LUXURY ASSETS SPECIAL HEAR FROM MENZIES, SAFFREY TRUST, OCORIAN & MORE
STRATEGIC NETWORKING: HOW TO GET THE MOST OUT OF A DRINKS RECEPTION
WINTER EVENT PICTURES - WHO CAN YOU SPOT?
INSIGHT FROM SWITZERLAND HNW ADVISOR RIYADH 2024 LAGOS 2025
Welcome
By David Bell, Founder | PCD Group
Well what a year it has been! There have been a number of highlights through the year which we want to build on in 2025:
Launched HNW Advisor conferences in London & Manchester. We hosted our first one-day conference event hosted in Westminster this June with a series of panel discussions on Middle East, India, Europe and the US. In October, we headed up North for a discussion on wealth planning, business exits, succession and mobility. More regional events to follow in 2025 in Leeds, Edinburgh and elsewhere. Watch this space!
Launched Lagos Private Wealth Forum. In 2024, we successfully hosted a oneday conference at the Metropolitan Club in Lagos in partnership with Bimpe Nkontchou & W8 Advisory. We will return to Lagos on 21-22 May 2025 for the second edition. Contact me for commercial opportunities.
Returned to the Kingdom of Saudi Arabia for a Riyadh event. Building on the success of 2024’s launch event in Riyadh, we returned with panel discussions and a dinner event for 100 guests from the Kingdom and key international markets. We will return to Riyadh in November 2025 and are considering expanding opportunities in Jeddah. Contact me for more details on how you can access growth opportunities in the Kingdom.
Hosted over 200 guests in Dubai at Park Hyatt. Our Dubai franchise continues to attract interest and attendance from PCD members, sponsors and guests. The 2025 will be the 10th edition in Dubai. Look out for something special!
Completed numerous PCD media projects. We have been working with many clients to expand their digital marketing and promotion from video content and other avenues. Look at some of the projects we have been working on here.
Thanks so much to all our members, sponsors and supporters over the past year. We are grateful for your support and could not do it without you! If we can help you build your business in the year ahead, just drop me a line.
All the best for Christmas and New Year,
David Bell
Are luxury assets becoming essential for the world’s wealthy?
By Karin Brehaut, Assistant Manager, Guernsey, Saffrey Trust www.saffery.com
At first glance, the idea of anyone considering a luxury asset as ‘essential’ may seem counterintuitive. However, ultra-high-net-worth individuals (“UUHNWIs”) are increasingly viewing these assets as an integral part of a diversified investment portfolio. Tangible luxury assets, however, present significant risks and challenges which, if not appropriately mitigated and overcome, can see an investment become a financial burden, or even a significant loss.
The rewards
Luxury assets, including art, jewellery, vintage cars and private jets, can serve multiple purposes.
Classic cars, for example, present an opportunity for owners to join communities of collectors, enjoy the freedom of the open road, or the rewards from meticulous care of a well-preserved vehicle. In addition, the global classic car market is projected to increase by over US10bn in 2024, demonstrating the enduring appeal of these luxury assets. Notable sales included a 1962 Ferrari 250 GTO, which fetched $70 million at auction,
making it one of the most expensive cars ever sold.
Alongside providing enjoyment, status, and a route for personal passions, luxury assets may also act as a hedge against economic uncertainty. As countries around the world grapple with inflation, market volatility and geopolitical risks, the stability and long-term value of these assets make them a compelling investment choice. According to the Knight Frank Wealth Report 2024, 70% of UHNWIs have increased their allocation to luxury investments over the past year. This shift is perhaps driven by the recognition that these assets can offer strong returns. Despite a general negative -1% trend in luxury investments in 2023, five top performing luxury assets maintained or increased their value.
Unlike stocks and bonds...
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As members of Moore Global, a network with more than 30,000 people comprising 260 independent firms in 112 countries, we can provide an in-depth cultural and technical understanding of different markets around the world meaning our clients can benefit from a global reach and cross border expertise and advice.
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Luxury asset management: A comprehensive guide for highnet-worth Individuals
By Tracey Neuman, Private Client Executive, Ocorian www.ocorian.com
The management of luxury assets has become a critical concern for many high-net-worth individuals. From fine art and real estate to yachts and precious jewellery, these assets often require specialised care and attention. In this Q&A with Private Client Executive, Tracey Neuman, delves into the intricacies of luxury asset management, succession planning, and the role of trust and legal structures.
