 Channel Islands and 2020 UK Top 35 Under 35 Nichola Aldridge has joined offshore law firm Appleby as counsel. Before Ms Aldridge joined Appleby, she worked for rival offshore law firm Carey Olsen for nine years. At Carey Olsen, she was a legal assistant, associate for trusts and private wealth and was promoted to senior associate in 2018.
Finding a differentiator as a wealth manager or private bank is becoming much harder. There are some areas in which firms can still separate themselves from the rest. One of the less obvious ways to do this is tax reporting. “Tax reporting is really hard,” Iona Martin, head of private banking tax at KPMG, explained.