ISSUE 24
WATCH THE HOT SEAT WITH STEPHEN COULSON AND WIN A BOTTLE
OF BUBBLY
TAX CORNER
ER
INVESTMENT CORN
HACKS
OME
E AT H TO STAY PRODUCTIV
INSIDE THE LONDON PRIME PROPERTY MARKET
Prime or Corporate Member? Contributing to PCD’s Digital Magazine is an exclusive benefit of your membership. There are various ways of contributing to our monthly digital magazine.
Contact lucy@pcd.club
•2•
•EDITOR’S INTRO•
Editor’s Intro WELCOME TO THE LATEST EDITION OF YOUR PCD MAGAZINE. Looking at this month’s calendar, it’s inspiring to see so many fresh new online events planned for the weeks ahead. No surprise that one of the most recent webinars focused on gold - a traditional safe haven and there are no prizes for guessing why it’s popular right now. Similarly, property has always enjoyed a reputation for being as safe - well, as houses. But with the turmoil of the past few months what exactly is happening in the London prime property market? Take a look at our special feature and hear from a panel of experts with their fingers on the pulse.
on offer in our workfrom-home-window. I’ve felt fortunate to be an old hand at working from home, but I’ve been inspired to schedule in more informal meetings and reconnect with friends and contacts in a relaxed way. Alongside the usual round of client calls and project reviews these are now top of my to-do list - what’s on yours? Send an email and let us know. Is there a way for us all to do good as well as do well? Looking at our chart of the month and seeing how ESG assets continue to grow I can’t help but wonder. Talking of golden opportunities - don’t forget to get in touch with your comments, reactions and ideas for future features. You never know, it could spark a new connection and deliver something of real value for you, your business and your career.
One thing that really has changed Keep on adapting! is marketing this month The Privateer ponders what the future holds for all of our personal brands. Keeping professional is clearly key, and there are some great tips
•3•
•WHAT ’ S NEXT BY DAVID BELL•
What’s Next by David Bell OVER THE PAST COUPLE OF MONTHS SINCE OUR LAST ISSUE, WE’VE SEEN A REALLY STRONG UPTAKE IN DIGITAL MEMBERSHIP PACKAGES, PARTICULARLY FROM THOSE INTERESTED IN OUR EVEREXPANDING PORTFOLIO OF INTERNATIONAL CONTENT.
traps and opportunities that families can utilise to preserve wealth. Sponsored by IQ:EQ, we’ll also be heading back to South Africa for a second episode and our US & Canada Series sponsored by US Tax & Financial Services will look at what it’s like to manage multiple pensions in today’s global environment.
In true PCD form, we have refreshed our calendar with lots of new online events now live for booking in November; starting with our Middle East Series and a Family Law Update with Diana Hamade, and culminating in our UK & EU Series discussing trends in ESG investing which is sponsored by Waverton Investment Management. In fact, our UK & EU Series will journey across a variety of professional-led discussions over the course of the next month, from advising HNW sports and entertainment stars to pensions & estate planning and trends in UK real estate. Elsewhere, our popular East Africa series in partnership with Barclays Private Bank continues with a fifth episode; while our India Series focuses on UK/India cross border estate planning, discussing the
Making new connections remains at the heart of everything we do here at PCD and is the focus of the Friday Show which returns on 6 November. There, we will be speaking to five PCD members about their business, with speed networking sessions using Zoom Breakout Rooms to allow you to network with other members and the guest speakers on the call. What’s perhaps even more exciting is that we are working hard to bring physical events back from Q2 in 2021, kicking off with a networking dinner in Geneva on 15 June. We fully understand that there is still much anticipation and uncertainty in this new world, but we would like to reassure you all that, while we will continue to embrace these new digital opportunities we remain committed to enhancing our offering and restoring our first-class events at leading venues across the globe.
•4•
•WHAT ’ S NEXT BY DAVID BELL•
If you have any questions about upcoming events, please email tickets@pcd.club and, as always, check our calendar for updates.
