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Pbilowres.Pdf www.privatebankerinternational.com Issue 367 / april 2019 PRIVATE BANKER PORTS IN A STORM EUROPE’S STATELETS OFFER SAFE HARBOURS IN TURBULENT TIMES FEATURE OPINION FEATURE Family offices: why private HNWIs’ advisors need to Why personalised ESG banks are driving HNWIs keep up with the growth of could be the way forward into their arms donor-advised funds for sustainable investment PBI April 367.indd 1 28/03/2019 17:13:20 contents this month COVER STORY NEWS 14 05 / EDITOR’S LETTER 06 / NEWS ROUND-UP 07 / THE BRIEFING • In uncertain times, investors increasingly look to hard assets. The volatility that rocked 2018 has not been good to all of them, however 20 / PEOPLE MOVES 21 / TECH AND REGULATION 07 EUROPEAN STATELETS Editor: Group Editorial Director: Head of Subscriptions: Oliver Williams Ana Gyorkos Alex Aubrey +44 (0)20 7406 6585 +44 (0)20 7406 6707 +44 (0)20 3096 2603 [email protected] [email protected] [email protected] Correspondents: Sub-editor: Director of Events: Jamie Crawley Nick Midgley Ray Giddings David Craik +44 (0)161 359 5829 +44 (0)20 3096 2585 [email protected] [email protected] Publishing Assistant: Asena Değirmenci +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 0953-7031 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 | April 2019 | Private Banker International PBI April 367.indd 2 28/03/2019 17:13:25 contents April 2018 16 18 OPINION 18 / COLLYER BRISTOW No longer are HNWIs limited to charity when wanting to give back, says James Badcock, partner and head of private client services at Collyer Bristow LLP. However, advisors need FEATURES to keep up with the rise of donor-advised funds 08 / FAMILY OFFICES 12 / ESG INVESTMENTS 19 / GROSVENOR LAW A growing dissatisfaction with private banks Wealth managers have found that clients The legal woes of billionaire playboy James is driving more and more UHNWIs to join rarely agree on the issue of what constitutes Stunt have been revealed by the UK press, with a family office – or set up one of their own. a good ESG outcome from an investment. details of a restraint order and an initial ban on Oliver Williams asks what these discreet The solution: personalised ESG investments. reporting, but what is the true legal picture ask money managers offer that the banks do not David Craik looks at the options on the table Nicola McKinney and Andrew Gilmore? 10 / DUE DILIGENCE 16 / CRYPTOCURRENCY Jamie Crawley visits New York-based digital What will it take for cryptocurrency to attract transformation business Synechron’s ‘finlab’ the investments needed to fulfil its potential in London to see how it is helping wealth as an asset class? Jamie Crawley speaks to managers to up their digital game in meeting Hayvn founders Chris Flinos and Ahmed due diligence requirements Ismail about regulation and information 19 14 COUNTRY PROFILE BUSINESS PROFILE 14 / EUROPEAN STATELETS 22 / J STERN & CO. Amid a European power struggle, a handful Most family offices operate either as a ‘single’ of principalities, duchies, dependencies and or ‘multi’, but J Stern & Co. has been islands are pulling out the stops to attract both. Oliver Williams discusses history, foreign wealth, but who will win? Oliver investments and Brexit with co-founder and 10 Williams reviews the contenders managing partner Jérôme Stern www.privatebankerinternational.com | 3 PBI April 367.indd 3 28/03/2019 17:13:29 HEAR l NETWORK l DISCOVER l CELEBRATE Private Banking and Wealth Management Germany 2019 30th April 2019 l Frankfurt, Germany SHAPE THE FUTURE OF PRIVATE BANKING Private Banking & Wealth Management: Germany 2019 Conference & Awards brings together private banks, family offices, independent wealth managers and intermediaries in an active discussion of the key issues facing the industry. The informative and inspiring keynote sessions and informal conversations provide setting for you to join other high-profile guests in engaging discussions. Key Issues l How is the regulation change set to challenge industry practices? l What is the future of Europe without Britain? l How can the private banking industry in Germany rival its neighbours? l Is Germany the traditional wealth hub we all know or will it become the new FinTech centre? l How can robo-advisors present opportunity to traditional wealth managers? l How are FinTech start-ups rivalling the market? l How can firms remain cyber safe and raise their