ISSUE 10
WELCOME FROM DAVID BELL
Welcome to Number 10.
S
eems an appropriate title with
Finance, Zedra, ARQ Group and
Brexit just a few weeks away
Edwin Coe, and silver sponsors St
as all look in anticipation at
George.
Number 10 and uncertainties continue
Just last week we returned to
to impact many areas of our private
Manchester for a panel discussion
client world.
involving our sponsors, Zedra,
This was a key feature of discussion
J Safra Sarasin and ETC Tax, on
at our inaugural event of 2019 when
trends for HNW clients investing in
we returned to London for a panel
commercial and residential property.
discussion on UK property. It was
We take a look at upcoming events in
hosted and sponsored by Trowers
this magazine, from the launch of our
& Hamlins LLP, and we share a
Sustainability Series to networking
summary of the points raised within
dinners in the new locations of New
this magazine.
York and Shanghai. We also share
We then held an incredibly successful
engaging commentary from some
event in London called China Now, a
of the thought leaders within our
one day course with a focus on dealing
membership network.
with UHNW clients in mainland
Please get in touch if you’d like to
China and the connected international
discuss your involvement in PCD
markets of Hong Kong & Singapore.
this year, we have lots of creative
You can find a full gallery and guest
opportunities to do so.
list from the event here, which was held in partnership with CKGSB and
David Bell, founding director
sponsored by JTC Group and Aston
#jointheclub #oneteamonedream
Currency Management.
#makeithappen
We also recently launched in Mumbai with two panel discussions and a
CLICK TO EMAIL DAVID WITH QUESTIONS, COMMENTS OR FEEDBACK
networking dinner at the prestigious St Regis Hotel. We were grateful for the support of gold sponsors Jersey 3
DINNER DESTINATIONS
Dinner destinations for 2019
Dublin Guernsey
New York
Jersey
Miami
4
DINNER DESTINATIONS
Isle of Man Leeds Edinburgh London Manchester Bristol Zurich Geneva Shanghai
Dubai
Hong Kong Mumbai
Nairobi
Cape Town
5
IN REVIEW
In review We returned to London on Thursday 7
see that the number of new applicants
February for a panel discussion on UK
outweighs the frequency of exchanges,
property from an investment, financing
and well-priced property appears to be
and structuring perspective.
under offer at an increased rate. This has, in turn, begun to create pent-up demand. Tom added that it is the needs-based buyers who appear to be driving
The discussion was hosted and
demand in the current prime London
sponsored by Trowers & Hamlins LLP
property market. Total returns for 2018
and focused on how high net worth
were -1.8%, for instance, which stacks
investors perceived the opportunities
up versus alternative asset classes.
and challenges in the current residential
According to Robert Evans,
and commercial property market.
Founding Partner at Property Wealth
The discussion was expertly chaired
Management, discretionary buyers
by Ken Chapman, Head of Wealth
are showing weak demand with the
Planning at EFG Private Bank.
sale of trophy assets depending largely
Tom Bill, Partner and Head of London
on the vendor’s position. Robert also
Residential Research at Knight Frank,
argued that there is increased scope
set the scene by affirming that the
for distressed purchases to be made by
current UK residential property market
developers for new-build blocks.
appears to have been put on hold since
Peter Ward, Partner at Trowers &
last summer as it awaits clarity on the
Hamlins, spoke about the impact of
true impact of Brexit. It’s not all bad
tax changes since 2012, arguing that
news, however, as Tom anticipated that
they had been severe on the residential
conditions are soon set for recovery. As
market, particularly with regards to
the market waits for political uncertainty
Stamp Duty. Previous confidence
to ease, he argued, it is encouraging to 6
IN REVIEW
had been very high, and the belief in
rents, among many other factors. He
future returns in London appeared
recommended that owners of leasehold
unwavering; though introductions of
flats/blocks or landlords should look at
taxes for foreign investors such as ATED
the reform proposals more closely.
and Non Resident CGT brought them in line with UK investors, they made international investors feel unwelcome and hampered returns.
Andrew Robinson, CEO of Arc & Co, turned the discussion towards LTVs, pointing out that in the prime market, UK private banks reduced them to 50%
Peter also spoke about issues caused by
while international banks remain just
the emergence of new-build roadshows
over 70%, although this will depend on
in the Middle East and Asia, selling
client and liquidity events over the next
London property off-plan with a 2 to 4
2 to 4 years. In the meantime, banks
year completion horizon with buyers
will finance up to 100% of the purchase
who are no longer able to complete.
leases by leaseholders, depending on the
With developers allowing more time for
valuation and term of the lease.
these deals to complete, Peter argued that this, in turn, is depressing the rest of the market. Though some investors are switching to commercial property, tax changes appear to be equalising the
The majority of our audience in Mumbai was composed of private client lawyers, accountants, wealth managers, bankers and trust companies.
treatment in many respects. On Lease Enfranchisement, since 1993, there has been an opportunity for tenants to purchase the freehold. Peter added that Government is looking at the
A FULL GALLERY AND GUEST LIST FROM THIS EVENT CAN BE FOUND HERE.
purchases of leases and terms contained regarding the escalation of ground
VIEW GALLERY
SPOTLIGHT ON
Spotlight on New York serve wealthy international families. PCD Club events are designed to aid networking and maximise business development opportunities in a relaxed and social setting. Our goal is to make new connections between advisors based in key global financial centres. The majority of the audience will be composed of private client lawyers,
PCD Club is delighted to launch in
accountants, wealth managers,
New York on Thursday 18 April at the
bankers and trust companies. We are
Yale Club.
expecting good numbers of guests from
VIEW THE YALE CLUB WEBSITE
Cayman, Bermuda, London and other international financial centres and a
We have Silver sponsorship confirmed
full guest list will be provided to all
from Isle of Man based international
delegates in advance of the event.
trust and corporate services provider, The Law Trust and New York based
Take a look here for galleries and
art advisor, Athena Art Finance.
guest lists from other locations for a
Sponsorship opportunities are still
flavour of how our events work.
available for this event; please contact David to discuss your involvement. The format of the evening will be a one hour drinks reception, followed
VIEW NEW YORK EVENT
by a networking dinner. Guests will have the opportunity to circulate and meet professionals from a variety of specialisms and locations, all of whom 8
WHAT’S NEXT
What’s next?