Middle East Series: Family Law Update with Diana Hamade 3 November 2020 | 1:00 pm - 2:00 pm
Register
UK & EU Series: Advising HNW Sports & Entertainment Stars 4 November 2020 | 2:00 pm - 3:00 pm
Register
The Friday Show Ep 5 6 November 2020 | 12:00 pm - 1:00 pm
Register
India Series: UK / India Cross Border Estates 10 November 2020 | 12:00 pm - 1:00 pm
Register
View all upcoming events •5•
•INVESTMENT CORNER•
Access the latest content here
To collaborate with us on upcoming PCD webinars, contact members@pcd.club •6•
•LETTERS TO THE EDITOR•
Letters to the Editor Cheers! I’m raising a glass to the article on English sparkling wine in last month’s magazine. It was great to see PCD celebrating the success of this new player in the luxury sector. And I for one am really looking forward to sharing a glass when we all meet again at live events. Cheers! A. P. T. SW12
Tired and emotional. I can’t agree more with David Bell’s thoughts on digital fatigue. I too have found it all too easy to fall into a relentless round of back-to-back Zooms only to end my days with a feeling of nothing real achieved. I’m inspired now to be more selective with the digital meetings and events I join and to take a little more time out to reflect. Thanks for giving me a nudge in this David and look forward to picking another PCD event soon! S.K. West Hampstead
The right stuff. Great to read Mark Evans’ article on the value of coaching. Now more than ever, I’m feeling the need for a prod and a bit of hand holding. I’m sure I’m not alone amongst relatively senior people feeling the need of a little professional guidance. Personally, I’m determined to invest in what looks like a really valuable input soon. R.M. Guildford.
WIN A BOTTLE OF CHAMPAGNE FOR LETTER OF THE MONTH! We’re looking for stories, ideas and opinions with real appeal for our members. To submit a ‘letter’ for publication in our monthly magazine, simply email your content to lucy@pcd.club. Just two points of general guidance: please keep it short (max 200 words) and exclusive. •7•
•THE PRIVATEER•
The Privateer: Marketing has changed As the dust settles those you have and we start ‘living never met in person. with COVID’ many I spoke to others professional services climbing the walls businesses are trying at home because to work out what they thrive from they will do in future interaction with to win new business clients, prospects and keep existing and intermediaries. clients happy. This is Without interaction, particularly true in their pipeline private banking and quickly dries up. wealth management, where lavish client entertainment I made a trip into London on Monday and client-to-client networking at and had a useful day of meetings. It such events is all part of the service. struck me that those who are around If the relationship becomes more in London are very keen to meet, but transactional, it identifying those starts to reduce Creating communication who are around is down to returns, fees channels in different ways the challenge. A and service. There is to before is going to be simple Linkedin post nowhere to hide in critical to survival. advertising my trip that conversation! to London created a full diary. Creating communication Selling financial services to high net channels in different ways to before is worth clients over Zoom is difficult or going to be critical to survival. impossible to do. I was speaking to one of our members this week who said there More than ever, professionals will are less triggers to take financial advice need to create new ways of thinking to in the current environment and reduced survive in this new world. The way that appetite to change advisors, particularly professionals tell their story or sell their
•8•
•THE PRIVATEER•
services online will have to adapt. While it is hard to sell on Zoom, it is very possible to build your personal brand, awareness and visibility online via Linkedin and other platforms. We are going to have to be creative in establishing larger audiences for our messages alongside tighter, closer networks of aligned professionals who really want to make something happen together.
In that world, if you have no digital footprint, you are toast.
Marketing in professional services has changed forever. It will be another year before client events return, if they do on the same scale as before. In the professional world, the after work seminar is dead, but what will replace it? If you follow Gary Vaynerchuk, he will tell you that in a few years, business owners and HNWs will be saying “Siri, who is the best divorce / litigation / property lawyer in London?” In that world, if you have no digital footprint, you are toast.
More than ever, professionals will need to create new ways of thinking to survive in this new world. •9•
•INSIDE THE LONDON PRIME PROPERTY MARKET•
‘Hold on tight and look for a break in the clouds’: Inside the London Prime Property Market A friend of mine once described nighttime in the central London Square he called home as the quietest place in the country. The huge number of properties owned by absent, overseas investors really did mean that all the lights were out, and no one was at home. I wondered if this still holds true, but reading the thoughts of our expert panel, it sounds like - despite the seismic changes we’ve all been through - perhaps the Central London Prime Property market has seen less change than most. There’s a consistent thread from all of our contributors – hold firm on price, look to the long-term, and remember how the London market has always offered a safe haven. In these uncertain times, let’s hope it continues to do so. Nick Portet – Editor
Robert Evans, Founder of Property Wealth Management: PWM has recently engaged in repositioning clients across our acquisition, residential asset management and managed sales offerings.
