the spear’s 500 // uhnw wealth managers the spear’s 500 // family lawyers the spear’s 500the // spear uhnw’s wealth500 // family managers lawyers the spear’s 500 // family lawyers the spear’s 500 // family lawyers amily l i m fa amily l i m fa w n h u

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Charlie Hoffman Kim Beatson Kate Leppard Catherine Bedford Sandra Davis Penny RosLovell Bever David Poole Stephen Foster Mark Harper Alex Carruthers Frances Hughes HSBC Private Bank Anthony Gold Cazenove Capital Lee & Thompson Mishcon de Reya Close BrothersIrwin MitchellCiti Private Bank Stewarts Law HughesHughes Fowler Fowler Carruthers Carruthers Hughes Fowler Carruthers

the next generation, but for the next twelve to eighteen yourmonths’. solicitor Canadian if the litigation bank a has clear advantage.standing start’ seven years ago. stockbroker‘I know at they’ve Quilter been Goodison around to becomeSpear’s the financial that Davis hubsays ‘wasfor she fiercely simplymatriarch spends seamlessor patriarch’,a lot of segue with intoproceedings,’ law. ‘Familyexplains. she says. ‘Butassembling ‘ItI think means there ‘far and iscapable also away theof being best sorted.’ This forthrightness contrasts regarded by clients as a leading ‘lion-hearted and kind-hearted’ next two after that, as well.KIM BEATSONHis AuM has gone upbeen by so dreadful.’These clients are selective,Now a top-tier practice, it has in 1987,for ages, before but joining we seem Schroders to be doing family businesses.protective’ Thanks of them timeto and on ensured Skypewealth — planning,andlaw on and the but litigationtrain also thethe are court a little enormousdoesn’t bit always divorceperspective have team the given in London’. byBishop’s Maybe ‘calm, empathetic ALEXwith his CARRUTHERS subtlety as a technical intellect. He says: ‘One major FRANCES HUGHES lawyer advises her clients to get a $400 million since last year, he says, and don’t want to deal in 1990. Her credentials are initiatives such as the Family next generation. seeing a range of clients.’ ANTHONY GOLD Such experience has no doubt built a considerable centre of more and more of them,’ she says. their children ‘remained— to and the from the capital.like rugby in thattime you needto consider to or resolveFoster’s issues. own emphasis approach’ on means avoiding HUGHESlawyer who FOWLERoften focuses on client rang me and said: “What is HUGHES FOWLER pre-nup: ‘It’s the best thing we enabling ‘easy meetings’ with with banks whose reputation isn’t impressive: having previously Business Club forum and the Lovell also has a warm He says ‘innovativeclients are happy: and elegant ‘The solutions’ your brilliant idea for today?” I informed her championing of gravity, drawing in talent from ‘Why would you wait six, nine number one priority’.She charges less thanadapt the to your opponentsI think people and who are involved making things harder than they CARRUTHERSsame-sex cases and cross- CARRUTHERS know of. It’s better than nothing CHARLIE HOFFMAN clients, many of whom know a sound. ‘It is a challenging worked as head of private Road Trip —A a frequent series of broadcastervisits to andpersonality conditions,’ and a good he sense says. of ‘I enjoyweight of themight industry find herean audience is on in the jurisdiction matters. find it humbling that a client but not as good as it should be.’ BEST OF BREED The ‘crisp, mediation. Another reason may firms like Mishcon de Reya — months — maybe even longer southern-based lawyers featured in the court process may just feel already are. HSBC PRIVATE thing or two about investment environment and many banks banking, she is now deputy head family-ownedchairperson, enterprises The — Times Lawhumour —litigation not a given when in theit’s necessary,looking afterWelsh clients rugby as you team’s would training He admits he was once thinks I come up with brilliance.’ EMINENCE A leading light An accomplished viola player TOP TEN FIRM SIZE efficient, be the cuts to legal aid on which Bedford’s previous employer — — to have a family dispute on these pages, which often they’ve been run through a Most of us have BANK W themselves: ‘We’re fortunate: have suffered, he says. of UK wealthTOP management TEN at Lovell understandsPanelist is what admired by rivalsindustry. for Shebut hasI think spent that more if I have a expect to becamp. looked after yourself.’ BESTlaughed OF BREED at for proposing a The praise continues. A peer GRISE of British law and a fellow of the Royal Society UK measured and she has been outspoken as both Vardags and Penningtons resolution in court when you can means she gets to spend more process, rather than that heard of faking we look after a lot of the But Kotha, who was promoted Cazenove Capital (the wealth multi-generationher tough UHNW but fair approach.than One twenty strength years in it’s wealth the ability to see FIRM SIZEmeeting of twenty EU state told us: ‘Mark has the intellectual FIRM SIZE — and ‘one of of Arts, she is popular with her HOURLY RATE expert’ Beatson, courts and clients become Manches. have a private one with a really time with clients — time they someone has genuinely listened.’ SIMON BRUCE BOUTIQUE your own death, BOUTIQUE Despite£340 the significant wealth creators in to managing director in 2014, managementSANDRA arm of Schroders) DAVIS familiesW wantsays: from ‘She theiris a very advisers persuasive management. early As on the what’s daughter possible of and lawyers to determine some rigour to outwit every opponent the three best peers, who call her a ‘fair and OUTSTANDING as she was pressured when seeking ‘We are nipping at the heels of good judge who everyone has value and often desperately need. FARRER & CO HOURLY RATE but never faking HOURLY RATE DAVID COBB IN FIELD news thatFOCUS HSBC the UK,’ he says. thinks that stricter regulation across a book worth £32 billion. and ensuresoperator that Close who, Brothers in a graceful an way, IFA andhow a mother to achieve whose it.’ DAVID POOLE £475coherent family law legislation. in a jurisdiction case.’ £625 family lawyers scrupulously honest opponent’. ‘I HIGH-CONFLICT described by a litigation. That level of our well-established competitors chosenMISHCON and who has taken DE the REYA ‘I see clients in London — and MARK HARPER your own SMITH & COMPANY SIZE PrivateFINANCIAL Bank That means he has to meet the and increased transparency have A nominee for Spear’s Private Bespoke —strives the unit to obtain dedicated the bestto results‘passion for theThat stock mode market of thinking and isCITI PRIVATEHUGHES BANK FOWLER FOCUSNow, as president of the Away from work one of his FOCUS in the country’, have always found it a real INTERNATIONAL client, has been professional concern underlines and we are doing things time to read every page? I they may want to see me because GILLIAN BISHOP Bruce has had COMPLEX divorce. That’s UHNW WILLIAMSON allegedlyREMEDY, abetted highest expectations. ‘To be helped RBC. ‘It gives us the peace Banker of the Year in 2014,Davis she’s has almostthe firm’s onwealthiest behalf of clients her clients.’ — the City wouldsomething rival Mark the former judo CARRUTHERSDISTINGUISHED European chapter of the IAML, distractions is classic cars, the according to her pleasure to deal with Frances. FOCUS DISPUTE at Anthony Gold her empathy with clients. differently. Our only focus is the couldn’tOUTSTANDING recommend arbitration my charge-out rate is £280, FAMILY LAW IN INDIVIDUAL one of his best INTERNATIONAL what Carruthers LITIGATION, HEDGE tax avoidanceRESOLUTION successful you’ve got to see both of mind that we are dealing with clear on whatIN FIELD separates thesinglehandedly great offers those Havingservices. the respect of peersCarney’s’, is shechampion says her is career proud of. His lastEMINENCE GRISE ‘There needs to CASES,he is lobbying Brussels for just iconic Jaguar E-type being a TRUSTS, COURT peers — Hughes While she can be tough, she is FUNDS AND since 1996, ‘Kim was able to respond outcome for the client, not highly enough.’ where it might be double that for PARTNERSHIP FIRM SIZE years yet with LITIGATION, had to deal with OF PROTECTION OUTSTANDING Thirty years at through clients’ sides of the balance sheet,’ he the right clients — nobody wants from the good:FIRM SIZE ‘Depth andgrown Mishcon’sShe says important clients are to Davis as she sayschoice it wasmajor ‘a natural reported step’. case was COMPANY SIZE OUTSTANDINGbe a better Harper UK does not NEGOTIATIONthat. The jocular Harper is favourite. attracts the always constructive and ALTERNATIVE focusing on financial remedy extremely quickly and entirely ourselves,’ she says. ‘Our aim is One INTERNATIONALWall Street veteran was a lawyer in London,’ she says. INTERNATIONAL the Family Law for a client IN FIELD Smith & INVESTMENTS Swiss bank says, ‘on both sides of their lives.’ to deal with clients who are not breadth of expertise — andfamily being increasinglyhelps concerned the outcome about of the case: ‘I Goldstone in 2010 and that’s IN FIELDunderstandingkowtow:HOURLY RATE ‘He biggest cases around — between child-centred in her approach,’ and children work. successfully to a very urgent for a more professional and particularlyHOURLY RATEimpressed after Perhaps what is more FOCUS It’s been Commission, of whose husband claimed to have COMPANY SIZE Williamson have accounts, The skydiver has built up a on the right side of the law or on able to draw from a wide preserving wealth for future OUTSTANDING FIRM SIZE about what£535 £610 department, try to make sure that I establish a because he aims, he says, toENTREPRENEURS does not care £100 million and billions. Kind, says one. ‘She is the perfect foil UK She heads the firm’s family application that had been listed responsible culture — internally Bedford took over from another attractive for Bever’s clients, most IN FIELD anotherBOUTIQUE busy FOCUS which he is ended their marriage in a seen Cobb rise Hoffman is upbeat: ‘On the formidable book — allegedly the right side of tax compliance.’ knowledgeFOCUS base. which she generations.has good ‘Some working feel that relationship they ROBERTwith keep M hisc clientsINTYRE away from the wealth whose toes he modest and straight-talking, for Baroness Shackleton,’ says FOCUS INTERNATIONAL department, looking after City at the shortest notice,’ said one. and externally — something that well-regardedBIG-MONEY firm that had of whom come through FIRM SIZE yearHOURLY for RATEBishop, president, Russian court. FAMILIES to co-CEO and whole our clients have been Europe’s biggest — and image When it comes to HNWheaded and sincedidn’t takethe the lawyer savings on phase the other of sideBARCLAYS so duress of public litigation.BOUTIQUE managers do,’£550 says Poole, Citi’streadsFAMILY on LAW in TIM BISHOP QC Hughes knows why the battle- another. professionals and international ‘Her unfailing determination to is lacking in the profession as a ‘made aDIVORCES shambles’ of his recommendation, is her rounded who speaks to picking up a ‘It makes it very difficult to not head of the extremely supportive. It’s within the industry. ‘Reputation UHNW families, the stability1981, of into theirits life asthat seriously I don’t as get they in the way of a ‘Confidentiality andHOURLY discretion RATE new head ofFOCUS strategic client pursuing his 1 HARE COURT hardened firm remains firm’s investment management business as usual.’ clients, many canof whom certainly are help,’from he says.succeed ‘But on myKATE behalf inLEPPARD this whole. It can only benefit the the partner’srelationship case. is very could,’ she says, ‘and are tryingskillset that covers separation,‘I don’t sit there£395 segmentsSpear’s forMULTI- EMEA. between ‘It’s notmajor just award from an say, “That’s a fake!” And in an current behemoth. She is the settlement. This is not aboutOUTSTANDING my are an absolute. I have a case on JURISDICTION, clients’ ‘particularly buoyant’: its steel. and banking division. Aptly, his That business has beenHong helped Kong oryou’re Italy. only as good as thematter was maintainedCAZENOVE CAPITALclient, and it is bringing about important...