A look back at the most read stories on eprivateclient this week....
Monday
UK law firm Penningtons Manches Cooper expanded its private client practice offering with a plethora of lateral hires, across its offices in London and Guilford. Sonia Dhesi joined the firm’s Guildford office as a senior associate. She has 15 years’ experience with a particular interest in cross-border estates, and in advising clients on succession planning and tax mitigation strategies. Ms Dhesi is joined by Mylor Beames and Sophie Spencer as associate hires to the team. Both have experience across a range of private client matters including trusts, probate and the administration of estates. In addition, Vaishali Kapadia recently joined the London team as an to associate. Ms Kapadia regularly advises clients on UK and international trust and tax planning matters.
BDO Guernsey appointed Cynthia Munemo as head of risk advisory. Ms Cynthia is a Chartered accountant and registered public auditor with previous experience in working in group internal audit in the Butterfield Group in Guernsey. Before this, she worked as country head of audit for Standard Chartered in Zimbabwe. She is also currently working towards a doctorate in business administration focused on the framework for an appropriate measure of internal audit value.
Tuesday
Evelyn Partners acquired Buckinghamshire based accountants Harwood Hutton in its fifth professional services deal of the year. With an office in Beaconsfield, Buckinghamshire and a team of 70, Harwood Hutton was established in 1957 and provides personal and business tax advisory and accountancy services. The acquisition forms part of Evelyn Partners strategy to build on organic growth through acquisitions and develop the firm's regional presence.
US-headquartered law firm Boies Schiller Flexner opened an office in Rome, with Natalia Bagnato and Simone Grassi joining as partners. The Rome office is the firm’s second within the European Union and arrives two years after the firm launched BSF Italy in Milan. The addition of Ms Bagnato and Ms Grassi, along with three associates, is aimed at strengthening the firm’s capabilities in handling complex commercial disputes, advising high net worth individuals, and providing ESG-related services.
Wednesday
Fund management company Octopus Group acquired a majority stake in divorce services provider amicable. Founded in 2015 by Kate Daly and Pip Wilson, amicable provides fixed-fee services to couples divorcing providing an alternative to adversarial legal proceedings. With £12.8 billion under management Octopus Group plans for subsidiary brands Octopus Money and Guardian Angel to provide services alongside amicable in areas where individual's face financial, legal and administrative challenges.
Oral arguments were heard in a US Supreme Court case on offshore earnings that could impact US President Joe Biden's plans to implement a wealth tax. The case, Moore v United States, relates to a tax of $14,729 levied against two US citizens, Charles and Kathleen Moore, with an investment in an Indian company, KisanKraft Machine Tools Private Limited. The plaintiffs claim that the tax, levied under the 2017 Tax Cuts and Jobs Act (TCJA), was unconstitutional as it applied to funds that had not been realised. This is because a provision of the Act required a one-off tax treating US-held foreign shares as if they had been repatriated to transition to a new approach to taxing foreign companies with US ownership. They have argued that constitutionally, taxes should only be levied against income and not personal property. [Read more]
Thursday
A survey revealed that the amount of friendly or amicable divorces is almost as common as the number of hostile divorces, which specialist lawyers say is due to the introduction of several measures including no fault divorce, mediation vouchers and the rise in friendly celebrity splits. The YouGov poll of 1003 adult divorcees in the UK commissioned by the family law team at UK law firm Irwin Mitchell found that 32 percent of respondents said the tone of their divorce was hostile, but 27 percent described the tone of their divorce as friendly or amicable. A further 27 percent said the tone was neutral.
It was reported that Jersey is considering the introduction of a carbon tax on private aircraft in order to achieve emissions targets. This forms part of the Channel Island's plan to identify £300 million in order to fund the transition to net zero. As part of this plan, the States of Jersey has proposed an investigation into a carbon tax or charge that would balance the negative impact of private aircraft use with the role it plays in Jersey's economy.
Friday
City law firm Wedlake Bell elected Camilla Wallace as its next senior partner. Ms Wallace will take up the role on 1 January 2024 when current senior partner Kim Lalli finishes her term. Ms Wallace joined Wedlake Bell in 2007, becoming a partner in 2011. With specialisms in personal tax, offshore and UK trusts, wills and estate planning and wealth structuring, she advises both UK and global high net worth individuals and trustees. She was head of private client at the firm from 2018 to 2023. Previously a member of the firm's board while head of private client, Ms Wallace will now return to the board as she takes on her new role as senior partner whilst continuing in full time practice looking after her clients.
Business transfer to family members is top of mind for entrepreneurs in Asia, but many are underprepared, the inaugural HSBC Global Entreprenurial Wealth Report found. On the other hand, where Asian entrepreneurs exit by a share disposal, they are less likely to sell their entire stake in their business, providing the possibility to retain their influence in it, the report identified. More than half of the Asian entrepreneurs expressed that they want their wealth used for charitable or philanthropic causes or sustainable/ impact investing. [Read more]
