A round up of the top stories on eprivateclient this week...
Monday
Trust and fiduciary services provider Equiom appointed David Foster as group head of private wealth.He will also become a member of the executive committee. Based in Jersey, Mr Foster will be responsible for driving and growing Equiom’s private wealth business globally.
When most people think of luxury investments they tend to think of art, jewellery, cars or even fine wine and whiskey. Very few would think of investing in skeletons. However, one lucky investor is now the proud owner of Stan – one of the most complete T-Rex skeletons ever found. He sold for a record $31.8 million at Christie’s October Evening Sale of 20th Century Art in 2020.
Tuesday
In its first ever “tax day”, the UK government made its current priorities clear, namely: modernising tax administration and tackling non-compliance. All other policies and consultations – ranging from aviation tax reform to the taxation of trusts – were lumped together in one ”further tax policy announcements” category. eprivateclient compiled an overview of the announcements that could have the biggest impact on the private wealth industry.
PraxisIFM Group appointed Peter Gillson to its board. He joins as a non-executive director (NED) and already holds this role at the Financial Services Opportunities Investment Fund Limited (FSOIF) – the group’s largest shareholder. Mr Gillson will represent the fund on PraxisIFM’s board.
Wednesday
No one was quite sure what to expect from the first “tax day” in the lead up to 23 March. At face value, those who did not get too excited appear to have been proved right. However, there is a lot of information hidden in the detail of various consultations that could shape tax policy for years to come. Here’s the reaction from the private wealth industry.
Legal and professional services firm Knights agreed to acquire Mundays, a Surrey-based law firm. Established over sixty years ago, Mundays is a full-service independent law firm with a strong corporate, real estate and private client offering. A total of 34 fee earners will join Knights.
Thursday
Multi-jurisdictional law firm Maples and Calder, part of Maples Group, promoted six lawyers in London. Four new partners and two new of counsel were appointed across five key practice areas, including private client.
The Sovereign Group, a provider of corporate, private client and retirement planning services, acquired STM Fidecs Management Limited (FML), the Gibraltar-based trust and company management arm of STM Group. The Gibraltar Financial Services Commission (GFSC) has granted regulatory approval for the acquisition.
Friday
To showcase the achievements of those listed this year and to get to know them a bit better, eprivateclient has began publishing a new Q&A series with our 2021 50 Most Influentials. Today we heard from Naomi Rive, group director & head of family office at Highvern.
As the two percent Stamp Duty Land Tax (SDLT) surcharge is due to come into force, HMRC updated its guidance. From 1 April, the surcharge will be applied to non-UK residents who purchase residential property in England and Northern Ireland. It will apply to purchases of both freehold and leasehold property, as well as increasing the SDLT payable on rents on the grant of a new lease.