‘She was You superlative need a on all to make sure their childrendissolution and IN of FIELD civil partnerships,thinking theyFOCUS about makingleaving the court rich richerinternational — legal body. English court you shouldn’t lawyer of choice for notable personal ego. I don’t feel I need at the moment forCOLLABORATIVE a very PRE-NUPS objectives,’ a OUTSTANDING Bishop is the and wife,’ he says. ‘There are lots of people who SUZANNE A former football referee, throughout the entire course great results.’ counts,’ he said. ‘A quick and children casesCOMPANY along SIZE with and departing Elsewhere he’s continued his accept that,’ he says. It’s because firm’s fortunes mirror his success: by an increase in investment collective sum of your clients and discretionaryHNWs manager (‘I don’t who deal is with thegrandchildren to win realise at all thecosts, I feel I need to colourfulare entrepreneur, of a certainWORK allegedlyas a phrase that sounds prettypeer says of the IN FIELD easy-going Bishop mentored as a junior define themselves in terms of KINGSTON Beatson was one of the first of the proceedings.’ Bedford herself is experienced accurate study, insightful and pre-nups andINTERNATIONAL pre-cohabitation for an eight- work with charities Reunite and of such circumstances he’s not Smith & Williamson has turned returns as clients benefit from a the performance you give them.’ OUTSTANDING ‘I don’t think forward-lookingmiddle andlevel who of income,’ evolves sheimportance says) find of prudence.’a solution that works — one a billionaire“type”,’ — McIntyre the last thingunappealing, he former and morallyWithers Ipartner. can’t It’s not FIRM SIZE first choice to under the legendary Nicholas being a collaborative lawyer, a FOCUS BOUTIQUE WITHERS its mid-Eighties AuM of ‘benign’ economy and thelawyers rise in in the country to qualify IN FIELD you canin exposing and defending trusts, withtactically timeand — havingsmart. has acted Ia wouldstrong for Princess Diana,A client that told includes Spear’s: the‘Sheagreements. needs of thePRODUCT wants issays his of case his weekin the sabbatical, papers.’come to saying termssomething shewith can’t that. he disagreesIt’sChildren with, and Families Across uncomfortable with hisfellow firm Mostyn QC. He says he still mediator and so on — all of HOURLY RATE £90 million into £16 billion. mergers and acquisitionsas athat mediator he and spends a COMPANY SIZE overestimateas well the as helping fathers to relationshiprecommend with her the most client, strongly.’ understands a family both asApproachable VARIETY and soft-spoken,clients, keenwait to to doabout nothing careful for amanagement while. ofBorders, as well as spending time being seen as litigious: ‘If you INTERNATIONAL Jerry Hall, Tamara Mellon and children.’ Low profiles are key when saying that despite his own £500 pre-eminents feels ‘extremely privileged’ at which can be very helpful,’ she OUTSTANDING Probably the Cobb’s clients are now made predicted last year. Butsignificant it’s amountAMIT of timeKOTHA with CATHERINE regulatoryobtain sole residency orders in where there’s a mutual individuals and as a unit, andthe thispartner and family teamemphasise head theAs a collaborativecapital for wealthier law people, inwho the Supreme Court making don’t like litigation, frankly, you IN FIELD FOCUS Thierry Henry, among others. dealing with cases worth more establishment background he’s a FOCUS like Diana having had access to the says. ‘But it has meant there are lawyer featured up of just a handful of long- alternative investmentsdispute that the resolution RBC cases WEALTH — both BEDFORDWEALTH change theirthe favour and dealing with understanding,Specialising makes all in the complex makes communication andhas sixteenattention years’ experience tothan detail £500 he andmillion. hisspecialist ‘One of needshe’s the guidancehappymeritocrat to asbe toout how with they ‘nonew truck law for to definethe ‘habitual shouldn’tUHNW be a family lawyer.’Parker and ‘amazing work, and the fewer people comfortable FIRM SIZE in these pages PRESERVATION FINANCIAL INTERNATIONAL established families, but with Hoffman is best knownmediation for, andMANAGEMENT collaborative law. LEE & THOMPSONindustry sinister has realities. differenceROSinternational BEVERin the world.’ financial reporting STEPHENalways a pleasure... exclusivelyFOSTER Her team dealing give with toreasons each family familyI’m attractive theyof court, is because despitespend and litigation old-schoolwhere oftenthey world’. invest.’ residence’. But REMEDIES,that doesn’t meanBaroness he’s practitioner’ from whom he litigating cases — and there are who covers the considerable range: from championing his extensiveYet she doesn’t shy away from been through‘I’ve personally received death IRWIN MITCHELL wealth of knowledge meanslaw she — muchlook of after. it in complexMcIntyre explainsmaking that her Evermore ascendant money. in private The complexities of varying inflexible:INTERNATIONAL ‘You’ve got to be able HOURLY RATE settlements, child disputes and STEWARTS LAW clients don’t want their dirty He criticises contemporaries CASES Shackleton, learnt an ‘enormous amount’. always cases that need to be £440 most diverse ‘heritage assets and landed research team as well ascomplex his own litigation. OUTSTANDING On one Kotha isDISTINGUISHED one of over A the first-choice last few years —threats,’ a good says the Oxford graduate. pre-nups, Davis is working ison always able to find interestingHNW cases,being including in a linenlarge a recently washedorganisation in public. with‘My feesCompletebanking in total circles, werefor ‘toadying’ Poole began to thosejurisdictions his they see rewardas his desire to to say: “Right: mediate.for Right: whom he Called to the bar in 1991 and litigated. So I think the pool of FOCUS areas of family estates whose wealth has built experience in hedge funds.occasion she advisedIN FIELD on a RBC WealthINDIVIDUAL thingsolicitor as a whole for — and I‘I think was for the wife and the Based in connections and advisers acrossreported a Higha wide Court and casedeep whereproduct/service £100,000; career I imagine at Lazard the Brothers undersolve intellectual puzzles. ‘It is arbitrate.”’ In part, that’s fuelled BIG-MONEY PENNYBEST OFcases BREED LOVELL with hundreds of millions OUTSTANDING The personable discretions is our hallmark.’ He important, before demonstrating acted as junior counsel in a silk since 2011, the people who are good at it has law, Kingston COMPANY SIZE FIRM SIZE DIVORCES, over a number of generations’ to ‘Our alternatives teamten-year has an divorce litigation whichManagement’s we’vehigh-flying done a very good job,husband by was a very rich and CLOSEFIRM SIZE BROTHERSManchester range of channels.’IN FIELD assets exceededset means £60 he million. can cater for thehusband hadSir John similar Nott costs,’ in the she mid-1980s, part of the job of an international by the court system being hit INTERNATIONAL UK of pounds under dispute. She has Foster is happy also emphasises teamwork, that he’s no sycophant. ‘I can McCartney v Mills-McCartney. Cambridge-educated barrister dwindled a bit.’ DISPUTE helps clients ‘successful entrepreneurs and enviable track record datingshe defines back as ‘as unpleasant asbest it assets in and CEOs,large, to make sure itpowerful doesn’t man who had some UK with Irwin That commentFIRM SIZE is mirroredShe in has alsovarying won severalinterests of clients. says. ‘Thatbefore was £200,000 joining Singer this & family lawyer to be able to jockey hard by austerity, he says, RESOLUTION, FOCUS HOURLY RATE recently acted for Sir Chris to share with dismissing the ‘overbaked and think of one QC who has never ‘It was a fantastic experience, specialises in international Even so, Hughes discreetly both with HOURLY RATE INTERNATIONAL PRE-NUPS others whose wealth has been to 1989,’ he says. That givescould him be’, [thereSOUTH were] AND so manyLondon. £450 Few impactinvestment on clients negatively,’nasty says links.’ OUTSTANDINGHohn’s Asformer theMitchell’s head wife, of Jamie Lovell’s philosophy: she sayspermissionsSpear’s hisArmed to appeal withoverrated tothat, the he personalities’deals withfamily ofspent Friedlander. on theirliked lawyersHe mewent since on toI told around, him histo find and advise your speakingboth to in Spear’s terms ofstraight the legal from issues cases — particularly concerning settles most cases — whether pre-nups and SOUTH-EAST £280 HOURLY RATE generated more recently, such as access to some of the bestchild hedge hearings that the parties bankersFOCUS enjoy Leppard.bankers, sports Warm and engaging, the IN FIELD private‘fast-moving’ client clients want ‘a fully-integratedSupreme Courtfinance — amongprofessionals, other businesswhen theybecome could havehead saved of business client on the best country and a wasted afternoon at court ASIAN UHNWs FOCUS Cooper-Hohn, who received UNDISCLOSED predictions for ‘gladiatorial individuals’. draft pre-nup was rubbish and I involved and the high profile, financial remedies, jurisdiction concerning trusts, pre- and divorces, and also advises through the sale of a business’. fund managers in the world, such trustFINANCIAL and After a degree in human COMPANYFINANCIAL SIZE services, Lovell investment management and owners, charities and estates. development for Merrill Lynch’s received an injunction preventing REMEDIES, stars and Canadian says her priority is to UK £337 millionfamily in what team, is believed FOCUS majorhis beloved highlights this year.One client highlightedthree-quarters Foster’s of thatwanted if they’d a reduction jurisdiction in his fee,’ to he deal with the whereand the all judge of the dismissed drama, bornehis disputes and Schedule 1 post-nups, in her Court of cohabitants and unmarried Such liquidity events mean which is useful, ‘especiallythem when from bringingrespect Children among the Act UK’s CHILDREN,growing environmental sciences atalways King’s reduce ‘strain, stress and REMEDIES, wants Close financial adviceHIGH-VALUE service.’ For She bemoans‘Modern the lack theory of court suggests satyou down privateand been client sensible division about before dispute,’ he says. ‘One of the team due to lack of time. entertainers, FOCUS to be the largestBever divorce isn’t Wales rugby ability to ‘radiate confidence’, says. ‘It was so appalling I had to of the very complicated (financial provision for children Protection work or in complex parents. She is a qualified ARBITRATION AGREEMENTS, DIVORCES, he’ll often be providing advice on you consider public marketsproceedings again.number ‘And of yetSouth-East I Asian CollegeBedford London, she beganemotional her turmoil’ — a goal FAMILYAPPEALS settlementBrothers deterredawarded Asset orby an family businessCOMPLEX this meansfunding team before andfocus cuts — to and whilelegal there aid. a leading are occasions QCit. Icredited don’t joiningtake the any Citi pleasurebin Private it. We in Bank charge (Spear’s easiesthigh-level signs fees, of negligence is to A Cambridgerelationship science between graduate, husband of unmarried parents) claims. litigation about children’s issues arbitrator, mediator and BUSINESSES succession planning not only for might be sliding sidewaysretained in the [my client],’UHNW sheresidents, says. givingestablished the Leecareer & Thompson’s in investment bankingfurthered as a by the firm’s emphasis EnglishManagement judge.prevented A client from told supporting FINANCES ‘not just the ‘Thetaking system a fairlywhen is overrun we certainlydepartment with do,’ hehead spending with Privateother people’s Bankso clientsof money the Year expect in 2014)110be tooper quickcent.’ to adopt a solution Carruthers specialises in complex across multiple jurisdictions. The collaborative lawyer whose ‘You normally probably blame family team from a ‘completely on arbitration. acting in big London cases. She litigants in person issuing on sorting out things that are in one particular country.’ divorces that have previously

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BAND ONE MEDIA PACK 2016 Launched in 2014, The Spear’s 500 has quickly established itself as Europe’s most respected guide to the top private client financial advisory and luxury brands and services for the elusive Ultra High Net Worth community.