sound advice on pricing is vital for success. PWM does not work on a percentage commission, so advises our clients on pricing that is based on the prevailing market and we are not influenced by our own commercial concerns in getting deals done! A recent example was a property for a client who was an expatriate in the UAE, a Lawyer, Looking at our successful managed returning to Denmark after 20 years and sales during 2020, it is clear that taking looking to dispose of his house which
•10•
•INSIDE THE LONDON PRIME PROPERTY MARKET•
all properties that have been available through PWM, have now let. In the main, we are seeing a reluctance to increase rents this year, but we’re holding fast on rent reductions which are being attempted by some tenants. And looking at things on a case-by-case basis as there are a lot of new factors – the least of which, is the notice period the landlord has to give his tenants and the new Covid-19 guidelines. So, to recap, price is extremely relevant. Estate agents are very keen to reduce prices – sometimes without good comparable evidence. And it is our has been an investment property in job as the property advisor to ensure Central London. that are clients are getting an optimum return depending on the brief given We valued the property, instructed the by them and the circumstances under agent on PWM terms and delivered the which they give their requirements. desired result of a completion by midJuly 2020. The client is now happily Islay Robinson, CEO retired in Denmark with the proceeds at Enness Global of that sale adding to his enjoyment and Mortgages: Every lifestyle. time the clouds pass, international money We have also worked with acquisition floods into the London property market clients in this period and have – the brief period of time between the successfully negotiated terms meeting Brexit withdrawal agreement and the their brief. Again, we didn’t work on a start of the Covid pandemic clearly percentage basis and instead worked on a proved that, and there is still clear signs fixed fee. We also utilise an independent of pent up demand. RICS surveyor to value properties once we are in the bidding process. The market has had a list of challenges over the last decade: Brexit, Covid, On the rental asset management front, austerity, stamp duty, tax changes for
•11•
•INSIDE THE LONDON PRIME PROPERTY MARKET•
enveloped properties, IHT and more but the view is still widely held that you should never bet against the London property market. It remains central to the financial and cultural worlds, is politically and legally safe and remains top of many an investment list.
as investors (mainly overseas) were keen to capitalise on what they saw as a good entry point.
There have been some opportunistic transactions – we agreed an acquisition at £3.65m for a property that had been agreed previously at £3.8m on a guide The key is to buy well, to finance price of £4m. correctly and to hold. Right now, starter homes and one to two bed properties Management opportunities have seen with gardens are in high demand given a sharp increase - we have received the stamp duty holiday. Newbuild multiple calls from lawyers who are at apartments are only good value if you a loose end with their clients unable to can negotiate a significant value. Four be present for an effective takeover on plus bedroom houses with gardens are completion days. like gold dust in the £2-£10 million range, but only in the right areas. And Landlords are looking for proactive don’t touch anything over £10 million property managers who can sweat unless it has outside space. their asset to maximise their yield and minimise void periods. Likewise, Finance wise – interest rates are very homeowners are realising the need for low; mortgage availability remains very high if you can show either income or wealth and there are still very strong reasons to borrow money to acquire property. Dominic Wertheimer, Director at Lornham: Whilst Covid-19 brought global markets to a shuddering halt, for the central London property market this translated into a reduction in volume of transactions. However, this was shortly followed with activity quickly returning
•12•
•INSIDE THE LONDON PRIME PROPERTY MARKET•
effective home management given some • The period after the Global have not and will not visit their London Financial Crisis of 2007/2008 saw home for some time. high asset price inflation because of quantitative easing and its consequent Stock levels remain low as does our low global interest rates. Large amounts interest rate and therefore the cost of of global capital sought safe-haven assets money for purchasers. Furthermore, during this period with prime London political uncertainty (Middle East, property identified as suitable for many China) has seen a deployment of wealthy investors. Supply became capital from these regions into London outstripped by demand from numerous residential property which continues to buyers, many of whom were cash-rich, be seen as a safe asset class for HNW and this led to a rapid increase in prices. clients. Whilst we shall see a sticky market in the short term this will present • One of the key drivers of prime suitable opportunities for the long-term central London’s recovery was its property investor. reputation as a safe haven. Also, the weak Pound offered increased buying Justin Mason, Director power for many nationalities. Given the at Justin Mason successive upheavals in the Eurozone Valuation: and the Middle East, London property became an attractive investment option Is the Market in Prime among wealthy Europeans keen to Central London Stronger than you diversify away from Euro denominated Think? assets and those seeking shelter from political uncertainty overseas. “How strong is the market? Can it weather the storm? Do you think prices • Prime central London prices are rising or falling? Do you think I continued to climb through 2012, yet should sell or buy now?” All perfectly much of the year was dominated by natural questions. uncertainty given the proposed tax changes for high value properties, Our valuation reports contain a market especially those held in a company commentary that presents the story so structure. The market absorbed several far, helps the client to decide what to do successive increases in stamp duty... and sets the scene for the valuation. Read in full online
So, what is the story so far?
