DOCSLIB.ORG

Click Here to Download As A

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Click Here to Download As A www.privatebankerinternational.com Issue 358 / july 2018 PRIVATE BANKER FAMILY FORTUNES MAKING A UHNW SUCCESSION PLAN COME TOGETHER FEATURE COUNTRY FOCUS TECHNOLOGY UHNWI HNW demand for tax Blockchain tech propels Rawinder Binning on advisory services in crypto assets into bypassing private banks Australia is growing mainstream PBI July 358.indd 1 11/07/2018 14:04:34 contents this month NEWS COVER STORY 05 / EDITORIAL VIEW 08 06 / NEWS ROUND-UP • Quilter completes single strategy fund business sale • Assets in UK wealth industry approach £1trn mark • Dispute over Rothschild family name resolved • BOC Hong Kong unveils wealth business hiring plans 07 / NEWS ANALYSIS • Blockchain tech propels crypto assets into the mainstream 07 UHNW SUCCESSION Editor: Group Editorial Director: Head of Subscriptions: Ronan McCaughey Ana Gyorkos Alex Aubrey +44 (0)20 7406 6540 +44 (0)20 7406 6707 +44 (0)20 3096 2603 [email protected] [email protected] [email protected] Correspondent: Sub-editor: Director of Events: Saloni Sardana Nick Midgley Ray Giddings +44 (0)20 7406 6627 +44 (0)161 359 5829 +44 (0)20 3096 2585 [email protected] [email protected] [email protected] Contributor: Publishing Assistant: Oliver Williams Mishelle Thurai +44 (0)20 7406 6592 [email protected] Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Private Banker International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN Asia office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] twitter: linkedin: private banker PRIVATE BANKER @bankerNews international 2 | July 2018 | Private Banker International PBI July 358.indd 2 11/07/2018 14:04:40 contents july 2018 WEALTH MANAGEMENT FINTRACKER 16 / NORTHERN TRUST Northern Trust received two US patents in June 2018. The first was for using one- directional cryptographic hashes to log biometric client data, and the second was for recording meeting minutes 17 / HSBC In June 2018, HSBC launched a concierge service for members of Jade, the bank’s invitation-only non-financial benefits programme that provides access to luxury restaurants, entertainment and travel experiences 14 18 FEATURES COUNTRY FOCUS ANALYSIS 08 / UHNW SUCCESSION 14 / AUSTRALIA 18 / GLOBALDATA Succession planning is a key concern for the The majority of wealth managers in Australia With the concept of investment back into world’s growing UHNW population. PBI are missing an opportunity to service HNW society growing in importance among the benchmarks the succession-planning strategies demand for pension and tax planning, young and wealthy, millennials are poised of major private banks, and examines according to a recent report by GlobalData to drive a philantrophic boom, according to UHNW investment attitudes and needs Financial Services. Ronan McCaughey reports GlobalData Financial Services 11 / LOMBARD ODIER 19 / WEALTHINSIGHT Wealthinsight head Oliver Williams reviews Duncan MacIntyre, UK CEO at Lombard how MFOs are responding to generational Odier, talks to Ronan McCaughey about the and technological challenges. Like other areas Swiss private bank’s new My LO platform, its of the sector, MFOs increasingly recognise broader international strategy, and how the that they must adapt in order to flourish bank’s 222-year history benefits its clients NEWS 12 / UHNWI VIEW Co-founder of UK-based peer-to-peer lender 20 / TECHNOLOGY Kuflink, Rawinder Binning tells Saloni Sardana why he stopped using private 21 / REGULATORY NEWS banking – and why his family now prefer to manage their wealth internally 12 22 / PEOPLE MOVES www.privatebankerinternational.com | 3 PBI July 358.indd 3 11/07/2018 14:04:42 HEAR ∤ NETWORK ∤ DISCOVER ∤ CELEBRATE SHAPE THE FUTURE OF PRIVATE BANKING Private Banking & Wealth Management: Switzerland 2018 12th December 2018 ∤ Marriott, Zurich Private Banking & Wealth Management: Switzerland 2018 Conference and Awards leverages the expertise across the Verdict research and publishing portfolio, including Private Banker International, Wealth Insight and Wealth Intelligence Centre. The event is an opportunity to share ideas, discover trends and network with peers across the wealth industry. Key Issues : ∤ Economic trends to 2020. Wealth ∤ How should Switzerland’s private banking management industry performance industry define itself in the age of digital technology and intensifying competition? ∤ With technology playing an increasingly significant role in service delivery what ∤ What channels are working for attracting, benefit does institutional size confer? retaining and managing an increasingly diverse customer universe? ∤ What are the implications for service, delivery and product distribution in the ∤ What’s the connection between distribution age of the digital wealth manager? and profitability? How are Swiss private banks adapting to the challenge of tight ∤ How is technology enabling faster, more cost margins and higher costs? effective on-boarding, KYC and compliance reporting among wealth management ∤ What does the country need organisations? to do to stay ahead? Gold Partner: Silver Partner: Bronze Partners: Exhibitor: Supported by For more details please