The Spear’s 500 is published as a glossy coffee-table guide that is sent to the private homes and offices of the wealthiest families in the UK, as well as being distributed exclusively through BA First Class and Business Class Lounges over four months. All entrant profiles can also be accessed 24 hours a day (no pay wall) through the dedicated The Spear’s 500 website that is the required on-line reference guide ‘bible’ for Europe’s wealthy and discerning high flyers and their families - shown by the thousands of people that visit the website for information each day.

Band 1 covers such categories as private bankers, wealth managers, lawyers, off-shore and HNW insurance, Band 2 (‘The Good Life’) covers our top exclusive recommendations of the very top luxury brands and specialist lifestyle service companies catering for the needs of UHNW key clients.

Launched in 2014 at The Savoy to industry and media acclaim, the spear’s 500 // company directory the annual publication of The Spear’s 500 ‘Good Life’ Indices is LEVISON MELTZER PIGOTT now a closely watched media event as The Spear’s Research Unit evison Meltzer Pigott (LMP) is sound track record in the following: FOCUS such as collaborative law, arbitration one of the UK’s leading firms of divorce and separation, pre- and post- n Divorce and and mediation. Simon Pigott was one L solicitors, specialising in all nuptial agreements, paternity disputes, separation, of the first family law mediators trained aspects of family law. Founded in 1998 civil partnerships, treatment of pen- n Pre and by the Family Mediators Association. arefully select and recommend only the very best individuals and by Jeremy Levison, the late Claire sions, cohabitation and the rights of postnuptial Three other partners are accredited Meltzer, and Simon Pigott, the firm has unmarried couples, together with all agreements, and practising family mediators. since more than doubled in size. Alison issues relating to children. n Mediation The partners are selected for their irms to feature. Hayes joined the partnership in 2002. The firm’s lawyers are particularly ability to provide innovative solutions. In 2007, Nicola Fletcher joined and experienced in complex financial cases OFFICE The firm’s success is founded on hard Julian Ribet was promoted to partner. including those involving the treat- 45 Ludgate Hill work, professionalism and dedication, In 2012, Amanda Andrews joined ment of pensions, property, Inherit- London EC4M 7JU and the experience of an outstanding LMP, and in 2015, Alistair Myles was ance Act applications and family busi- team. The firm’s goal is to achieve what promoted, taking the number of part- nesses. Aspects include the location of SIZE is best for its clients, and its lawyers ners at LMP to seven. hidden assets, defending and challeng- 25 staff deliver realistic, cost-effective advice These cover a discerning range of lawyers, advisors and managers The firm and its 11 fee-earners — ing trust structures and complicated while retaining an understanding of based in the City of London, close to St jurisdictional disputes. FEATURED clients’ concerns and aspirations. Paul’s Cathedral — is consistently International cases are a speciality Simon Pigott The firm is acknowledged for its dis- recognised as one of the country’s pre- and the partners have access to an (page 60) cretion in dealing with sensitive issues catering for London-based UHNW clients – including family lawyers, eminent firms of family law solicitors. established network of divorce special- +44 (0)20 7556 for clients living in the public eye. The firm has always been at the fore- ists in other jurisdictions. 2400 www.levisonmeltzerpigott.co.uk front of legal developments in family The partners are also trained to use spigott@LMPlaw. HNW insurance, tax accountants and elite property advisors, along LMP landscapelaw and ad.qxp_Layout offers as areas 1 23/07/2015 of expertise 21:00 a alternative Page 1 forms of dispute resolution co.uk with our selection of the very top recommended HNW and UHNW wealth managers. Divorce and Family Law Solicitors

When our first edition ofThe Spear’s 500 was published in 2014, The Evening Standard featured our HNW Indices over a two page spread saying: ‘If you’re rich enough, these are the people to advise Artist - kathjackson.com you. From wine to yachts, horses to houses, security to tax, these are Levison Meltzer Pigott’s ‘advice is well judged and grounded in reality whilst being brave, sensitive and unambiguously on the client’s side. The firm has a strong family feel the top guns for hire’. The Spectator followed with a cover article on to it, with a clear sense that the whole firm is at your disposal.’ Legal 500 the influence ofThe Spear’s 500 saying that we were the HNW bible Levison Meltzer Pigott, 45 Ludgate Hill, London EC4M 7JU or the ‘huge industry’ now catering for the international rich who www.levisonmeltzerpigott.co.uk Tel: 020 7556 2400 based themselves in London. Untitled-2 1 27/07/2015 11:44

the spear’s 500 // company directory

The Spear’s 500 Band 1 Indices, alongside the Band 2 Good Life, y n pa m o c CAZENOVE CAPITAL ensure The Spear’s 500 is a ‘one-stop’ reference guide to the top

MANAGEMENT private client world individuals and recommended luxury firms y r o t c e r i d azenove Capital provides a strength and integrity that under- effectively deployed. FEATURED complete wealth management pinned two great family companies for John Bell and advisors across the entire spectrum of wealth management C service by delivering tailored centuries and will continue to be RESPONSIBLE INVESTMENT (page 148) portfolio management and wealth fundamental to the way we look after MANAGEMENT john.bell@ planning, together with banking and all our clients. It is this enduring com- As a responsible wealth manager, we cazenovecapital. and private-client practice in the UK from private banking to treasury services. Our attitude to man- mitment to exceptional levels of service take corporate governance and sustain- com aging wealth is measured and intelli- and expertise that really sets us apart. ability seriously and integrate social, +44 (0) 1481 gent, with a consistent focus on environmental and ethical research 703700 preserving capital and delivering Why Cazenove Capital? into our mainstream investment pro- philanthropy, family offices to family lawyers, wine to jewellery. strong risk-adjusted returns. With cess. Euan Dangerfield offices in the UK, Channel Islands, EXPERIENCED AND (page 150) Europe and Asia we look after clients TALENTED PEOPLE Issued in the UK by Cazenove Capital Manage- euan.dangerfield@ in several locations. We recognise that a sophisticated client ment which is a trading name of Schroder & Co. cazenovecapital. Building a relationship of trust with base such as ours requires a wide range Limited. Registered Office at 31 Gresham com you is as important to us as the success- of knowledge and skills. We are able to Street, London EC2V 7QA. Registered number +44 (0)1534 848 Our expert analysis of key firms from the Spear’s Research Unit ful management of your wealth. Not attract and retain talented and moti- 2280926 England. Authorised by the Pruden- 200 only will we take the time to under- vated people who enjoy working in an tial Regulation Authority and regulated by the stand your financial requirements, as environment where lines of communi- Financial Conduct Authority and the Pruden- Jeremy Hervey has led the media to refer to us as the ‘Forbes of Europe’ and well as your investment objectives, we cation are short and where the sole tial Regulation Authority. Issued in the Channel (page 21) will also take the time to understand focus remains on our client’s interests. Islands by Cazenove Capital Management jeremy.hervey@ you. At Cazenove Capital, you will be which is a trading name of Schroders (C.I.) Ltd cazenovecapital. supported by a dedicated team led by PURSUIT OF EXCELLENCE which is licensed under the Banking Supervi- com ‘The New Yorker of finance’. Our authoritative and internationally an experienced portfolio manager. We Our primary objective is to build long- sion (Bailiwick of Guernsey) Law 1994 and the +44 (0)20 7658 understand the need for genuine flexi- term relationships with our clients, Protection of Investors (Bailiwick of Guernsey) 1000 bility to accommodate change and the rather than simply pursuing short- Law 1987, as amended. Schroders (C.I.) Ltd is a respected Indices are quoted and written up in The Times, the unexpected, and we will work with you term corporate objectives. This participant of the Guernsey Banking Deposit Kate Leppard to meet your individual requirements. approach allows us to offer a tailored Compensation Scheme. Schroders (C.I.) Lim- (page 10) Our recommendations will be clear service and to structure portfolios ited is also regulated by the Jersey Financial kate.leppard@ Evening Standard, GQ, Newsweek and more. With our focus on and realistic about what is achievable according to your individual require- Services Commission in the conduct of invest- cazenovecapital. and what is advisable. We have a ments, rather than simply using ment business. Registered address at Regency com layered investment approach and, as generic models. Integrity is at the heart Court, Glategny Esplanade, St Peter Port, +44 (0)20 7658 part of the Schroder Group, we draw of everything we do. Guernsey GY1 3UF, (No.24546). Terms and 1000 the best client-facing individuals rather than just firms,Spear’s is on the depth and breadth of their conditions apply. global expertise as well as some of the PROVEN INVESTMENT Matthew Sutton world’s leading investment specialists. EXPERTISE www.cazenovecapital.com (page 151) regarded as the top guide to the sharpest and most experienced Each of our clients has specific finan- matthew.sutton@ OUR HISTORY cial needs and preferences, but all have cazenovecapital. Our combined heritage, which has a common objective – to preserve and com advisers, wealth managers and lawyers around today. been created by the integration of grow their wealth for the long-term. FOCUS Other offices: +44 (0)1534 848 Schroders and Cazenove Capital, is We believe that no firm can expect to n Portfolio Gibraltar, Hong 200 unique in the investment world. excel in every investment area; there- Management Kong, Singapore, Both companies have their history in fore we access the best fund and invest- n Wealth Planning Frankfurt, Geneva, Julian Winser Madrid,Milan, trade finance that saw the City of ment products from around the world. n Banking and (page 149) London develop into a major commer- Treasury Zurich julian.winser@ cial and financial centre at the MULTI-JURISDICTIONS AND cazenovecapital. Ever since Spear’s was founded in 2006, (we are celebrating our beginning of the 19th Century. In the DIFFERENT LEGAL ENTITIES OFFICE SIZE com Cazenove Capital 1970s we opened various global offices We have experience in dealing with UK and Channel +44 (0)1481 has 346 people including in China, Hong Kong, Japan, clients living in multiple jurisdictions Islands: 703700 and the wealth Singapore, Australia, Brazil, Switzer- and investing in structures which are London, Chester, 10th Anniversary in May 2016) when the firstSpear’s Index of high management land and Continental Europe. We fur- also domiciled in a number of differ- Edinburgh, business has 602 ther expanded in 1991 by opening an ent countries. We offer a highly per- Oxford, people globally*. office in the Channel Islands. sonalised and bespoke service which Guernsey, net worth wealth managers was reproduced in The Times, the Cazenove Capital is founded on the ensures your investment strategy is Jersey *at 30 June 2015 Spear’s Indices have profiled and recommended the top professionals 233 across the wealth management sector. They have been at the heart of what makes us the UK’s top wealth management and HNW lifestyle media company. METHODOLOGY EDITORIAL TEAM At the heart of The Spear’s 500 is an unrivalled Edited by a multi-award winning team led by methodology for compiling the Indices, including Spear’s founder William Cash, The Spear’s 500 HNW client referrals, which will make them even is now a must-have reference guide for all HNW more transparent, informed and authoritative. individuals and their families, as well as a vital cross- They are backed up by Spear’s in-house research and referencing tool for different sectors of the wealth analysis, informed by peer reviews, interviews and management industry. All the profiles are produced questionnaires. The information gathered by our and double checked by the Spear’s Research Unit. Research Unit goes on to inform the nominations at the Wealth Management Awards and the Young Turk Awards (for under-35s). The Spear’s 500 also RISING STARS AND include fact-boxes so you can instantly know what FUTURE LEADERS position or level each individual occupies, along The Spear’s 500 will also be identifying the next with the size of their firm and their fees. generation of stars in each sector as under-35 ‘talent to watch’ and ‘rising associates’ — from private banking to tax and trust lawyers (below). DISTRIBUTION These entrants are often those that have been The Spear’s 500 is sent out to the Spear’s Rich nominated at the Spear’s Young Turk Awards. List: the homes or private offices of 7,000 of the wealthiest individuals in the UK. It will also be distributed in BA First Class and Business Class NEW CLIENTS AND cabins and lounges, as well as other leading airlines. THE SPEAR’S 500 Copies of The Spear’s 500 will be sent to London’s While it is impossible to buy admission into top hotels and private members’ clubs. Specialist The Spear’s 500, there are opportunities for those bookshops will also stock The Spear’s 500 for selected by merit to reach out to both existing and HNWs who would like a copy. potential clients with an enhanced presence in both The Spear’s 500 and on the Spear’s website. All companies and individuals taking packages will receive copies and all those companies featured There will also be opportunities to enhance a firm’s in The Spear’s 500 will be able to buy the guide presence in the printed edition of Spear’s with at a preferred rate. Winners of our 2016 Wealth display advertising; you may wish to have a presence Management Awards will all receive copies at the in the issue of Spear’s distributed to corporate ceremony. The beautifully produced guide will be leaders at the World Economic Forum at Davos, designed in the style expected of Spear’s. from the Spear’s stand at Masterpiece London (left) or at the Spear’s Wealth Insight Forum (below). The Spear’s 500 will have its own dedicated website Opportunities also exist to purchase bulk ‘run-on’ embedded within the overall Spears website. This copies of The Spear’s 500 featuring your entry, Spear’s 500 website will allow thousands of HNW’s which can be sent out to your own clients, with access to this valuable data at the click of a button. specially printed covers featuring your company logo.