•13•
•CHART OF THE MONTH•
Chart of the Month: How ESG Global Assets are Growing SINCE 2012, TOTAL ASSETS IN SUSTAINABLE INVESTING HAVE MORE THAN DOUBLED ACCORDING TO BLACKROCK. THE US AND EUROPE ARE MAJOR PLAYERS IN THIS SHIFT AND IN PARTICULAR, SPECIFIC LEGISLATION ACROSS EUROPEAN COUNTRIES HAS CONTINUED TO DRIVE ESG IMPLEMENTATION.
•14•
•CHART OF THE MONTH•
Across major economies in Europe, cultural shifts and new regulations are shaping the landscape of sustainable investing.
• The UK has an ambitious netzero greenhouse gas emissions target by 2050 => Result: Most sectors will significantly ramp up their decarbonisation efforts to meet this goal. • As per France’s Article 173 (Energy Transition Law), investors must explain how they incorporate ESG factors into their investment strategies => Result: A majority of French institutional investors now manage their assets with ESG criteria in mind.
If Europe’s trajectory is any indication, sustainable investing will hopefully soon become second nature in other parts of the world too.
Author: Neil Fatherly Contact: neil.fatherly@btinternet.com
• Nordic countries consider sustainability and social responsibility a cornerstone of their cultural mindset => Result: Nordic investors are increasingly integrating all three ESG aspects into their investments.
•15•
•INVESTMENT CORNER•
Investment Corner with Kleinwort Hambros Written by Fahad Kamal | Chief Investment Strategist | Kleinwort Hambros THE FOLLOWING IS AN EXCERPT FROM KLEINWORT HAMBROS PRIVATE BANK MONTHLY HOUSE VIEWS AND WAS WRITTEN BY FAHAD KAMAL, THEIR CHIEF INVESTMENT STRATEGIST. In accordance with the applicable regulation, we inform the reader that this material is qualified as a marketing document. CA234/SEPT/2020.
Fixed income Summer doldrums THE SUMMER SEASON HAS BEEN RATHER QUIET FOR BOND MARKETS SO FAR, WITH INTEREST RATES AND CORPORATE BOND SPREADS MOVING IN NARROW RANGES. GIVEN THE EXTREMELY LOW-YIELD ENVIRONMENT WE ARE RE-ASSESSING THE DEFENSIVE CHARACTERISTICS OF OUR GOVERNMENT BOND EXPOSURE AND TAKING SOME PROFITS. Summer is not always a quiet time in financial markets. The summer months of 2007, 2011 and 2015 saw investors glued to their screens instead of relaxing on the beach as important events unfolded during the holiday season. This year, with a pandemic spreading across the globe and so many unknowns regarding its development, the ingredients were in place to keep tensions high. Nevertheless,
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•INVESTMENT CORNER•
summer has proved rather calm for both government and corporate bonds, but of course this is no guarantee for a quiet autumn. Sovereigns
US. After new lows at the beginning of August, 10-year yields have moved higher and are now back to 0.68%, around their average between April and July and still definitely close to all-time lows. With an abundance of Treasury auctions in early September and the potential for additional offers needed to fund a stimulus deal later this month, only a surge in inflation could provide upward-pressure in the short term. We do not expect this given large output gaps and very low money volatility. UK. Recent discussions at the Bank of England suggest negative interest rates are not on the agenda and that asset purchases and forward guidance will remain the preferred tools. Meanwhile, investors weighing the increased risks of a no-deal Brexit, as well as growing anxiety among UK businesses regarding the end of the furlough scheme in October provide pressure on yields. Given the extremely low-yield environment, the traditional benefits of downside-protection and income generation is greatly diminished. This encourages us to take profits and reduce our exposure.