contact: Page 1 Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580 PBI July 358.indd 4 11/07/2018 14:04:42 editorial view making a success of succession Saloni Sardana, Correspondent or any private banker, succession planning Aside from succession planning, this month’s issue is about working with the children of their profiles the multimillionaire founder of UK-based peer- F wealthy clients to ensure a successful and to-peer lender Kuflink, to gain an insight into the world of effective intergenerational transfer of wealth. private banking through the eyes of a millionaire. This makes sense, as the UHNW community is Despite being an UHNWI, Binning chooses to manage expected to transfer about £4trn over the next decade, his wealth internally within the family, as he considers and since a lot of this wealth is self-made, this is leading private banking fees to be unnecessarily high for the to many dealing UHNW clients with succession issues for services on offer. the first time. Binning argues: “With private banking and execution But succession planning is not just about transferring only, the bank was taking a huge percentage of the trade. money. It is also about preserving and continuing each Since you can now pay approximately $16 or $20 online family’s unique culture and values. on a simple platform to get the same trade, why not just As Mark McMullen from family office Stonehage do it yourself?” Fleming points out, succession planning best practice This successful UHNWI makes an important point. begins by identifying these values. McMullen comments: With the growth of digital wealth platforms and DIY “Despite all family cultures being different, there is a investing, private banks and wealth managers need to ask common theme that rests on the belief that culture brings themselves what value they are adding? the family together to identify common values.” In today’s financial environment, savvy customers will Wealth managers should engage the next generation quickly dispense of wealth managers for an alternative by specifically devising programmes intended to capture solution. a family’s unique culture from generation to generation. Finally, this month also profiles the Australian wealth What is the point of wealth flowing in the right direction management sector. This shows that demand among with no remnant of the values unique to the family Australian HNW investors is particularly pronounced for business that created the wealth? That would amount to pension and tax planning thanks to the government’s a poor succession, where the money has continued but changes to the superannuation system, which came into the strategy ceased to exist. effect in mid-2017. < Get in touch with the editor at: [email protected] www.privatebankerinternational.com | 5 PBI July 358.indd 5 11/07/2018 14:04:43 News | Round-up round-up Quilter completes single Wealth managers also achieved £104bn BOC Hong Kong unveils wealth strategy fund business sale of assets inflows in 2017, with collective- based investments representing 40.7% of business hiring plans Quilter, previously Old Mutual Wealth, has all assets. completed the sale of its single strategy arm to James Brown, head of client services the division’s management team, led by CEO at Compeer said: “This move towards Richard Buxton, and private equity firm TA collective-based investments suggests Associates. The deal is worth £583m ($768m). further caution in investment decisions, The deal consideration includes an up-front which is to be expected in light of cash payment of £576m, and a deferred the uncertainty surrounding
Load more

Recommended publications
  • Tributes Paid to Baroness Thatcher
    E I D S IN McGrath on CS Lewis E4,E5 THE SUNDAY, APRIL 14, 2013 No: 6172 www.churchnewspaper.com PRICE £1.35 1,70j US$2.20 CHURCH OF ENGLAND THE ORIGINAL CHURCH NEWSPAPER ESTABLISHED IN 1828 NEWSPAPER Churches tackle housing crisis CHURCHES IN WALES are being urged to ments a chance to learn more about church suitable for today’s worshippers as they are rest has been converted into a four-storey transform any available space, including land and buildings. too large and difficult for small congrega- luxury home with a basement swimming closed buildings and glebe land, into Alex Glanville, head of property services tions to maintain. pool. affordable homes to help tackle the in the Church in Wales, explained the “They could be leased or sold to housing The former nave has become a vast draw- nation’s housing crisis while a church in thinking behind the church initiative. “For associations if they become redundant or ing room with a 42ft vaulted ceiling. Wor- London is on the market for £50 million many people in Wales the notion that there partly converted if they are still used for shippers who use the small area that after being converted into one of the capi- is still poverty and homelessness in our worship. All the money raised will be remains as a church told the ‘Evening Stan- tal’s most opulent homes. country may be unbelievable,” he said. “Yet ploughed back into the Church’s ministry,” dard’ that the conversion work had caused Faith in Affordable Housing is a project the number of homeless and poorly housed he suggested.
