A look back at the most read stories on eprivateclient this week…
Monday
The UK’s super rich’s wealth grew by over £710 billion, according to the latest Sunday Times’ Rich List. In its 34th year, the research into the UK’s 250 richest individuals and families found that there are now 177 UK billionaires in the UK’s top 250, who now have more wealth than the entire 1,000 entries of the 2017 Rich List.
UK law firm Mills & Reeve promoted a number of private client specialists to partner among 13 new promotions. Norwich-based Elizabeth Field, Leeds-based Ellie Milner and Alex Kenworthy and Katherine Kennedy in the firm’s Birmingham office were all made partner.
Global auctioneers RM Sotheby's sold what is considered to be the most beautiful car in the world, a Mercedes-Benz 300 SLR Uhlenhaut Coupé. The car was secured by a private collector for a record sum of EUR135 million. This sale price places it among the top ten most valuable items ever sold at auction.
The total cost of raising a child in the UK from birth until age 18 has risen to £225,521, according to insurance broker Reassured. London is the most expensive city in the UK to raise a child, costing parents £20,060 per year, and £278,316.40 by the time the child reaches adulthood. London is closely followed by Manchester at £18,115 yearly, and £250,641 in total.
New research found that MENA wealth managers believe risk assessments for clients should be improved. The study, conducted by software firm Oxford Risk and which involved wealth managers in the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Oman, Egypt who collectively manage assets of around $290 billion, showed that only one third rate the current risk assessment service as excellent.
HMRC stopped the payment of some research and development (R&D) tax credits while it investigates some irregular claims. The majority of R&D tax credit claims will not be affected. However, claimants are advised that there will be delays to the usual processing times while HMRC tries to prevent abuse of the relief. HMRC has also requested that claimants do not contact the R&D helpline/mailbox to chase their claims. Instead, it has asked agents and companies to review their online account for updates on the status of claims.
Almost one in five UK workers said they are likely to switch to a new employer within the next 12 months, according to a survey by PwC. The survey, which includes over 2,000 respondents in the UK and 52,195 globally, found that while an increase in pay is a main motivator for making a job change (72 percent), wanting a fulfilling job (68 percent) and wanting to truly be themselves at work (63 percent) also rank highly. Nearly half, (46 percent) prioritised being able to choose where they work.
Investor services provider IQ-EQ appointed Sanaa Hira as sustainability manager. The newly created role comes as the group aims to develop its environmental, social and governance (ESG) agenda. Prior to joining IQ-EQ, Ms Hira was an ESG investment analyst at GAM Investments, responsible for assessing the ESG needs of potential investments.
UK law firm Irwin Mitchell acquired Cheshire-based financial planner TWP Wealth as it aims to expand its wealth services to clients. TWP Wealth provides financial services and financial planning to corporate and private clients. IM Asset Management currently has £1 billion assets under management, with the acquisition of TWP adding a further £100 million.
UK law firm Macfarlanes appointed Rachel Richardson as its new head of ESG. Ms Richardson took over the role from 2022 eprivateclient 50 Most Influential Isobel Morton who has left the firm. Ms Richardson had 12 years’ experience as a finance lawyer at the firm, spending three years as head of banking & finance policy in the finance team at Macfarlanes.