Eurozone. The new €750bn joint stimulus plan approved by European governments will see the EU become an important issuer in the euro bond market. Given its high issuer rating, this will significantly increase the pool of “safe” bonds available to investors. The plan will also reduce fundingneeds for individual countries, easing upward yield pressure on weaker issuers. Moreover, ECB asset purchase programmes remain in place. This will help keep yields low for both core and peripheral countries. Credit
US. Yield differentials (“spreads”) for both IG and High Yield (HY) bonds have traded in a narrow range in August. IG issuance has been very high this year but easily absorbed by markets – deals were well oversubscribed with only small yield concessions. Going forward, we expect less issuance: first, the need for funding will decline gradually; second, companies will at some point begin to think about repairing their balance sheets by reducing their debt levels. However, it is unclear if this shift is imminent – although fundamentals are under stress, markets remain supported by strong demand and abundant liquidity.
•17•
Read in full online
•WORK-FROM-HOME WINDOW•
Work-from-Home Window IN RECENT MONTHS WE’VE BEEN SHEDDING LIGHT ON TEAM PCD’S WORK-FROM-HOME LIVES. THE CORONAVIRUS HAS FORCED MANY TO SWAP CORPORATE OFFICE LIFE FOR REMOTE WORKING ON THE SOFA BUT WE’RE STILL JUST AS KEEN TO STAY ON TRACK AND FEEL GOOD ABOUT WHAT WE’VE ACCOMPLISHED THROUGHOUT THE DAY. Given that, as a virtual team, we’re well versed in remote working, here are several hacks that we’ve discovered to keep us productive:
1.
GET DRESSED IN SOMETHING A LITTLE SMARTER: Say no to embarrassing Zoom calls in pyjamas and establish the right mindset from the moment you wake up.
2.
PRIORITISE: Every evening before bed with a clear head, write down three projects you want to finish the next day and book out time on your calendar to action each point.
3.
HANDWRITE TO-DO LISTS: Then cross them off for a satisfying feeling of accomplishment.
4.
SCHEDULE REGULAR VIRTUAL COFFEE CHATS: At PCD we’re all about networking and understand that it can be common to feel disconnected, or even less motivated, while you’re working from home. Make time to check in with colleagues and get those creative juices flowing!
5.
CREATE A WORKSPACE WITH NATURAL LIGHT: When you sit down at your ‘desk’ it should signal, this is my time to work... but don’t be afraid to change it! Varying your place of work might just be the best thing
•18•
•WORK-FROM-HOME WINDOW•
you can do when working from home, just stay out of areas you’d normally use to relax and keep it tidy.
6.
TAKE REAL BREAKS AND MAKE SURE OTHERS RESPECT THEM: Step away from your computer; put your phone away; get some fresh air; and please resist the temptation to eat lunch at your desk! Pop these breaks in your calendar and let your team know when they’ll be able to reach you.
8.
HOLD YOURSELF ACCOUNTABLE: We have a challenge for you. Try recording everything you do throughout the day (including a few minutes of scrolling on social media, putting the washing on or grabbing a coffee from the kitchen). Understanding how you spend every minute of your day might just help you identify when, where and how you’re wasting time.
7.
GET A DOG! Okay, so a dog is most definitely for life and not just for lockdown; but for many, having a four-legged friend at home can be a really healthy distraction. They’ll encourage you to take regular breaks for petting and walking, and help lift your mood when work is weighing you down.
9.
EMBRACE (BUT RESPECT) FLEXIBILITY: Recognise when you are at your most productive - you may no longer be bound by traditional office opening hours so, if you work better 7am to 3pm, do just that. Likewise, your work time is for work; don’t get distracted by household chores!
Do you have any more work-from-home hacks to share? Send them to lucy@pcd.club and we’ll publish them in the next issue.