1. What specific luxury asset management services do you offer? And what differentiates you from other companies?
“You name the luxury asset; we look after it. What differentiates us from other companies is that we’re not scared to hold it.
A lot of trust providers only really want to hold investment portfolios that are backed and managed by professional investment managers because that’s easy.
There are never questions around insurance, funding, staff, and all those
sorts of things, but we deal with that.
For example, I’ve just facilitated a transfer of domestic staff from one client entity to another, in accordance with the Transfer of Undertakings (Protection of Employment) Regulations in the UK. We had UK staff employed via a Guernsey company, which we’ve just transferred to a different entity. It basically means that the employees’ rights continue as if that new entity has always been their employer, so they get a continuation of service on the same terms. It was key to us that the family reorganisation did not negatively impact the long serving members of staff.”
2. How do your services cater to different types of luxury assets?
“Catering to luxury assets is horses for courses and it depends...
Read in full click here
Tax Free Investments – are they really what they seem?
By Amy Cole, Private Client Director, Menzies LLP www.menzies.co.uk
Investments in fine wines, vintage cars and whiskey are becoming more popular due to the tax advantages. The capital gains tax reliefs which may apply can result in a large tax saving, but are these investments really as attractive as they seem?
Capital gains tax on investments
Generally capital gains tax (CGT) is payable on the increase in value on relevant assets. We often see this on share portfolios with the capital gain being taxable in the event of a disposal. Whether you pay CGT or not depends on the nature of the asset being sold; there are some assets which are exempt from the tax.
Assets which are considered to have a useful life of less than 50 years are exempt from CGT, these are known as “wasting chattels”.
Tangible movable assets with a useful life exceeding 50 years are referred to as non-wasting chattels. These are subject to CGT only if the asset is worth £6,000 or more (unless you are selling a set).
Some examples of wasting and nonwasting chattels are set out below:
Wasting Chattels
• Cars
• Racehorses
• Yachts
• Clocks / watches
Non-wasting Chattels
• Jewellery
• Painting/ artwork
In most cases you would expect the value of wasting chattels to decrease over time. There are, of course, exceptions to this, for example, classic cars and vintage watches will often retain value or can even increase in value over time.
Attractive Investment Opportunities?
These rules have left many investors looking to take advantage of investing in exempt assets and has led...
Best Practices for Structuring Personalized Family Offices in Switzerland
By Cécile Civiale Vuillier, CEO / Group Head of Private Clients, TrustConsult (Suisse) SA www.trustconsultgroup.com
Family wealth management is undergoing significant transformation, as traditional methods are increasingly challenged by modern wealth creation models and evolving family dynamics. This article delves into the best practices for structuring personalized family offices, addressing the unique needs of both long-established family businesses and newly affluent high-net-worth individuals (HNWIs), while highlighting the complex challenges inherent in this process.
The Evolution of Family Office Structures
Legacy vs. Modern Approaches
Historically, family offices were often informal, evolving organically from existing family business structures. However, today’s landscape is shifting toward purpose-built family office entities, particularly among selfmade entrepreneurs who have generated significant wealth through innovative ventures and technological enterprises.
Key Considerations in Structure Design
When designing a family office structure, several critical factors should be considered to ensure its success:
1. Separation of business and personal interests
2. Risk management and asset protection
3. Operational efficiency and costeffectiveness
4. Compliance with regulatory requirements
5. Flexibility to adapt to changing family needs
A personalized family office must be adaptable, efficient, and protective of both personal and business interests, while ensuring long-term success.
Challenges in Setting Up a Family Office
Establishing a family office is a sophisticated endeavour...
Insight from Switzerland produced by
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Swiss Trustee Services Explained: Insights from Trident Trust
Sustained success for Collas Crill’s private client team
Collas Crill has received a string of accolades for its Private Client and Trusts (PCT) team this year, reinforcing its position as a leader in the offshore private client space.
Read in full
Praxis appoints Joan Johnson as Head of Private Wealth & Corporate Services, BVI
Independent professional services group Praxis has announced Joan Johnson’s promotion to Executive DirectorHead of Private Wealth and Corporate Services, BVI.
Praxis
expands UAE offering with Sandshore acquisition
Global private wealth and corporate services provider Praxis is broadening the range of services offered by its UAE offices with the agreed acquisition of Dubai-based corporate services provider Sandshore Services Limited (Sandshore).
