A look back at the most read stories on eprivateclient this week...
Monday
There had been 170 charitable family foundations established in the UK by high net-worth individuals (HNWs) since 2012, new research by private wealth law firm Boodle Hatfield found. According to Boodle Hatfield, the large number of wealthy families setting up their own foundation reflected changing attitudes towards wealth, including a growing focus by wealthy individuals on ‘giving back’ to society to help deal with major geopolitical issues such as combatting climate change.
Speaking to eprivateclient, Nick Cawley, chair of Ocorian’s private client global advisory board, explained that “a big feature of our work is continued investment in the business.” He highlighted that while this might be an obvious statement, Ocorian “can tangibly prove it”, which led to its success at the 2022 eprivateclient Excellence Awards where it was successful in the Private Client Trust Company (listed & bank/PE owned) category.
Tuesday
Legal and professional services business Knights appointed private wealth industry veteran Nick Rucker to lead its private wealth team. Mr Rucker - who was named as an eprivateclient 50 Most Influential in 2017, 2018 and 2019 - has more than 25 years’ experience in professional and financial services. He joined as client services director and will lead Knights’ private wealth team – bringing colleagues from across the business together.
Independent fund, corporate, and family office services provider Altum Group entered a strategic partnership with private equity firm, Tenzing. Tenzing took on on a minority stake in Altum Group, which will become the twelfth high-growth business within the Tenzing portfolio.
Wednesday
Evelyn Partners appointed Paul Fidoe as a business development director to help grow the firm’s professional connections with solicitors and accountants in the Midlands and South West. Mr Fidoe will be based out of Evelyn Partners’ Bristol and Birmingham offices, where he will join the eight-strong team that partners with solicitors, accountants and other professional firms to help manage their clients’ wealth and businesses.
The number of unmarried couples making inheritance claims increased, according to data from the UK Ministry of Justice. The data revealed that legal action brought by individuals wanting a share of estates left by loved ones and relatives increased fourfold over the last 15 years. In 2007, just 43 inheritance claims were made, but by 2020 the figure rose to 192 and 165 in 2021.
Thursday
London-based law firm Sheridans hired Priya Palanivel as a partner in its family group. Ms Palanivel is an experienced family lawyer and mediator, who joined the firm from specialist family law firm, Rayden Solicitors. Ms Palanivel was recently the lead solicitor for the wife in XZ v YZ [2022] EWFC 49 (20 May 2022), Gallagher v Gallagher (No 1) (Reporting Restrictions) [2022] EWFC 52 and Gallagher v Gallagher (No 2) (Financial Remedies) [2022] EWFC 53.
Audit, tax, advisory and risk firm Crowe appointed Jennifer McNally as a partner in its private client team. Ms McNally joined from Blick Rothenberg after nearly nine years. At Blick Rothenberg, she started as a manager for private client services, before becoming a senior manager and latterly a director.
Friday
2011 and 2015 eprivateclient Top 35 Under 35 Henry Wickham was appointed head of Ogier's global estate planning, wills and probate team. In this role, he will provide a multi-jurisdictional and multi-service offering to local and international clients.
PwC revealed its sexual orientation pay gap as part of its FY 2022 Annual Report. Publishing the data allowed the firm to “provide a base line against which to measure progress”, it said. PwC's sexual orientation pay gap had not been measured previously, but represented the largest median pay gap at 20.4 percent in its FY 2022 report.