the spear ’ f people help a burglar, they are accomplicess 500 // criminal too. Now it will be the same for those that lawyers help tax evaders,’ said former chief secretary ALEX to the Treasury Danny Alexander earlier this MATCHETT year. Alexander has since departed the green tion, does this mean that advisers are benches,‘ but his rhetoric hasn’t: on the first page of I now wary of promoting avoidance? Does IS HEAD OF the Conservatives’ election manifesto was the pledge ENTRY BY MERIT THE SPEAR’S it even mean that they might go to jail? that they would ‘crack down on tax evasion and RESEARCH UNIT aggressive tax avoidance’. ‘It wouldn’t surprise me,’ says Simon AND ASSISTANT Rylatt, head of private client and tax at By blurring the line between the former (a legal Boodle Hatfield, ‘if those that are EDITOR OF issue) and the latter (a moral one), the government tempted to undertake overtly aggressive SPEAR’S is using the menace it applies to the crime for the ‘sin’ AND PEER REVIEW EDITORIAL or “testing the boundaries” tax planning, it allows but condemns. and those that do advise alongside it and The difficulty in getting legal traction on the slip While Parliament says it is going to offer equal the are cognisant of how provocative it may pery concept of avoidance is reflected with a 191- spear harshness on both kinds of tax reduction, it is tax How do you ’ be considered, will be at risk of criticism page online guide and an independent advisory s 500 avoidance which has particularly enjoyed its ire of // criminal and, potentially, prosecution in due discourage panel which ‘approves HMRC’s GAAR guidance, Entry to The Spear’s 500 (for all Band 1 and Band The Spear’s 500 will not be simply late. Recall Margaret Hodge MP’s ferocious scolding lawyers course. It wouldn’t surprise me at all, something and provides opinions on cases where HMRC con of companies such as Google and Starbucks for their - and it has been seen already in the US.’ siders the GAAR may apply’. All this is nicely ambig- (legitimate) schemes which passed profits around that you uous. the world until they could no longer be seen and the Stephen Camm, tax partner at PwC, says the majority of tax advisers are com- inherently corporate accountants got dizzy. David Cameron pliant with the new morality, although oppose as a SUPPRESSING THE APPETITE 2 Indices) is based entirely on merit, with inclusion be the ultimate HNW private client bashed pop star Gary Barlow after - he adds a caveat: ‘That doesn’t mean to Camm, who spent fifteen years working for the revealed his avoidance schemes, and he said what public body say some of them have not tried to understand where Inland Revenue (HMRC’s predecessor) before join comedian Jimmy Carr had done was ‘morally wrong’ there might be loopholes and might have plannedbut in is entirely ing PwC, sees the method in the mandarins’ mad- (which seems less severe than ‘morally repugnant’,The Times as

a way the public see as quite aggressive.’ But helegal? says ness: ‘It probably does serve the Revenue well for l a n i m i r c chancellor George Osborne had called it). In the that’s a ‘tiny, tiny minority’. people to assume tax avoidance and planning is based on peer review, client testimonials and Spear’s and essential service and shopping public mind, avoidance is the new evasion. going to be scrutinised and is unlikely to be success - They have had support from the courts in this PENALTY AREA ful. It diminishes people’s appetite for it.’ effort to sweep up tax avoidance; the crushing The penalties for evasion, which the government defeats of film schemes show this. Historic rulings Simon Rylatt also believes HMRC might well have

an interest in keeping certain tax areas opaque to

wants to suggest are now suitable for avoidance such as that of 1936 concerning the Duke of West s r e y aw l (even if they cannot actually be applied), are long- discourage avoidance. He mentions the need to own HNW intelligence network. Over the last few directory. It will feature a selection minster have been given less and less weight. In this - established and well-known to advisers, says Camm: make sure ‘everybody understands the rules of the case, which endorsed the aristocrat’s scheme to save ‘We’ve had money-laundering rules in this country game’ but cautions: ‘Sometimes there’s a disincen tax by paying his gardener via a covenant, the judge that have made it an offence not to report a client if tive to doing that because the greyer it is, the more said: ‘Every man is entitled if he can to order his - you suspect tax evasion, and the consequences of conservative people may be, because they’re con- affairs so that the tax attaching under the appropri that are you go to prison, so there’s already a deter cerned about whether they fall on the wrong side of years, the Spear’s Research Unit have been assessing of some of the sharpest, most ate Acts is less than it otherwise would be.’ As our rent on the books.’ the line. That can be more beneficial in terms of dis legal columnist Martyn Gowar has written, ‘I have - suading people.’ never heard that statement being doubted as the But as an HMRC spokesperson told ‘Avoidance is not illegal.’ And here is the crux: how word of the law, but it is certainly not the way that it That’s something echoed by those working in the - do you discourage something that you inherently heavily scrutinised offshore world: ‘To some extent I is now being interpreted.’ - oppose as a public body but is entirely legal? think HMRC have been using this sea change in - hundreds of individuals within each wealth relevant and topical articles With public, political and now judicial elision of Spear’s, public opinion to their advantage,’ says Adrian evasion and avoidance, and consequent condemna It turns out that you make it impossible to tell where immorality exists. The General Anti-Abuse Pilcher, a senior tax lawyer at Isolas in Gibraltar. ‘I Rule (GAAR), enacted in 2013, aims to be a guide to understand from accountants who work with us in what HMRC considers ‘tax arrangements that are the UK that HMRC are very much aware that a lot of abusive’. (Note the move from ‘avoidance’ to the lan the big corporations that have a lot invested in their management sector to identify the best, brightest which have been published in - guage of abuse.) brand will do whatever it takes to keep their names out of the headlines.’ It’s important to remember advisers are hired for B - a reason: ‘It gets tricky. If you’re a tax adviser, your and most experienced specialists within their own Spear’s this year, giving vital E duty is to advise the client on what it is he needs to TWEE do to pay the least tax possible,’ says Pilcher. ‘It’s dif- ficult to reconcile this with the morality issue. Ulti The government’s rhetoric demonising (legal) tax avoidance and treating it mately the shareholders could claim against you like (illegal) evasion is putting advisersN inT a very tricky situation because they’re paying tax they otherwise wouldn’t fields. We have also been assessing the very top context to our Indices and H have had to pay, other than for your negligent advice.’ E LI And there are further conflicts: another adviser - between industry and the government on what the pointed to the parallel demands of disclosure for line should be on tax avoidance. ‘I don’t think HMRC N HMRC and confidentiality for the client. ES are being opaque about this particular issue,’ he 126 RANK AND FILE says, ‘but it’s something where the government have UHNW brands and luxury lifestyle providers and illuminating the issues in made a reaction to the background noise in this area But is this just a self-interested profession closing before the election and they’ve published something ranks and blaming the bureaucrats for failures in tax without really necessarily thinking through what transparency? HMRC certainly wasn’t opaque in they mean by it.’ making its position clear when whether the unwelcome publicity of court was a Perhaps clarity is not the priority. Between evasion firms. The carefully chosen entrants represent the each sector. and avoidance, any sort of distinction has been threat it used. ‘HMRC does not threaten anyone,’ it erased for political and economic ends. Now that a told us, adding that claims of deliberateSpear’s opacity asked were predatory HMRC has twice overturned the Hastings ‘complete rubbish’. Bass ruling, which allowed trustees to ‘erase’ tax- However, Chas Roy-Chowdhury, the head of incurring moves, advisers look more vulnerable than taxation at the Association of Chartered Certified best of the best with a ‘Top Five’ or ‘Top Ten’ for each ever. Can we doubt that the government, if it could, IllustartionAccountants, by Russ Tudor says official consultation is ongoing would start applying the penalties for tax evasion to the spear those advisers who put their clients into extreme tax- ’s 500 // hnw avoidance situations? wealth managers It may be time for tax lawyers to start consulting category. The shortlists of the 2015 Spear’s Wealth their criminal-law brethren. Management Awards will be drawn from these ‘Top GATE S San Francisco’s youthful- techC millionaires have different needs and priorities from older HNWsR — meaningAS the region’s wealth managers are having to adapt if they want to reapH the benefits Recommended’ entrants. I 127 N the spear G ’s office that Divesh Makan, ex-ra 500 // hnw Sachs and Morgan Stanley wealth age the money of Mark Zuc managers ark Zuckerberg couldn’t do w inmaker at Goldman his iPhone. His smartphone h Twitter co-founder Jack Dorsey, founded in 2011 to man- him keep up with Facebook Sheryl Sandberg among his clienkerberg; he now counts GIULIA ithout will obviously delay the mo price, edit work documents the most exclusive wealth ma CAMBIERI (especially) using the princip and Facebook COO make an exit: ‘One of the downs Mtrack his workoutdirections performa to the next meeting, elps region, with only a low number IS FORMER HEAD adviser’s contacts to invest is quarterly reporting, which mak factotum in anodised aluminium ’s share lionaires accepted as clients. I ts. Iconiq is perhaps ment she’ll be able to OF THE SPEAR’S ley is very clubby,’ says a finan nagement firm in the in the long term versus the the phone can find him a cab th , get al’s money and the secretive — every person I s RESEARCH UNIT nce. Like a miniature with tech entrepreneurs but goals that investors may expe ides of going public table at the latest hip resta even in start-ups. ‘Silicon Val them but suddenly became of brilliant tech bil and polished glass, named. ‘It’s about: “Oh, who’s got t’s also incredibly She isn’t the only one delaying an es it hard to invest thanks to OpenTable and org cial adviser who works more information. poke to was well aware of- short-to-medium-term

rough Uber, book a I’ll put my money there.” If you a ley, where thanks to Sand Hill Roa w n h from the pressures of investors a didn’t want to be - ct you to hit,’ she says. urant in San Francisco your assets managed somewhe ‘Wealth management’ is perhapsquiet as I pressed for highest concentration of ve vices like Skyscanner and Airbnb. B to describe what these compan

anise a few days away where some big-name guys are their money there? including Andreessen Horowi IPO in Silicon Val can perform so many jobs at on also act as venture capital firms

be on their private deal flow.’ re going to have and Greylock Partners — there’s d and the world’s h t l a e w wealth manager do the same? nd analysts via ser which suits the risk-taking attitude not the best way nture capital firms — - re, you want to be ies do, as they often money or investors willing t While visiting the wealth manag ut if his iPhone - CHANGING OF THE GUARDbecause you want to neurs. Iconiq, for example tz, Menlo Ventures the San Francisco Bay area, I r ce, why shouldn’t his such as kCura, an app that for tech companies, Regulation is putting a strain o GO WEST no shortage of successful tech entrepreneurs in data during litigation or inves, has invested of tech in start-ups entrepre o make big bets.

