A look at the most read stories on eprivateclient this week...
Monday
Ludlow Trust, a provider of specialist trust administration services for private clients and the charitable sector, purchased C Hoare & Co’s UK trust business. As part of the deal, Ludlow Trust entered into a partnership with C Hoare & Co, the UK’s oldest privately owned bank. Through the partnership, Ludlow Trust will provide trust administration services to C Hoare & Co’s clients going forward.
The EU published new rules on ‘Russian-owned‘ businesses transferring assets out of EU. The requirements relate to transfers of funds out of the EU by EU entities with a certain level of direct or indirect Russian ownership. The reporting obligation has a broad scope, covering funds transfers out of the EU to all destinations. As part of its 12th package of sanctions adopted on 18 December 2023, the EU introduced the new Article 5r to Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine.
Tuesday
Global professional services business JTC is set to acquire First Republic Trust Company of Delaware LLC (FRTC-DE), a wholly owned subsidiary of JPMorgan Chase Bank. FRTC-DE is a provider of trust administration services to high net worth individuals and is headquartered in Wilmington, Delaware. The firm has approximately $9 billion of assets under administration by market value. Post-completion of the acquisition, FRTC-DE will become part of JTC’s private client services (PCS) division.
With both the Labour and Conservative parties pledging to reform the non-dom regime, non-UK domiciled individuals may be looking for way to mitigate their income tax on offshore structures. UK Chancellor Jeremy Hunt announced in March that he plans to reduce the 15-year cap to claim remittance basis down to four years. Non-doms will still be eligible for Overseas Workday Relief during the first three years of their residency in the UK but the Chancellor has said this process will be simplified under the new regime. Currently, inheritance tax (IHT) is based on domicile. Under the new regime the government is aiming to make IHT based on residency instead.
Wednesday
Following Chancellor Jeremy Hunt’s announcement in the March Spring Budget that the current tax regime for non-UK domiciled individuals (or non-doms) and the concept of domicile in the tax system will be abolished, the government is keen to hear external views on this reform through a series of listening events between 13 and 31 May 2024. Those wishing to attend must register their interest by 3 May. The events will take place at the following times and locations.
Collas Crill promoted Bonnie McPartland to of counsel in its private client and trusts team. Ms McPartland initially joined Collas Crill in 2016 and during her seven-year tenure with the firm specialised in both non-contentious and contentious trust matters, including complex multi-jurisdictional tax-related matters. She also spent time on secondment in a private bank. Ms McPartland took on the role of relationship manager for the offshore law firm's Jersey office in January 2022.
Thursday
Fiduciary and corporate services provider Equiom hired Vicky Stables as executive director of private wealth in Jersey. Ms Stables joined Equiom from Hawksford where she had worked for the previous seven years, most recently as head of private clients services in Jersey. Prior to that Ms Stables spent over a decade at Bank of Singapore Trust, having joined it from Bedell (now Ocorian). She also worked for almost two years at VG in Jersey. "Vicky's appointment marks a significant milestone in our journey to provide unmatched wealth management solutions," said Steve Le Seelleur, managing director of Equiom Jersey.
JTC joined the American Immigrant Investor Alliance (AIIA), a non-profit lobbying organisation advocating for investors in the EB-5 Immigrant Investor Programme. The EB-5 Immigrant Investor Programme is a US government initiative that allows foreign nationals to pursue permanent US residency by making investments that create US jobs and impact underserved areas. EB-5 has directed billions of dollars of investment to US communities, but for many years was plagued by fraud and abuse, as well as uncertainty around the programme's future due to periodic lapses in authorisation for the Regional Center programme, which allows investors to pool investments in large-scale projects.
Friday
Marco Amitrano was elected as the new senior partner for PwC UK and Middle East, effective from 1 July 2024 for four years. He is taking over the role from Kevin Ellis who is retiring at the end of June. Mr Amitrano is currently managing partner and head of clients and markets at PwC UK. He has been a partner at the firm since 2005, on the management board since 2016, with previous leadership roles including head of consulting for EMEA and global head of risk assurance services. Mr Amitrano commented: “It’s a huge privilege to have been elected senior partner and have the mandate to lead our people. In an era of profound change, I want to ensure we stay ahead of the curve without losing sight of what makes PwC special for our people and our clients. I’d like to thank Kevin Ellis for his exemplary leadership over the last eight years and his commitment to our people and clients.”
Extreme weather, the competitiveness of the UK economy, and challenges to building and preserving wealth are among the top concerns of the UK's highest earners, according to the inaugural wealth report from insurance provider Chubb. Yet many of the most damaging threats on the minds of the wealthy are much closer to home. More than seven in 10 (71 percent) said that damage during renovations was the greatest risk to their homes, while half are worried about exposure to extreme weather due to climate change. Theft is a primary concern. Nearly nine in 10 respondents (86 percent) said that theft is the primary worry when it comes to their collections, with many believing social media exposure is making them more of a target for thieves.
Finally, today is the last chance for readers to help nominate the 2024 eprivateclient Crown Dependencies NextGen Leaders. The 2024 eprivateclient Crown Dependencies NextGen Leaders is open to nominees from within the private client advisory professions be they private client tax, trust, dispute resolution and family lawyers, accountants or trustees. To make a nomination, please click here