VIEW LONDON 06-03-19
VIEW BRISTOL 07-03-19
VIEW LONDON 21-03-19
VIEW NEW YORK 18-04-19
VIEW ALL UPCOMING EVENTS
9
WHAT’S HAPPENING
PCD Launches Sustainability Series The event will be of interest to PCD members whose clients’ interests dovetail with contemporary concerns such as how
Sponsored by Cazenove Capital, the
to manage portfolios with both non-
first topical event in this series features
financial and financial returns in mind,
a panel of experts who will explore
and who wish to stay up-to-date with
the relevant issues relating to wealth
relevant research, policy, opportunities
management and climate change: “Does wealth management care enough about
and risks. Participants:
climate change?” Panellists will seek to
Tom Rutherford, LOTUC
address the priority that advisors and
Consulting (Chair)
clients place on this topic, in the context
Paula diPerna, Special Adviser
of the wider sustainability and impact
at CDP North America
agenda.
Marc Hassler, Sustainable
They shall critique the level of activity
Investment Analyst at Schroders
within wealth management in the context of other market segments (e.g. sovereign
Jonathan Brinsden, Partner at
wealth funds, pensions) by considering
BDB Pitmans
the investment and reporting options available and the portfolio implications
Timings:
of adopting different approaches, such as
> 08.00 - Arrival at 1 London Wall Place
fossil fuel divestment.
(directions here)
The discussion will consider climate
> 08.30 - Welcome by David Bell, PCD
change in the context of an advisor’s
> 08.35 - Panel discussion with experts
fiduciary and legal responsibilities, as well > 09.30 - Networking over coffee > 10.00 - Departure
as industry policy developments. 10
Does wealth management care enough about
climate change?
REGISTER FOR THIS EVENT
THOUGHT LEADERSHIP
Thought Leadership
Planning for the next generation.
Protecting family wealth for the
By Lynda Lennox, Financial Planner.
future. By Rachael Oakes, Partner and Head of Platinum Client Services
READ MORE
READ MORE
Make 2019 a less taxing year. By
Arc & Co. advise on £45 million
William Martin, Senior Associate.
blended debt facility. By John Kerrigan, Director, Structured Finance.
READ MORE
READ MORE
Investments in qualified
Are you & your business ready
opportunity zones offer significant
for a ‘No-Deal’ Brexit? By Andy
U.S. and potential state tax savings.
Wood, Founder & Director.
By Stephen Christiano, Business Tax Associate Director.
READ MORE
READ MORE
Prime or corporate member? Contact lucy@pcd.club to share your news or advertise.
13
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a brake on progress, we are convinced
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Appetite for success
Multi-jurisdictional. Multi-disciplinary. We provide BVI, Cayman, Guernsey, Jersey and Luxembourg legal services to clients around the globe. Our teams are client-focused, expert and responsive, working to reduce complexity in everything we do. Our clients are sophisticated, innovative and international, collaborating with us to build lasting partnerships. Our advice is targeted, pragmatic and commercial, delivered with absolute clarity.
Legal services in British Virgin Islands Cayman Islands Guernsey Hong Kong Jersey London Luxembourg Shanghai Tokyo
2018 IN REVIEW 3 new locations Launched in
Held
18
dinner events
10
+
Hosted panel events and receptions Entertained
2500 Welcomed
200
guests
new companies to our global network
first
Held PCD’s cryptocurrency panel
Launched PCD’s business development
masterclass
Our Guests Quotes
From
“David’s network throughout the private client industry is very helpful to get in touch with bankers, trustees and advisors. The Private Client Dining Club events are well organized and brilliant opportunity to network.” Professional Services Firm, Zurich
“A truly fantastic event in London for profile building and networking from a business and individual point of view. With over 110 attendees of a diverse range of private client service providers, the PCD experience is not one to be missed. Thanks again David and we look forward to sponsoring again soon.” Trust Company, Guernsey “Having attended one of the most recent PCD dinners that took place in Dubai, I can say that David united the 'creme de la creme' of the business world which gave industry leaders the opportunity to connect with each other while enjoying a pleasant evening in one of the most exclusive venues in Dubai." Business Dev Consultant, UAE
“We recently sponsored the PCD event in London. The event was meticulously organised and David’s guest list was perfectly matched to our target market.” Financial Services Company, London
www.pcd.club
2019
dinner Dates 15 FEBRUARY Mumbai
28 FEBRUARY
Manchester
7 MARCH Bristol
3 OCTOBER
21 MARCH
Isle of Man
London
10 OCTOBER
18 APRIL
Leeds
New York
24 OCTOBER
25 APRIL
Miami
Shanghai
7 NOVEMBER
9 MAY
Dublin
15 MAY
Guernsey
13 JUNE
Geneva
20 JUNE
Dubai
14 NOVEMBER Hong Kong
21 NOVEMBER Jersey
28 NOVEMBER London
Nairobi
4 JULY
London
5 DECEMBER
Cape Town
12 SEPTEMBER Edinburgh
19 SEPTEMBER Zurich