•19•
G N I T I N IG R O F N O I INNOVAT
T C A P M I
ONLINE LIVE & VIRTUAL PROGRAMME
DURATION: 5 weeks START: Nov 2020
Understanding & activating impact innovation •20•
•QUIZ•
Quiz Cryptic Cartoon: 80’s British Pop Trio
•21•
•TAX CORNER•
Tax Corner with Lancaster Knox Written by James Heathcote | Director, Private Client Advisory | Lancaster Knox
Back to basics: what are your VALUES? Welcome back to the Lancaster Knox Tax Corner. In the last edition, we tried to gaze into a crystal ball to see what changes might lie ahead in the world of tax. Although thinking about the future is always beneficial, none of us know what may change in the months and years ahead. However, there are some fundamental considerations that should always be on the agenda and now is a great time to pick them back up.
V A L
VALUATIONS Has property dropped in value, potentially allowing a restructuring exercise to take place more tax-efficiently? Is the level of your clients’ life insurance still appropriate? Do trust assets need to be valued for ten-year charge purposes?
ALLOWANCES Are clients fully utilising their personal allowance, dividend allowance and CGT annual exemption? Is the annual exemption for IHT of £3,000 (which can be carried forward one tax year) being used? Could assets be transferred between spouses to maximise the benefit of all allowances?
LOSSES Are brought-forward capital losses available to set against other gains? Have all relevant losses been claimed? Is there an opportunity to offset trading losses against other income?
•22•
•TAX CORNER•
U
UP TO DATE
A real fundamental – is your knowledge of your client up-todate? A lot can happen during the year, particularly if there isn’t ongoing contact, so now is a great opportunity to pick up the phone and make sure nothing has slipped through the net. There may be a property sale on the horizon to deal with, or a new grandchild!
What is on your list of fundamental considerations? Please get
E
ESTATE
S
SPECIALISTS
in touch and let us know!
Has the client’s wider estate and succession planning been reviewed recently? Do they have wills and powers of attorney in place? Have they quantified their IHT exposure and is there a plan in place to mitigate this?
None of us can know everything, and working collaboratively with other advisors invariably produces better client outcomes. Consider having a chat with a specialist in another field to bounce around ideas or get fresh perspectives.
James Heathcote E: james@lancasterknox.com M: +44 (0) 7557 647 543 W: lancasterknox.com
•23•
•MEET OUR T MEMBERS•
Meet our Members: Edouard Gueudet What do you love most about your role?
I love interacting with clients, partners and prospects, sharing ideas, understanding their needs and trying to find the best solution as a team. I love doing research and identifying interesting people to meet, to explain how CISA Trust works and to explore how we could do business together. I also find working on marketing tools very rewarding. How has your business adapted in light of the current COVID-19 crisis? What do you do for CISA Trust?
As Head of Business Development, I am in charge of developing and maintaining strategic relationships with key people or intermediaries and of opening business development opportunities for the company. It is a job where you have to come up with ideas covering various topics, such as establishing a new partnership, organizing an event or suggesting a new product. My role also covers marketing, which means that I have to lead, coordinate and conduct marketing activities, give more visibility to the company and increase brand awareness.
Our company has reacted very quickly and management activated business continuity plans mid-March in order to continue to provide the highest level of services and ensure there would be no interruption of service. Everything has been going smoothly regarding clients’ requests in general and we have not seen big changes. We increased our external communication, for example, we have been more active on LinkedIn...
•24•
Read in full online
•MEET OUR T MEMBERS•
Meet our Members: Tanya O’Carroll or family office solutions. Each client has their own individual requirements which can often be extremely complex. How has your business adapted in light of COVID-19?
We adapted very quickly to the pandemic, vacating our offices when instructed to so by the IOM Government. Our recently upgraded IT and digital infrastructure enabled our teams to move smoothly to remote working at full capacity and we continued to deliver seamless client service throughout the lockdown.
What do you do for Oak Group?
We have all now returned to the office and regardless of where we are working, we are positioned to deliver the highest quality service to our clients, whilst ensuring we have the well-being of our employees at the centre of our business.
I’m the managing director of Oak in the Isle of Man with overall responsibility for delivering high quality client service while taking into account the strategic financial and operational requirements of our business operations on the island. In the spirit of the IOM BIOSHPERE designation we have, during and after What do you love most about your lockdown, moved to a completely role? paperless office – an achievement we Each day is different, I enjoy the had been working towards recently. This complexity and variety that my role has also led to consideration... offers. Also, the finance industry allows me to learn at every opportunity whether Read in full online it be compliance, legal, corporate finance
•25•
•MEET OUR T MEMBERS•
Meet our Members: Alasdair Johnston arrangements, UK product design, advising the Group’s fiduciary entities, meeting intermediaries and clients. What has been your greatest achievement?