security profile? l Can collaboration between incumbents and FinTechs be the next big thing? l Discovering Germany’s best kept investment secrets l How can banks leverage technology to strengthen the human relationship? l An insight into the next generation and how they are shaping the industry Gold Partner Lunch Partner Silver Partners Exhibitor For more details please contact Hannah Leigh on [email protected] or call +44 (0) 20 7936 6689 PBI April 367.indd 4 28/03/2019 17:13:29 0219Timetric_PBI_Ad.indd 1 07/12/2018 09:37 editor’s letter HEAR l NETWORK l DISCOVER l CELEBRATE Private Banking and Wealth Management Germany 2019 30th April 2019 l Frankfurt, Germany billionaires on the brink SHAPE THE FUTURE look to preservation OF PRIVATE BANKING Oliver Williams, Editor Private Banking & Wealth Management: Germany 2019 Conference & Awards brings together private banks, family offices, independent wealth managers and intermediaries in an active discussion of the key issues facing the industry. The his issue was supposed to be the ‘billionaire’ Questions are raised when it comes to offshore issue, but their health is not in a good way. wealth, but as banks know only too well, asking these informative and inspiring keynote sessions and informal conversations provide T Last month, Forbes estimated that the number kinds of question is an expensive and troublesome task. setting for you to join other high-profile guests in engaging discussions. and wealth of billionaires shrank in 2018: 55 dropped Fortunately, there are solutions. Onpages 10 and 11, out of the exclusive wealth bracket, and of those that Jamie Crawley meets the technology firms easing the due remained, half saw falls in their wealth. diligence dilemma. China has traditionally provided a counterweight to Preservation and philanthropy falling wealth in the West; not this year though. Hurun, Can investors have both stability and sustainability in their which publishes a China rich list every year, says there are investments? For some, even these are not enough. As now 213 fewer billionaires in the country as a result of David Craik discovers on pages 12 and 13, many investors trade tariffs and market volatility. This falling wealth at the have wildly differing views on what constitutes as top has caused a rush towards wealth preservation rather Key Issues ‘sustainable’. For example, is investing in electric cars good than growth. as they have lower emissions, or bad because they require Wealth preservation often means buying into ‘hard’ l How is the regulation change set to challenge large amounts of cobalt, an environmentally harmful assets such as cash and gold. While there seems to be a industry practices? material to mine? slow trend towards these, others are looking further afield l Questions like these are forcing private banks to offer What is the future of Europe without Britain? for other options. The art market reached its second- personalised ESG investment options. Then there are the l How can the private banking industry in Germany highest valuation in 10 years, according to UBS and Art range of investment vehicles from which to choose from, rival its neighbours? Basel, last month. Art Market Research noted a 12% as James Badcock outlines on page 18. l Is Germany the traditional wealth hub we all know increase in the value of coins in 2018. Growth stories or will it become the new FinTech centre? Another classic wealth-preservation strategy is offshoring. The UK’s wealthiest person, Jim Ratcliff, Wealth preservation is only half the story, however. There l How can robo-advisors present opportunity to recently announced he was moving to Monaco, following are many willing to shed stability for growth, and what traditional wealth managers? in the footsteps of nine other British billionaires living better way to do this than turn to cryptocurrencies? l How are FinTech start-ups rivalling the market? there. A further nine are living in the Channel Islands, Many investors think cryptocurrencies can offer growth rates unseen in regulated financial markets, but most l How can firms remain cyber safe and raise their according to an investigation by The Times last month. private banks and wealth managers are unable to meet security profile? It is not just UK billionaires who are going abroad. Hurun estimates that 37% of HNWIs in China are this demand, due to their unregulated nature.
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