    [Show full text]
  • Of the Most Influential People in Kensington, Chelsea and Mayfair
    June 2012 theresident.co.uk of the most infl uential Vintage chic at people in Kensington, The Royal Hospital 25 Chelsea and Mayfair local life 25 INFLUENTIAL PEOPLE 25A INFLUENTIAL PEOPLE 25of the most influential people from west London Lady Sybilla Hart and Lady Natasha Rufus Isaacs reveal their 25 most influential west Londoners Lady Sybilla Hart Lady Natasha Rufus Isaacs 1. 2. 3. 4. 5. 6. 7. 8. 9. 1. Paul Cowley various addictions as well as those Channel 4 documentary Katie: My Paul Cowley was expelled from school dealing with depression. Beautiful Face was fi rst aired in 2009 as only to be kicked out of his home at part of the Cutting Edge series. She has the age of 15. Homeless and then in 2. Katie Piper recently released an autobiography prison, Cowley managed to turn his Katie Piper is a former model and and primarily works for her charitable life around joining the army at the age television presenter whose career organisation, The Katie Piper of 21. Fifteen years later he went on plans were thrown into disarray when Foundation. to a career in personal training before she had sulphuric acid thrown in becoming a vicar. In 2010 Cowley her face four years ago. The attack, 3. Crispin Odey established the William Wilberforce which blinded Piper in one eye, Crispin Odey is a Knightsbridge- Trust based at St Augustine’s church was arranged by her ex-boyfriend based hedge fund manager and at Queen’s Gate, a charity that works and carried out by an accomplice.
    [Show full text]
  • Trust CII 2010
    What we talk about when we talk about trust The future of trust in insurance and financial services Trust is a psychological state comprising the intention to accept “vulnerability based upon positive expectations of the intentions or behaviour of another.10 ” Table of Contents / What we talk about when we talk about trust 3 Table of Contents 04 Acknowledgements 05 Foreword 06 Executive Summary 07 Introduction: Everyone’s talking about it 09 What does ‘trust’ mean today? 11 The special case of financial services 14 Keystones to building trust 1. Professionalism 2. Transparency 3. Regulation 4. Corporate responsibility 5. Outcomes 24 Conclusions and next steps 26 References 4 What we talk about when we talk about trust / Acknowledgements Acknowledgements The CII would like to thank all those who have given generously of their time and expertise in the preparation of this document, in particular our peer reviewers: Jackie Wells, Jackie Wells Consulting and CII Board member Stephen Locke, Locke & Associates and Consumer Representative, CII Professional Standards Board Liz Coyle, Aviva UK Jackie Wells and Mary Gostelow’s excellent work for the FSA on trust in the context of professionalism, Professional Standards & Consumer Trust, has been a particularly useful resource informing our own work. Foreword / What we talk about when we talk about trust 5 Foreword Trust lies at the heart of any business The following paper illustrates that today’s ‘crisis of trust’, which much of the commentariat has deemed unprecedented, is in fact relationship, inherent in any service nothing new. At the CII, we know this from experience. you pay for.
