Number 10

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.

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Are you & your business ready for a ‘no-deal’ Brexit?

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a brake on progress, we are convinced

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Multi-jurisdictional. Multi-disciplinary. We provide BVI, Cayman, Guernsey, Jersey and Luxembourg legal services to clients around the globe.

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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