I have only been with the Abacus Trust Group since just before the Coronavirus lockdown started and so, to date, I think establishing a London office and all that goes with that whilst the world retreated behind closed doors. How has your business adapted in light of COVID-19? What do you do for Abacus Trust Group/Moores Rowland?
I am the Group Legal Counsel and also Director of the new London office recently opened in Mayfair. What do you love most about your role?
From a Group perspective, the business was able to adjust to lockdown seamlessly and we have fared well. Significant resources were invested in our IT systems and processes well before Coronavirus appeared and, whilst not the original plan, these investments made switching to remote working simple for staff and we have been able to continue looking after our clients without any issues at all.
The variety. In any given day I will work on legal matters effecting the Group, whether internal Group matters or From a London office perspective, we external commercial issues, sitting on the have only ever existed during this... Group’s risk management committee, assisting clients with cross-border Read in full online corporate structuring or commercial
•26•
•NEXTGEN DOES LOCKDOWN•
NextGen does lockdown AN INTERVIEW WITH HARRY COTTON PRIVATE CLIENTS - WAVERTON INVESTMENT MANAGEMENT 1. What prompted your move to
through the organisation in a way that Waverton in April? made sense to me. The HR team did a I was seeking the opportunity to work for great job remotely enrolling me and our a firm with ambitious growth objectives IT department had me fully kitted out but also a strong history of excellent before I started. private client service. Moving from a large institution 3. We notice your email like Coutts to a boutique signature says that, investment house like in light of COVID-19, Waverton brings a fresh you're still working set of challenges for remotely. When did a business development this start, how have manager. For me, Waverton you found it and what are offered the chance to join a hugely Waverton's plans for the future in experienced private client team while this respect? also having the opportunity to help Waverton went remote back in shape their ambitious plans for the March, ahead of the official lockdown future. announcement. We invested heavily in our digital capability getting all staff 2. What was your first day like? Is the necessary working from home joining a new company during a hardware and getting everyone up and pandemic really all that different? running with Teams. The way we work Surreal! I didn’t physically meet another is changing; there is an ever increasing member of staff until I was 3 months proportion of private wealth clients into the job. Starting a new role at a firm coming from a younger, more tech can sometimes be a challenge as you savvy demographic. The importance of rapidly try to absorb all the information being able to pitch and articulate... being thrown at you. One benefit of starting remotely was the ability to plan Read in full online my own introductions and work my way
•27•
WATCH The Hot Seat with Stephen Coulson
WATCH NOW
•28•
•HEAR FROM OUR MEMBERS•
Hear from our Members Effectively purchasing and owning a French residential property By Fred Mege, Director at Moores Rowland
Read article online
The Semmelweis Reflex – Don’t let fear defeat what’s right By Marta Bellamoli, Marketing Co-ordinator at Abacus
Read article online
•29•
•HEAR FROM OUR MEMBERS•
Lancaster Knox Boosts North West Presence
Read article online
SMP Group rebrands to Suntera Global
Read article online
Liberum Wealth announces the launch of its new website – liberumwealth.com
Read article online
•30•
•HEAR FROM OUR MEMBERS•
Linda De Cicmic from Oak Guernsey named in eprivateclient 2020 Top 35 Under 35 list for UK and UK Crown Dependencies Read article online
Taxation of Accidental Americans – FATCA Cause or effect? By Michael Lewis, Director and Mark Allsopp, Senior Tax Manager at Frank Hirth Read article online
Prime or corporate member? Contact lucy@pcd.club to share your news or advertise.
•31•
Join the club PCD has responded to the COVID-19 crisis by augmenting our live event programme with digital marketing channels such as webinars, digital publications, private forums for members to share referral opportunities, and a member directory to provide connectivity to professionals even when unable to travel or take face-to-face meetings.
International Outlook 45% of our current members are looking for international connections.
Membership 20% Lawyers 18% Investment managers 15% Private bankers / Financial advisors 13% Accountants 13% Trustees 6% Property related 6% Currency brokers 9% Other Build long-lasting and mutually beneficial business and professional relationships as part of an exclusive club: contact members@pcd.club www.pcd.club
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