ement industry in old guard of the wealth mana British-Pakistani Bashir is p looking to hire the classic private b Sign, which provides safe electroni s r e g a n a m ealised that the most Silicon Valley — the likes of helps lawyers manage - and as comfortable in th least. For many of them, in secure way for organisations and Merrill Lynch. While they n private banks, the tigations, and Docu (which featured her in its Next early thirties, retirement feel the region aren’t and business plans online; it wa etite, sharp as a razor clientele and a long presence in gement industry in 2013) as she is in entrepreneurs increasingly postp anker. Not yet, at JP Morgan, Wells Fargo $3 billion. Bezos Expeditions, c signatures and a e pages of their late twenties or finding it difficult to reta to manage contracts - at the Blackstone Group and their company goes public — can count on a robust venture capital investments Forbes. After stintsEstablishment in privateVanity eqlist Fair in s far away. As tech financial adviser says: ‘A lot of Goldman Sachs, she moved to S Dropbox, for example, are stil CEO Jeff Bezos, has funded s recently valued at nology-focused wealthy individ the region, they are years ago to launch her com held — they face different cha one the moment in their best staff. The (firms with a $1 billion valuati which manages the investment banking at firms such as Uber and the next start-up coming along an of Amazon founder and uity require a broad set of skills these younger or tech lic) such as Uber and Airbnb Wealth managers and pri l completely privately unicorn companies an Francisco four ll Ings won’t let them do that, so the trying to get in touch with he agers, who are expected to w uals want to invest in pany. “Screw that. We’ll go form our on before going pub executive chairman of Goog moment they’ll finally cash out, a llenges and thus - HELPING HAND vate bankers have been from their wealth man investment adviser] without the re d the big banks . Dorsey invested $1.4 millio se groups are saying, But how do you gain the trust r since Eric Schmidt, That’s why many tech entreprealk with them to the big-to-fail bank.”’ (RIAs are S - bankers added her on LinkedIn Valley want their wealth mana own RIA [registered preneurs in Silicon Valley? le, and Twitter’s Jack - uals or firms that manage the to a number of ‘cool events’, but sh phones, facilitating their lives nd beyond. founder and CEO of Peek, n in Peek in 2012. The institutional investors.) strictions of a too- of the top tech entre knows what she would do if sh Illustrationassets, by Wi connecting them to potent neurs in Silicon EC-registered individ lets users book tours and tou gers to act like smart Ruzwana Bashir is the at some point: ‘Candidly, havi and have invited her Thus, in the past fifteen years, a assetsne of HNWs or potential unicorn company it management firms focusing on an online platform that - myself I am perhaps not as keen e says she already , managing their - wealth managers and privat e were to make an exit - been established. These include C rist activities, and a somebody manage my mone ial investors and cold-calling and ask themselv ng worked in finance office of eBay’s former president, the w batch of wealth self. She says that While Bashir is interested in tech millionaires has for their potential clients insteade bankers should avoid to have Skoll, and Iconiq Capital, the ing a relationship first, others y for me.’ apricorn, the family ‘I think in every situation if youes whatw they could do that 30-year-old successful have somebody trust you, [yo billionaire Jeffrey preneurs tend not to trust th build- port with them and think about . private investment tional wealth management m think them. “How can I help you ant to be able to tech entre- u should] build a rap Michael Cole, president of Ascen your business is doing that I ca e tradi vate Capital Management at an introduction that I can mak what you can do for - ? Is there anything that - says: ‘They believe in technolog odels. your life better?”’ She adds: ‘Th are used to doing things thems t Pri The more people are, the less they ge n facilitate? Is there US Bank, - e that would make and they have trouble tran they may need help — but eve y. They successful e more successful value into price — they don’t people are, Bashir is in no hurry to list Pt people assuming that ily believe that the value they’re g elves 30 slating a rybody does.’ [from a bank] is worth the less they necessar eek, even though it Ascent, which focuses on - get people etting (typically a little older) with atthe leas price.’ million in investable assets assuming that clients they may need t $50 , was the help — but everybody does

31 BAND ONE BAND TWO

Ultra high net worth wealth managers Art advisers (over £20 million investable assets) • Private bankers including international banks Aviation • Asset managers • Private investment offices and multi-family offices Business angels

High net worth wealth managers Booksellers (£1-20 million investable assets) • Private bankers Audio visual technology solutions • Asset managers Decorators, lighting experts, architects British regional wealth managers and landscape architects and lawyers Education, including tutors, finishing schools, Global banks in London cooking schools, secretarial colleges and private universities Accountants (including M&A and tax advisory) Equine breeders and trainers

Lawyers Family business consultants • Family lawyers • Media and privacy lawyers HNW concierges, bespoke services, party • Tax and trust lawyers planners and ‘fixers’ • Immigration • Criminal Domestic & Household recruitment • Hommes d’affaires • Corporate Private members’ clubs • Landed estates (including office services) • Property Philanthropy advisers Property agents (buying and selling) Rehabilitation clinics • London • Country Health clubs, doctors and cosmetic surgery • International Security Reputation management and PR firms Sporting services, including shooting estates

HNW insurance Travel, safaris, summer villas and chalets

Jersey, Guernsey and Isle of Man Wine private-client services Yachts

the spear’s 500 // uhnw wealth managers the spear’s 500 // uhnw wealth managers the spear’s 500 // immigration lawyers the spear’s 500 // immigration lawyers the spear’s 500 // family lawyers the spear’s 500 // family lawyers w n h u amily l i m fa

that making a move, because of the increased uncer- n o i t a r g i m m i tainty and realising that Russia may not be a long- managers

h t l a e w term prospect for their children and their family.’ wealth

There is another factor which explains CIRE’s fig- uhnw wyers r e y aw l // ures. Early last year, the Migration Advisory Com- ’s 500 THE BEAR TRAP mittee published a series of recommendations on the spear future of the Tier 1 Investor visa. One recommenda- the