Read in full
Highvern senior trust manager awarded ‘future leader’ recognition
HIGHVERN is proud to announce that Jack Barlow, Senior Trust Manager with the Jersey team, has been recognised as Trustee of the Year – Manager at the prestigious Citywealth Future Leaders Awards 2024.
in full
Ten
Years of Clairmont Trust Company: A Journey in Fiduciary
Services
A decade ago, my partners and I left the security of large private banks to launch Clairmont Trust Company in The Bahamas, driven by the desire to offer more personalized fiduciary services.
Read in full
Read in full
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Philanthropy: the multiplier effect
By Tony Hind, Executive Director, Crestbridge Family Office Services www.crestfos.com
Over the past three decades, there has undoubtedly been a natural gravitation towards philanthropic structures as families have become more and more sophisticated and outward looking with their wealth.
The global value of philanthropic capital, for instance, is estimated to stand at more than US$2.5trn (Philanthropy and the Global Economy, Citi Bank 2022), with 73% of family offices now managing philanthropic efforts in some capacity (BNY Mellon, February 2022). Family philanthropic efforts are becoming more professional, more sophisticated and more targeted –and there are good reasons for this evolution.
The ‘external’ benefits of adopting such an approach are clear through the tangible impact family-driven philanthropy is having in society and on the planet. But families are also increasingly alive to the more ‘internal’ benefits of philanthropy too.
Increasingly, families are understanding that the very process of philanthropic professionalisation – from opening up conversations
around philanthropy to developing and implementing purpose-driven strategies – has the potential to bring multiple additional benefits to the family, through better governance, more efficient structuring and family cohesion.
In turn, this new family approaches to philanthropy is also set to create a multiplier effect, paving the way for a number of additional opportunities.
Benefits
From an external perspective, the clear need for private capital to step up and support good causes remains strong. UN figures show, for instance, that if the Sustainable Development Goals (SDG) investment needs to 2030 are to be met, some $30 trillion of additional investment must be found. Private capital, including through philanthropy, will play a key part of that.
The signs are that families are aware of that need and are...
Event highlights from Nigeria 2024
HNW Advisor was in partnership with W8 Advisory, brought its first live event to West Africa on Monday, 10 June 2024, at the Metropolitan Club in Victoria Island, Nigeria, which presented an extensive program centred around wealth management.
The inaugural event was a joint concept designed to connect clients and professional intermediaries, both within and beyond the private wealth sector, providing an avenue for attendees to build a client base following successful networking with in-country professionals including event partners W8 Advisory, Wealth8, ALN Nigeria | Aluko & Oyebode, Appleby Global Services, FBN Asset Management, FBNQuest Trustees, Henley & Partners, IQ-EQ and WYZE.
Register your interest for 2025
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Events are attended by leading professionals from key jurisdictions
Low Risk High Impact
With fixed costs and a proven track record we deliver you a high quality event with low-risk
Navigating Strategic Decision-Making in Fast-Paced Times with Brad Rendle
By David Bell, Founder, PCD Group
Brad Rendle is a deep strategic thinker. He splits his time between Maine in the US and London, working with clients on both sides of the Atlantic. His clients have primarily been CEOs, senior leadership, entrepreneurs, and Boards.
Brad takes a nature inspired holistic approach to systems and how they inform our response in a commercial context. Connecting over Zoom, we discussed the nature of strategic decision-making challenges, emphasizing the role and importance of values, intuition, and data in leadership. Read more about Brad and the Rendle Company here.
Strategic Decision-Making in a Rapidly Changing Environment
Strategic decision-making has become an intricate and demanding task in today’s fast-paced business climate. Market conditions evolve at an unprecedented rate, influenced by rapid technological advancements and shifting consumer preferences. This environment necessitates a nimble and well-informed approach to leadership, where foresight and adaptability are
indispensable qualities. A business sense informed by thoughtful urgency.
Leaders are now expected to possess not just a grasp of data but a nuanced understanding of emerging trends and their potential longterm ramifications. Data alone is insufficient; it must be combined with an insightful comprehension of the broader context in which a business operates. The rise of digital transformation has added layers of complexity, pushing leaders to reevaluate traditional strategies and incorporate innovative...
Read in full click here
The emphasis on agility is...