    [Show full text]
  • Lords' Interests Amendments
    Lords' interests amendments Amendments to the Register of Lords' Interests since June 2010. This PDF copy was taken at 18:40 Friday 31st August 2012 ABERDARE, Lord Category 2: Remunerated employment, office, profession etc. Interest deleted 27/02/2012: Publications Consultant, Freemasons' Grand Charity (irregular employment) Category 10: Non-financial interests (a) Interest added 27/02/2012: Director, F.C.M. Limited (recording rights) ADDINGTON, Lord Category 1: Directorships Interest added 24/11/2010: Chairman, Microlink PC (UK) Ltd (computing and software) Category 2: Remunerated employment, office, profession etc. Interest added 07/03/2012: Media training given by the Member to the Daily Mail Group Trust (December 2011) Category 7: Overseas visits Interest deleted 05/11/2010: Visit to India, 26 September-4 October 2009, under auspices of Liberal Democrats Friends of India; business class flights and accommodation paid for by Government of India ADEBOWALE, Lord Category 1: Directorships Interest deleted 14/06/2012: Non-executive Director, St Vincent Healthcare (retains 5% shares in this organisation) Interest amended 15/06/2012: Non-executive Director, Three Sixty Action Ltd (holding company; community development, media and IT) (see category 4(a)) Interest amended 15/06/2012: Director, Leadership in Mind Ltd (business activities; certain income from services provided personally by the Member is or will be paid to this company or to TomahawkPro Ltd; see category 4(a)) Interest amended 15/06/2012: Non-executive Director, TomahawkPro Ltd (a subsidiary of Three Sixty Action Ltd; collaborative software & IT innovation; no income from this post is received at present; certain income from services provided personally by the Member is or will be paid to this company or to Leadership in Mind Ltd; see category 4(a)) Category 2: Remunerated employment, office, profession etc.
    [Show full text]
  • Nicky' Gumbel's Alpha Course
    JUNE 2010, MAY 2012 NICKY’ GUMBEL’S ALPHA COURSE I attended a one-day Alpha programme presented by Nicky Gumbel on February 19, 2002 [see pages 111, 112] in Chennai at the Music Academy, a secular venue. I chanced upon him during the lunch break and he signed for me a copy of his 1993 best-selling book “Questions of Life” that I had bought in 1997, and which I have still not opened. I also have a copy each of his 1991 booklet “Why Jesus” and “Telling Others”, 1994. I intended going through the books while preparing this report, but after finding that there is sufficient information on the world-wide web, I gave up the idea. I don't know who arranged Nicky Gumbel’s visit to Chennai. There were many Protestant pastors present. A sizeable delegation from the International Catholic Programme for Evangelization [ICPE] had come down from Bangalore. I recall a Catholic Bishop addressing the gathering, welcoming Nicky Gumbel and his team. I recall very little about the programme. There was a lot of mention of evangelization and reaching the Gospel to others, and that is one issue that has always grabbed my attention. I suppose that since the delegates were from across the denominational spectrum, the contents of the talks were not doctrinal. Even if there had been any aberrations, I would probably have missed them as I was not as well informed then -- especially about the problems associated with a false ecumenism and the errors of Protestant teaching -- as I am now. In the prayer and ministering sessions, I found Alpha spirituality to be charismatic, and I had no problems with that either.
    [Show full text]
  • House of Lords Minute
    REGISTER OF LORDS’ INTERESTS _________________ The following Members of the House of Lords have registered relevant interests under the code of conduct: ABERDARE, Lord Category 1: Directorships Director, WALTZ Programmes Limited (training for work/apprenticeships in London) Director, Twist Partnership Limited (promoting leadership through learning) Category 2: Remunerated employment, office, profession etc. Publications Consultant, Freemasons' Grand Charity (irregular employment) Category 10: Non-financial interests (c) Trustee, Berlioz Society Trustee, St John Cymru-Wales Category 10: Non-financial interests (e) Trustee, West Wycombe Charitable Trust ACTON, Lord Category 2: Remunerated employment, office, profession etc. Barrister (non-practising) ADAMS OF CRAIGIELEA, Baroness Nil No registrable interests ADDINGTON, Lord Category 7: Overseas visits Visit to India, 26 September-4 October 2009, under auspices of Liberal Democrats Friends of India; business class flights and accommodation paid for by Government of India Category 10: Non-financial interests (d) Vice President, British Dyslexia Association Category 10: Non-financial interests (e) Vice President, UK Sports Association Vice President, Lakenham Hewitt Rugby Club ADEBOWALE, Lord Category 1: Directorships Director, Leadership in Mind Ltd Non-executive Director, St Vincent Healthcare (retains 5% shares in this organisation) Category 2: Remunerated employment, office, profession etc. Chief Executive Officer, Turning Point (social care registered charity) Occasional income from broadcasting
    [Show full text]