s r e g a n a m

tion, which has since been adopted, was that appli- As billions of pounds flow illegally into London from Moscow and Russia’s cants should no longer be allowed to tie up a propor- s r e y aw l wealth decamp en masse, John Underwood looks at why they are fleeing — tion of their investment in residential property — the full amount pledged must be invested in bonds or and it’s worse than you think businesses. Another implemented suggestion was to double the minimum investment to its current level of £2 million. t his annual question and answer session outcrop in Chelsea or Knightsbridge, the majority Although the changes to the investor visa will not earlier this year, Vladimir Putin was remains hidden from view. have had profound effects in 2014, they will certainly asked by a veteran of the Battle of Stalin- One of the quickest options for wealthy foreign be affecting the behaviour of many Russians this Charlie Hoffman Kate Leppard Penny Lovell David Poole Kim Beatson Catherine Bedford Ros Bever Alex Carruthers grad to name Russia’s allies and enemies nationals considering a permanent move to the UK year — Russians whose UK residency now requires a HSBC Private Bank Cazenove Capital Close Brothers Citi Private Bank Anthony Gold Lee & Thompson Irwin Mitchell Hughes Fowler Carruthers in the world. ‘We don’t view any coun- is applying for a Tier 1 Investor visa. This (tempo- minimum of £2 million plus the cost of a house, Atries as enemies,’ responded the president, ‘and I rary) visa is contingent upon the applicant investing rather than £1 million minus the £250,000 that don’t recommend anyone to treat us… as enemies.’ £2 million in government bonds or one of various could formerly be sunk into real estate. the next generation, but for the next twelve to eighteen months’. Canadian bank a clear advantage. stockbroker at Quilter Goodison to become the financial hub for matriarch or patriarch’, with explains. ‘But I think there is also your solicitor if the litigation has standing start’ seven years ago. ‘I know they’ve been around says she simply spends a lot of proceedings,’ she says. ‘It means capable of being sorted.’ Behind the veteran, thousands ofbeen gun-toting so dreadful.’ troops approved industries,Now a top-tier and practice, can be it converted has for into ages, but we seem to be doing time on Skype — and on the train the court doesn’t always have the RahmanBishop’s identifies ‘calm, empathetic one key factor that she believes next two after that, as well. His AuM has gone up by These clients are selective, in 1987, before joining Schroders family businesses. Thanks to wealth planning, but also the enormous perspective given by KIM BEATSON ALEX CARRUTHERS ANTHONYmarched and wheeledGOLD in close formation.Such experience Putin’s has noindefinite doubt leavebuilt to a remainconsiderable after centrefive years. of Thosemore in a and more of them,’ she says. — to and from the capital. time to consider or resolve issues.is drivingapproach’ HNW means Russians avoiding from their homesHUGHES — Fed- FOWLER $400 million since last year, he says, and don’t want to deal in 1990. Her credentials are initiatives such as the Family next generation. seeing a range of clients.’ mouth may have preached peace informedbut — as herwe mightchampioning hurry of to makegravity, the UKdrawing their in permanent talent from home‘Why can would you wait six, nine She charges less than the I think people who are involved eral makingLaw No things 376-FZ, harder the than so-called they ‘deoffshorisationCARRUTHERS enabling ‘easy meetings’ with with banks whose reputation isn’t impressive: having previously Business Club forum and the Lovell also has a warm He says clients are happy: ‘The BESTexpect OF BREED from aThe judo ‘crisp, expert — themediation. truth lies Another in his reasonexpedite may the process,firms like applying Mishcon for de leave Reya to —settle aftermonths — maybe even longer southern-based lawyers featured in the court process may just feellaw’. already Active are. as of New Year’s Day 2015, 376-FZ CHARLIE HOFFMAN clients, many of whom know a sound. ‘It is a challenging worked as head of private Road Trip — a series of visits to personality and a good sense of weight of the industry here is on FIRMstrength SIZE of arms.efficient, be the cuts to legal aid ontwo which years if they’veBedford’s invested previous £10 employer million. — — to have a family dispute on these pages, which often they’ve been run through a requires Russian nationals to expose theirBEST overseasOF BREED Most of us have HSBC PRIVATE thing or two about investment environment and many banks banking, she is now deputy head family-owned enterprises — humour — not a given in the looking after clients as you would UK measured and she has been outspoken as both Vardags and Penningtons resolution in court when you can means she gets to spend more process, rather than that heard of faking TOP TEN Some 24 years after the collapse of the USSR, According to figures released last December, the commercial interests. Breaking the newFIRM law SIZE carries BANK W themselves: ‘We’re fortunate: have suffered, he says. of UK wealth management at Lovell understands what industry. She has spent more expect to be looked after yourself.’ HOURLY RATE BOUTIQUE £340Russia occupiesexpert’ a peculiar Beatson, space courts in the and worlds clients ofbecome number of successfulManches. Tier 1 Investor applicants fromhave a private one with a really time with clients — time they someone has genuinely listened.’relativelySIMON light BRUCE penalties, but compliance poses a your own death, we look after a lot of the But Kotha, who was promoted Cazenove Capital (the wealth multi-generation UHNW than twenty years in wealth as she was pressured when seeking ‘We are nipping at the heels of good judge who everyone has value and often desperately need. HOURLY RATE but never faking FOCUSbusiness and diplomacy. Although it is no longer a Russia soared by 69 per cent in 2014, reaching a muchFARRER more serious & threat,CO namely letting£475 Putin see Despite the significant wealth creators in to managing director in 2014, management arm of Schroders) families want from their advisers management. As the daughter of HIGH-CONFLICT described by a litigation. That level of our well-established competitors chosen and who has taken the ‘I see clients in London — and your own OUTSTANDING communist country, many former state industries level unmatched by anyone bar the Chinese. Accord- an itemised list of assets. Nervous RussiansFOCUS might IN FIELD FINANCIAL DAVID COBB news that HSBC the UK,’ he says. thinks that stricter regulation across a book worth £32 billion. and ensures that Close Brothers an IFA and a mother whose DAVID POOLE REMEDY,remain under client,effective has beengovernment professional control. concernDespite underlinesing to Mark and Pihlens, we are managingdoing things partner at globaltime to read every page? I they may want to see me because GILLIAN BISHOP preferDISTINGUISHED to obtain and Bruce make has use had of a secondCOMPLEX passport divorce. That’s INTERNATIONAL SMITH & COMPANY SIZE Private Bank That means he has to meet the and increased transparency have A nominee for Spear’s Private Bespoke — the unit dedicated to ‘passion for the stock market and CITI PRIVATE BANK DISPUTE at Anthony Gold her empathy with clients. differently. Our only focus is the couldn’t recommend arbitration my charge-out rate is £280, FAMILY LAW IN INDIVIDUAL one of his best what Carruthers INTERNATIONAL RESOLUTIONthe introduction of a nominally democratic system, immigration consultancy firm Henley & Partners, rather than reveal what they’ve got hiddenCASES, away… highest expectations. ‘To be since 1996, ‘Kim was able to respond outcome for the client, not highly enough.’ where it might be double that for PARTNERSHIP FIRM SIZE years yet with LITIGATION, had to deal with WILLIAMSON allegedly abetted helped RBC. ‘It gives us the peace Banker of the Year in 2014, she’s the firm’s wealthiest clients — the City would rival Mark ordinary Russians appear to prefer Putin’s strong, Russians ‘have dominated the UK Investor visa cat- exceptUK the same piece of legislation demands they FOCUS focusing on financial remedy extremely quickly and entirely ourselves,’ she says. ‘Our aim is One Wall Street veteran was a lawyer in London,’ she says. the Family Law NEGOTIATION for a client HEDGE tax avoidance successful you’ve got to see both of mind that we are dealing with clear on what separates the great offers those services. Carney’s’, she says her career EMINENCE GRISE ‘There needs to unilateral leadership. And while a handful of canny egory for most of the 2000s’. (Now, he adds, ‘they reportHOURLY those RATE very passports. Thirty years at FUNDS AND through clients’ sides of the balance sheet,’ he the right clients — nobody wants from the good: ‘Depth and She says clients are choice was ‘a natural step’. be a better and children work. successfully to a very urgent for a more professional and particularly impressed after Perhaps what is more OUTSTANDING It’s been £535 Commission, of whose husband claimed to have OUTSTANDING ALTERNATIVE COMPANY SIZE operators made their fortunes in the confused post- have been caught up by China, and between them She heads the firm’s family application that had been listed responsible culture — internally Bedford took over from another attractive for Bever’s clients, most IN FIELD another busy FOCUS which he is ended their marriage in a IN FIELD Smith & INVESTMENTS Swiss bank says, ‘on both sides of their lives.’ to deal with clients who are not breadth of expertise — and being increasingly concerned about INTERNATIONAL understanding Soviet era, today’s Russian HNWs feel increasingly make up over 60 per cent of Investor visas in 2014.’) FIRM SIZE DELAYINGINTERNATIONAL TACTICS FOCUS department, looking after City at the shortest notice,’ said one. and externally — something that well-regarded firm that had of whom come through year for Bishop, president, Russian court. COMPANY SIZE Williamson have accounts, The skydiver has built up a on the right side of the law or on able to draw from a wide preserving wealth for future about what threatened by the country that, we are assured, is These statistics seem to coincide with the conclu- BOUTIQUE AmongFAMILY those LAW who see their future outside the Fed- UK ENTREPRENEURS professionals and international ‘Her unfailing determination to is lacking in the profession as a ‘made a shambles’ of his recommendation, is her rounded who speaks to picking up a ‘It makes it very difficult to not seen Cobb rise Hoffman is upbeat: ‘On the formidable book — allegedly the right side of tax compliance.’ knowledge base. generations. ‘Some feel that they ROBERT McINTYRE wealth nobody’s enemy. Nobody’s, that is, except perhaps its sions of the 2015 Knight Frank Wealth Report, a sur- HOURLY RATE eration, two options have become popular. Some, as FOCUS clients, many of whom are from succeed on my behalf in this whole. It can only benefit the partner’s case. skillset that covers separation, £395 Spear’s between major award from an say, “That’s a fake!” And in an FAMILIES to co-CEO and whole our clients have been Europe’s biggest — and image When it comes to HNW and didn’t take the savings phase of BARCLAYS managers do,’ says Poole, Citi’s own citizens. vey of private bankers and wealth managers who can be imagined, are accelerating their escape plans Hong Kong or Italy. matter was maintained client, and it is bringing about ‘She was superlative on all dissolution of civil partnerships, FOCUS leaving court international legal body. English court you shouldn’t head of the extremely supportive. It’s within the industry. ‘Reputation UHNW families, the stability of their life as seriously as they new head of strategic client reported that 33 per cent of their clients in Russia COLLABORATIVE in the face of what they see as increasingly authori- A former football referee, throughout the entire course great results.’ counts,’ he said. ‘A quick and children cases along with WORK and departing Elsewhere he’s continued his accept that,’ he says. It’s because firm’s investment management business as usual.’ can certainly help,’ he says. ‘But KATE LEPPARD the relationship is very could,’ she says, ‘and are trying OUTSTANDING ‘I don’t sit there segments for EMEA. ‘It’s not just BeatsonTHE wasMOTHER one of the firstLODE of the proceedings.’ were planning Bedford to leave herself the region is experienced — comfortably accurate study, insightful and pre-nups and pre-cohabitation for an eight- tarianwork behaviour with charities by theReunite state. and Others, of such operating circumstances he’s not IN FIELD and banking division. Aptly, his That business has been helped you’re only as good as the CAZENOVE CAPITAL important... You need a to make sure their children and thinking they about making the rich richer — lawyersAfter ain year the countryof unprecedented to qualify volatility, financial as over twice as inmany exposing as intended and defending to flee trusts,any other tacticallyarea. smart. I would agreements. week sabbatical, saying she can’t withinChildren a Kafkaesque and Families philosophical Across framework,uncomfortable are with his firm firm’s fortunes mirror his success: by an increase in investment collective sum of your clients and discretionary manager who is grandchildren realise the COMPANY SIZE are of a certain as a phrase that sounds pretty INTERNATIONAL as a mediator andwell spends as political, a a significant number of as well as helping fathers to recommend her most strongly.’ Approachable and soft-spoken, wait to do nothing for a while. deliberatelyBorders, as freezing well as theirspending preparations time being just seen before as litigious: ‘If you Smith & Williamson has turned returns as clients benefit from a the performance you give them.’ ‘I don’t think forward-looking and who evolves importance of prudence.’ “type”,’ McIntyre unappealing, and morally I can’t OUTSTANDING FOCUS significant amountwealthy of time Russians with areCATHERINE losing their faith SECOND obtainWAVE sole residency orders in the partner and family team head As a collaborative law the pointin the atSupreme which theyCourt would making be requireddon’t to like declare litigation, frankly, you its mid-Eighties AuM of ‘benign’ economy and the rise in IN FIELD you can with time — having a strong A client told Spear’s: ‘She PRODUCT says of his come to terms with that. It’s dispute resolutionin the cases motherland — both andBEDFORD turning instead However, an theirodd distinction favour and hasdealing emerged with in London, has sixteen years’ experience specialist she’s happy to be out them.new ‘Our law clients to define want ‘habitual to remain compliantshouldn’t all be the a family lawyer.’ Kate Leppard £90 million into £16 billion. mergers and acquisitions that he COMPANY SIZE overestimate the relationship with the client, understands a family both as VARIETY clients, keen to about careful management of mediation and towardscollaborative the UK. law. AccordingLEE &to DeutscheTHOMPSON where the overwhelmingsinister realities. majority of HNW RussiansROS BEVER exclusively dealing with family of court, despite litigation often time,’residence’. says Rahman. ‘Therefore, they don’tBut wantthat doesn’t to mean he’s INTERNATIONAL Cobb’s clients are now made predicted last year. But it’s AMIT KOTHA regulatory where there’s a mutual individuals and as a unit, and this emphasise the capital for wealthier people, who Yet she doesn’tBank, shy away almost from £1 billion in undeclared moving to the UK‘I’ve settle.personally Over received the same death period IRWINthat MITCHELL law — much of it in complex making her more money. get secondThe complexities citizenship of because varying they don’tinflexible: want ‘You’ve to got to be able Cazenove Capital FOCUS up of just a handful of long- alternative investments that the RBC WEALTH WEALTH change the understanding, makes all the makes communication and attention to detail he and his need guidance as to how they complex litigation.Russian On one funds is nowDISTINGUISHED arriving in LonA first-choice- saw such a surgethreats,’ in the says number the Oxford of visas graduate. granted, the HNW cases, including a recently ‘My fees in total were disclosejurisdictions it to the rewardRussian his authorities.’ desire to to say: “Right: mediate. Right: Canadian bank a clear advantage. established families, but with Hoffman is best known for, MANAGEMENT PRESERVATION industry has difference in the world.’ reporting always a pleasure... Her team give to each family they spend and where they invest.’ The oligarchsoccasion she adviseddon each on amonth — 40INDIVIDUAL per cent of all thesolicitor number for of Russians‘I was for the registered wife and throughthe Christie’sBEST OF BREED Based in reported High Court case where £100,000; I imagine the Forsolve Russians intellectual with puzzles. misgivings ‘It is aboutarbitrate.”’ the present In part, that’s fuelled ten-year divorce litigation which FIRM SIZE high-flying husband was a very rich and Manchester assets exceeded £60 million. husband had similar costs,’ she part of the job of an international by the court system being hit considerable range: from championing his extensive been through wealth of knowledge means she look after. McIntyre explains that Ever ascendant in private money that enters UK the UK through International Real Estate (CIRE) to buy their priceyFIRM SIZE government, of course, there may be more pressing These clients are selective, haveshe all defines got as ‘as unpleasant as it CEOs, powerful man who had some UK with Irwin She has also won several says. ‘That was £200,000 this family lawyer to be able to jockey hard by austerity, he says, ‘heritage assets and landed research team as well as his own OUTSTANDING Kotha is one of over the last few years — a good is always able to find interesting being in a large organisation with banking circles, Poole began his irregular channels. HOURLY RATE properties dropped by 70 per cent. Russian money is reasons to move abroad than the potential effects of could be’, [there were] so many investment nasty links.’ HOURLY RATE Mitchell’s permissions to appeal to the family spent on their lawyers around, to find and advise your speaking to Spear’s straight from estates whose wealth has built experience in hedge funds. IN FIELD RBC Wealth thing as a whole — and I think PENNY LOVELL connections and advisers across a a wide and deep product/service career at Lazard Brothers under plan B sorted Although accurate£450 reporting is of certainly arriving in the UK — but if it isn’t being£280 a new tax law. In February, former deputy prime child hearings that the parties FOCUS bankers, sports Warm and engaging, the ‘fast-moving’ Supreme Court — among other when they could have saved client on the best country and a wasted afternoon at court he says, and don’t want to deal over a number of generations’ to ‘Our alternatives team has an COMPANY SIZE Management’s we’ve done a very good job, by CLOSE BROTHERS range of channels.’ set means he can cater for the Sir John Nott in the mid-1980s, course difficult, it’s believed that much tied up in Kensington mansions, where is it going?FOCUS minister turned anti-Putin activist Boris Nemtsov next twelve to eighteen months’. INTERNATIONAL out.received We’re an injunction preventing FINANCIAL stars and Canadian says her priority is to FINANCIAL family team, major highlights this year. three-quarters of that if they’d jurisdiction to deal with the where the judge dismissed his ‘successful entrepreneurs and enviable track record dating back best assets in and large, to make sure it doesn’t That comment is mirrored in varying interests of clients. before joining Singer & of this money finds itsREMEDIES, way into the Lon- Kamal Rahman, a partner at Mishcon de ReyaREMEDIES, sent a tweet imploring opposition supporters to FOCUS now seeingthem fromthe bringing Children Act CHILDREN, entertainers, always reduce ‘strain, stress and Bever isn’t She bemoans the lack of court sat down and been sensible about dispute,’ he says. ‘One of the Charlieteam due toHoffman lack of time. with banks whose reputation isn’t others whose wealth has been to 1989,’ he says. That gives him London. Few impact on clients negatively,’ says As the head of Lovell’s philosophy: she says Armed with that, he deals with Friedlander. He went on to don housing market, currently enjoying and head of the firm’s immigration group, sees a AGREEMENTS,sim- attend a march protesting the war in Ukraine. Hours His AuM has gone up by SOUTH AND OUTSTANDING proceedings again. ‘And yet I ARBITRATION Bedford emotional turmoil’ — a goal APPEALS deterred or funding and cuts to legal aid. it. I don’t take any pleasure in easiest signs of negligence is to A Cambridge science graduate, generated more recently, such as access to some of the best hedge SOUTH-EAST bankers enjoy Leppard. IN FIELD private client clients want ‘a fully-integrated finance professionals, business become head of business next tier and a post-election boom as fears of Labour’s ple answer: while the Russians heading to London later, he was shot to death near the Kremlin. Nemt- ASIAN UHNWs retained [my client],’ she says. established Lee & Thompson’s furthered by the firm’s emphasis prevented from ‘The system is overrun with spending other people’s money be too quick to adopt a solution HSBCCarruthers Private specialises in Bank complex sound. ‘It is a challenging through the sale of a business’. fund managers in the world, such trust and After a degree in human COMPANY SIZE services, Lovell investment management and owners, charities and estates. development for Merrill Lynch’s mansion tax have receded. A rich seam are by no means poor, they may simply not be in the sov’s assassination showed parallels with the 2003 $400 million since last year, UK the one‘You below normally probably blame family team from a ‘completely on arbitration. acting in big London cases. She litigants in person issuing on sorting out things that are in one particular country.’ divorces that have previously Such liquidity events mean which is useful, ‘especially when respect among the UK’s growing environmental sciences at King’s wants Close financial advice service.’ For ‘Modern theory suggests you private client division before of Russian cash runs under the parks mansion bracket. ‘All the very senior people — the murder of Sergei Yushenkov, another politician whose the next generation, but for the FOCUS that making environment and many banks he’ll often be providing advice on you consider public markets number of South-East Asian College London, she began her FAMILY Brothers Asset family business this means focus — and there are occasions joining Citi Private Bank (Spear’s 54 and pavements of London — and oligarchs — have all got plan B sorted out,’ she says. support for democracy and the rule of law made him 55 enabling ‘easy meetings’ with BUSINESSES next two after that, as well. succession planning not only for might be sliding sideways in the UHNW residents, giving the career in investment banking as a Management supporting ‘not just the when we certainly do,’ he Private Bank of the Year in 2014) a move although we may spot the occasional ‘We’re now seeing the next tier and the one below Smart by Kyle Illustration a thorn in Putin’s side. A number of other wealthy have suffered, he says. clients, many of whom know a 10 11 114 115 But Kotha, who was promoted thing or two about investment to managing director in 2014, themselves: ‘We’re fortunate: CHARLIE HOFFMANW thinks that stricter regulation HSBC PRIVATE we look after a lot of the significant wealth creators in and increased transparency have BANK helped RBC. ‘It gives us the peace Despite the the UK,’ he says. That means he has to meet the of mind that we are dealing with TOP TEN OUTSTANDING news that HSBC the right clients — nobody wants IN FIELD Private Bank highest expectations. ‘To be successful you’ve got to see both to deal with clients who are not COMPANY SIZE allegedly abetted INTERNATIONAL sides of the balance sheet,’ he on the right side of the law or on tax avoidance DAVID COBB FOCUS says, ‘on both sides of their lives.’ the right side of tax compliance.’ SMITH & HEDGE through clients’ FUNDS AND Swiss bank The skydiver has built up a WILLIAMSON ALTERNATIVE formidable book — allegedly INVESTMENTS accounts, Thirty years at Europe’s biggest — and image KATE LEPPARD OUTSTANDING Smith & within the industry. ‘Reputation CAZENOVE CAPITAL IN FIELD Williamson have Hoffman is upbeat: ‘On the ‘I don’t think can certainly help,’ he says. ‘But COMPANY SIZE whole our clients have been you can seen Cobb rise you’re only as good as the OUTSTANDING UK extremely supportive. It’s IN FIELD to co-CEO and overestimate the FOCUS collective sum of your clients and head of the business as usual.’ COMPANY SIZE regulatory FAMILIES the performance you give them.’ INTERNATIONAL That business has been helped change the FOCUS firm’s investment management by an increase in investment WEALTH industry has returns as clients benefit from a PRESERVATION and banking division. Aptly, his AMIT KOTHA been through firm’s fortunes mirror his success: ‘benign’ economy and the rise in RBC WEALTH Smith & Williamson has turned mergers and acquisitions that he over the last few years — a good predicted last year. But it’s MANAGEMENT its mid-Eighties AuM of Kotha is one of thing as a whole — and I think alternative investments that the £90 million into £16 billion. RBC Wealth we’ve done a very good job, by Hoffman is best known for, OUTSTANDING Cobb’s clients are now made IN FIELD Management’s and large, to make sure it doesn’t championing his extensive up of just a handful of long- COMPANY SIZE best assets in impact on clients negatively,’ says established families, but with research team as well as his own INTERNATIONAL Leppard. London. Few considerable range: from experience in hedge funds. FOCUS After a degree in human ‘Our alternatives team has an SOUTH AND bankers enjoy ‘heritage assets and landed SOUTH-EAST s such trust and environmental sciences at King’s estates whose wealth has built enviable track record dating back ASIAN UHNW College London, she began her to 1989,’ he says. That gives him over a number of generations’ to respect among the UK’s growing career in investment banking as a ‘successful entrepreneurs and access to some of the best hedge fund managers in the world, number of South-East Asian others whose wealth has been UHNW residents, giving the generated more recently, such as which is useful, ‘especially when through the sale of a business’. you consider public markets Such liquidity events mean might be sliding sideways in the he’ll often be providing advice on succession planning not only for