Brad Rendle www.rendlecompany.com
AI Unleashed for Trustees & Family Offices: The Ultimate Playbook for Simplifying Compliance,
Maximizing Revenue, and Reducing Risk
By Frédéric Sanz, Director, Fiduc-IA Corp www.fiduciacorp.com
As trustees and family offices struggle with the increasing complexity of regulatory compliance and risk management, the future of wealth management calls for a revolutionary shift. Artificial intelligence (AI) has emerged as a transformative tool for optimizing operations, reducing errors, and delivering results faster and more accurately than ever before.
At Fiduc-IA Corp, we’ve been at the forefront of this revolution, guiding trustees and family offices through the maze of AI innovation to achieve unparalleled operational efficiency. Our decades of expertise in AIdriven transformation and wealth management culminate in our latest playbook: AI Unleashed for Trustees & Family Offices: The Ultimate Playbook for Simplifying Compliance, Maximizing Revenue, and Reducing Risk, launching on September 27.
This is not just another book on AI— it’s the definitive guide for trustees and family offices serious about leveraging AI to streamline compliance, manage risk, and drive growth without increasing operational complexity.
AI-Powered Compliance: The New Standard for Trustees and Family Offices
In today’s regulatory environment, compliance is mandatory, and the consequences of falling short are steep. Manual compliance efforts are timeconsuming, costly, and often prone to error. This is where AI steps in to offer a smarter, more efficient solution.
In AI Unleashed for Trustees & Family Offices, we illustrate how AI can:
- Automate Regulatory Compliance: Using AI, trustees and family offices can automate the labor-intensive aspects of compliance, such as monitoring client transactions for suspicious activity, tracking changes in regulations, and ensuring that all necessary filings are accurate and timely. These systems automatically adjust to evolving legal...
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- Real-Time Monitoring & Alerts:
From Photoshop to deepfakes: the evolution of fake evidence creation in family law cases
By Rebecca Dziobon, Partner and Lee Henderson & Eleanor Moodey, Senior Associates www.penningtonslaw.com
Our experts, partner Rebecca Dziobon, and senior associates Lee Henderson and Eleanor Moodey, consider the recent developments in the production of convincing deepfake material, and the potential implications this could have on the family law sphere.
Developments in tech and artificial intelligence are happening at a dizzyingly fast pace. As legal professionals, we are keen to understand what is being developed and how it is being deployed in litigation.
Stories emerge every week regarding the use of tech by manipulators, often political, seeking to cross the line between truth and lies, using the personas of those that we trust, or who have influence over the public, to manipulate our opinions and therefore our decision making. In one recent example, the US authorities had to issue cease and desist orders to two corporations that initiated a robocall
campaign which sought to persuade up to 25,000 voters not to vote in the New Hampshire primary election.
As lawyers, we deploy evidence to persuade judges to make decisions that have profound implications for our clients, their families, and their businesses. It is the veracity of that evidence that is the subject of this article. As litigators, we need to have an enhanced understanding of the technology that can create and manipulate evidence (documents, video and audio), how it may manifest in our cases, how to spot it, and the steps to take to challenge it.
Much of what we read in the press is about tech laying waste to lawyerly tasks (cue scenes similar to the Lehman Brothers collapse in 2008, with solicitors carting their belongings home in cardboard...
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Strategic networking: How to get the most out of a drinks reception
By Jeremy Cline, Executive and Career Coach, Change Work Life www.changeworklife.com/career-progression-coaching
The record for “earliest festive drinks reception” I attended was something like the beginning of November.
You can easily spend almost every week-night from then until mid-December at some industry networking do. But how do you make these events worthwhile?
In this second of a series of articles filled with tips to get the most out of networking and business development, here are some practical strategies to get the most out of a drinks reception.
Before you go
What is it you want to get out of the event? Spend a few minutes figuring out the sorts of people you want to meet. Where typically do referrals come from? If a guest list is available, note anyone you’d like to speak to.
Catching up with old contacts is just as valuable as meeting new people if it means strengthening existing relationships.
At the event
Everyone is there for the same purpose. It’s ok to crash another conversation.
Pro tip: look for the person checking their mobile phone. They’re almost certainly not doing anything important and will welcome a chat.
Remember the 80/20 rule. Spend 80% of your time asking about others and 20% sharing about yourself.
In his book Supercommunicators, Charles Duhigg says that, to get a deeper connection, encourage someone to talk about their own emotions and world view. Instead of “what work do you do”, ask what they did as their first ever job (like supermarket checkout) or what was their favourite ever holiday. You’ll get a much more emotional...