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DISTINGUISHED traditional high Burns of the firm he co-founded. y t r e p o r p FIRM street lenders, Adapt Finance is ambitious to JOHN ELKINGTON COMPANY SIZE ranging from offer its HNW client base a ENNESS PRIVATE UK £25,000 to £25 hands-on service, with attention FOCUS PROPERTY million and to detail ‘all the way through to OUTSTANDING John Elkington FINANCE AND IN FIELD

considerably completion and beyond’. founded his own

BRIDGING g n i c n a n i f TOP FIVE LENDER larger for Fundraising for residential, COMPANY SIZE London-based UK experienced commercial, refurbishment and property FOCUS property developers. Offering development purchases, Adapt BOUTIQUE business in 1987 If you’re rich enough, residential and commercial Finance focuses on short-term ADVISORY AND and, as sole CLEARBELL FUNDRAISING bridging to development and finance needs. A former soldier BROKER shareholder, DISTINGUISHED HNWs were second-charge loans, Dragonfly and award-winning estate agent, with the FIRM queuing up to Finance operates at speed in Burns is the ‘property brains’ Elkington Family trusts’ COMPANY SIZE invest in terms of problem-solving while Mark McBriar provides the portfolios, he is now valued at UK Maniche through to completion and financial solutions further to a some £120 million. FOCUS REAL ESTATE Chande’s recent delivery. Its short-term loans are long career specialising in Consequently, John brings an INVESTOR £400 million for up to eighteen months while bridging finance as a broker, extensive address book of senior these are the people to UK-centric real longer loan periods take into borrower and lender. banking contacts to his position estate fund launch, which aims to account situations such as Archie Lord William Yerburgh Consequently, Adapt Finance has as Enness Private’s chairman. return 18 to 20 per cent. Low planning permission processes Mitheridge Mitheridge an in-depth knowledge of both ‘My focus has been to help interest rates and minimal and longer sale periods. As a finance and property and how Enness Private develop investment returns from other self-funded principal lender, they work together. important and often exclusive asset classes, notably hedge Dragonfly Finance competes background in equity capital DISTINGUISHED lenders, MT days and the television series in partnership with established relationships with the most funds, have made real estate an with traditional bridging finance markets — their Belgravia-based FIRM Finance is went into production. contractors so that it can fund suitable lending institutions for COMPANY SIZE attractive investment class, says companies in the short-term loan firm immediately became one of UK particularly Speed is critically important in excellent projects which might AMICUS FINANCE HNWs. This has been drawn Chande, who is a veteran of the space but can offer medium-term the most dynamic new experienced at bridging finance and MT Finance otherwise fail to meet its lending from my personal network of FOCUS advise you. From wine to real estate financing world. loans of up to five years. During alternative investment vehicles BOUTIQUE working with also has a panel of legal advisers criteria due to lack of experience. BEST OF BREED As a ‘new kind senior bankers and beyond,’ ADVISORY AND Clearbell is a private equity fund the first half of 2015, completions for property financing. MCM FUNDRAISING entrepreneurs vetted to ensure that delay in Considered to provide an COMPANY SIZE of lender with explains John. management and advisory were up 17 per cent on the same provides real estate investment BROKER by focusing on a completing a transaction is not a impeccable old-fashioned and UK old-fashioned As the chief executive of a business led by five partners with period in 2014, taking Dragonfly solutions primarily for prospective factor. personal service, Regentsmead FOCUS values’, Amicus multi-million-pound property PROPERTY in-depth real estate experience in Finance past the £1.5 billion institutions and family offices. client’s future plans and not their says it is forward-thinking and FINANCE AND was founded six firm, with a successful track the UK. Known for their mark since its launch in 2009. With London real estate swiftly past history. Having previously innovative in creating bespoke BRIDGING years ago by record of acquisition, LENDER entrepreneurial flair, the partners Mark Posniak, head of sales and becoming one of the preferred worked for a large European real REGENTSMEAD solutions and has on many managing development and property have worked together since the marketing, says that the business assets classes for the global estate investment fund based in occasions funded development director Keith Aldridge. Amicus management spanning over 25 yachts, horses to houses, launch of their first fund in 2007 is ‘hungry to lend’ and prides investment community, MCM Paris, Joshua Elash, joint BEST OF BREED Multi-award projects which the mainstream offers short-term and property- years, John is no stranger to the and are supported by an itself on the ability to turn has quickly joined the ranks of managing director, saw the COMPANY SIZE winning banks have already turned down. based lending to private and challenges of funding. experienced team of surveyors, around agreements with a other more established real estate markets turn upside down with a UK specialist The management team is chaired corporate clients. Combined, the Consequently, he is well placed to accountants and analysts. The ‘transparent service’, while private equity houses as a lack of liquidity preventing FOCUS development by Richard Ross, a former Spear’s senior team has over 100 years of marry his own success with PROPERTY acquisition of commercial and proactively and flexibly boutique firm looking at the best institutions from lending. With a DEVELOPMENT lender Philanthropist of the Year. property finance experience to Enness Private’s talented team of residential property, active asset overcoming obstacles on a case opportunities (Crossrail is prior background in finance and FINANCE Regentsmead is provide an expert specialist brokers. management and real estate by case basis. Dragonfly is backed currently a favourite) for real estate in London, he saw the a principal service and the ability to Hugh Wade-Jones, Enness development are at the core of by Octopus Investments, a investing in £10 million-plus market opportunity for an funder of residential new builds, understand complex issues to Private’s managing director, Clearbell’s activities. Clearbell non-bank lender, and has its projects, including mezzanine alternative way of raising money refurbishments and conversion create unique solutions up to £5 explains that as the firm grew it security to tax, these are invests in a diverse range of sights set on achieving £2 billion financing and real estate and founded MT Finance in projects in Greater London and million. Business is thriving and became evident that it needed a real-estate-backed transactions of lending before the end of 2015, operating businesses. Backed by 2008. MT Finance listens to a the Home Counties, the South the last full-year results saw the senior executive who would not across the UK on behalf of its with commercial loans making several global family offices, this client’s requirements and makes West, Midlands and South Wales. business treble in size. Amicus only open doors in the banking investors. Clearbell is one of the up a greater percentage of the impeccably connected property its decisions based on the Lending principally in the has extended its funding world but assist in adding few firms also focusing on total. duo can move fast to acquire any individual merits of the bridging £100,000 to £2 million range, capabilities through the structure and also direct growth. regional real estate developments building or land where they see loan requirement. A good Regentsmead has a track record TOP RECOMMENDED acquisition of North-West-based John has been ‘excellent’ at this, which take advantage of local opportunity. Since launching, example is a television producer of working directly with Mayfair Bridging in 2014, Hugh says. potential, exploiting the yield gap MITHERIDGE MCM principal investments have who wanted to raise funds in individual property developers followed by the 2015 acquisition Meanwhile, John is keen to the top guns for hire’ between prime and secondary achieved an average IRR in excess of a quarter of a million to and fast making funds available, ADAPT FINANCE of Norton Folgate, which sources point out that Enness Private real estate assets. DISTINGUISHED When excess of 50 per cent. put a new show into production. sometimes within 24 hours of specialist financing for classic now has the infrastructure, the FIRM investment The client had failed to raise the site visits. Consequently, BEST OF BREED London and cars, boats and aircraft as well as network and an exceptional COMPANY SIZE banker Archie capital borrowing against a Regentsmead has a client base Manchester financing for businesses with up location in Mayfair from which to UK COMPANY SIZE DRAGONFLY Lord left MT FINANCE buy-to-let property that he that frequently returns to it for UK based Adapt to £10 million in turnover. Omni operate: ‘This is important given FOCUS FINANCE REAL ESTATE Goldman Sachs owned — valued at £2.75 million both advice and lending. While FOCUS Finance is a Partners is Amicus’ parent the high number of HNWs based INVESTOR BOUTIQUE to team up with Multi-award winning MT — but had a first charge primarily working with ADVISORY AND ‘mortgage company, an investment in or passing through prime The Evening Standard Award-winning Dragonfly MCM founder Finance, based in London’s West mortgage of £1.3 million. MT experienced builders and FUNDRAISING broker and manager for institutional capital central London,’ he says. BROKER Finance can offer large bridging and property developer William End, opened its doors for Finance secured a second-charge, developers, Regentsmead will estate agent that has access to alternative Combined, these factors have loans at similar levels to the Yerburgh — with a City business in 2008. As non-status twelve-month loan within ten fund non-experienced developers rolled into one’, says Stephen funding pools. helped to set the firm apart from 144 145 on The Spear’s 500

the spear’s 500 // reputation management lawyers the spear’s 500 // reputation management lawyers

s this whole interview going to be about this? On whether he has a contingency plan for dealing son on the Conservative ticket for Lon- n o i t a t u p e r Because really I’m not too keen on going on with unwanted press, he shrugs. He explains that if don mayor was Ivan Massow, the HNW and on and on about this.’ John Mills, econo- anyone asks him about it he simply says what hap- former insurance CEO. He sees commu- mist, entrepreneur and chairman of house- pened: ‘It’s all completely above board. There’s all nication and image through a business hold retailer JML, is not impressed with the difference in the world between evading tax and lens: ‘When you speak to any CEO, a big ‘Spear’s I line of questioning. The ‘this’ at issue is his taking steps which are entirely in line with what the part of their job is marketing, presenta- record-breaking £1.65 million donation to the legislative requirements expect you to do.’ tion — responding culturally to their cus- None of this is

Labour party in 2013, which has attracted consider- That ad hoc frankness contrasts with the mecha- tomer base. It’s all really important stuff a problem — t n e m e g a n a m able attention in the right-wing press, especially nisms many PRs and reputation management advis- and without it they’re trash. If they don’t the worst since David Cameron brought it up again at Prime ers put in place to deal with such stories, especially speak in the mediums that are appropri- Minister’s Questions in February. when they may have the power to make or break a ate, they’re dead.’ problem Mills owns 70 per cent of JML, and the respect political campaign. One communications manager, Massow was doing a lot of marketing, would be and reputation he has earned over 30 years as a busi- currently working with the family of a senior cabinet much of it for reinvention after certain having stuff nessman have offered him a platform to address the minister to keep them out of the press, mentions the incidents: a multi-million-pound court to say and political sphere, giving talks on the UK economy and need to ‘tell your PR guy everything so they’re not case with Zurich Insurance Group (‘Lit- wyers r e y aw l ‘The Michelin guide to the writing books on the dangers of currency over-valu- surprised by anything and can prep a response’. That erally the best thing that ever happened no one’s ation. So when David Cameron criticises Ed Mili- obviously means trust, and an acceptance that you to me’) and a public spat with colleagues listening band for accepting his donation, saying it represents might have to share at least some salacious details while chair of the Institute of Contempo- unpaid tax because it was made through company with a spin doctor. rary Art (‘We’re all great, great friends now. I couldn’t shares, doesn’t it worry him? get any closer to Tracey Emin’). ‘It keeps them happy at Parliament. I thought THE LIFE OF BRIAN there were rather more important things facing the Mills has largely been able to stay out of the glare, SPIN CYCLE country than my donation to the Labour party, but but there are those unfortunate enough to have their It seems Massow’s image concern was having to clar- wealth-management industry’ there we go, that’s the way it is.’ Mills is candid about whole back story unceremoniously paraded through ify things he has said in the spirit of candour that the the whole episode: he admits that donors being the press. Among them is Brian Paddick, the former press has mis-shapen: that gay people are natural treated like punching bags ‘comes with the territory’. police chief now sitting in the House of Lords as a Conservatives (‘Of course not all gay people are Con- Despite creating a business with an £85 million Liberal Democrat peer. servative, but they’re less likely to realise they are’) annual turnover and serving as a local councillor, he ‘I rather thrust myself into the spotlight by sug- and that he planned to turn City Hall into a home- says he has still had to grow a thick skin to deal with gesting, when I was a police commander in Lam- less shelter (‘Mr Livingstone signed up a pretty tight media scrutiny: ‘You get intrusion from the press, beth, not arresting people for small amounts of can- lease, so further investigation reveals that it would Julien Sevaux, Stanhope Capital, unfair and unreasonable articles, but you just have nabis so police could concentrate on crimes that probably be impractical’). Despite the struggle to make to put up with it.’ were more important to local people,’ says Paddick. his message clear, Massow says he’s actually grateful: ‘It was pretty tough, as I found. Being an openly gay ‘None of this is a problem — the worst problem STRAIGHT BAT senior police officer who was “soft on drugs” was too would be having stuff to say and no one’s listening.’ Ironically, it was his candid approach to the media much for the right-wing press; a Sunday tabloid did Mills, Paddick and Massow have all shown that that began the affair: ‘About two years ago a journal- a kiss-and-tell story on the front page.’ playing media games is no substitute for straight- Spear’s award-winner ist came round to see me about something else and The Mail on Sunday paid a former boyfriend forwardness. ‘People do respond well to honesty,’ asked me about this. I just told him what the situa- £100,000 for a story that alleged Paddick permitted says political communications consultant and for- tion was and this was all written up as a big story — I him to smoke cannabis in their flat. ‘I had no choice mer tabloid journalist George Thwaites. ‘If you’re The press can twist candour into corruption just don’t think it is a big story.’ but to sue the newspaper. Two weeks before the trial going for some sort of political position, it’s more was due to begin, for breach of privacy and breach of important than ever that the public understands confidence, Associated Newspapers settled.’ you. We want our politicians to give straight answers When the chance came to stand as the Liberal to straight questions — obviously we don’t get nearly Democrats’ London mayoral candidate in 2008, enough of them.’ And that’s a lesson that applies Paddick took an active approach to managing his beyond politics too. S reputation, again utilising candour. He arranged an interview with Andrew Gilligan in the Evening OPEN MOUTH, INSERT FOOT Standard; the headline ran: ‘My skeletons and I OPEN ALL have been out of the closet for some time.’ ‘Everything that there was to expose,’ he says, ‘had been exposed.’ And even after he appeared naked on I’m a Celebrity, Get Me Out of Here and later decided to run for mayor again, no one mentioned it: the HOURS bare truth had seemingly liberated him. Gerald Ratner Prince Philip to Boris Johnson Prince Philip Marie For both Paddick and Mills, it’s been a case of once on why his a student in on Liverpool: (again) to Antoinette on bitten, twice blithe when dealing with the media. chain’s prices Papua New Liverpudlians Cayman peasants: Speaking your mind can be a breath of fresh air for a populace That’s down to being relatively open and picking were so low: Guinea: ‘wallow’ in their Islanders: ‘Let them eat tired of rehearsed political soundbites, but it also carries risks. which battles to fight. But what about those actively ‘Because it’s ‘You managed ‘victim status’ ‘Aren’t most of cake’ (sadly, courting the media ringmaster ahead of an election total crap’ not to get eaten you descended probably Alex Matchett talks to those who have learnt the costs of candour campaign? Formerly hoping to replace Boris John- then?’ from pirates?’ apocryphal) 102 103 ‘A cross between

the spear’s 500 // immigration lawyers the spear’s 500 // immigration lawyers

that making a move, because of the increased uncer- n o i t a r g i m m i Forbes and tainty and realising that Russia may not be a long- term prospect for their children and their family.’ There is another factor which explains CIRE’s fig- ures. Early last year, the Migration Advisory Com- THE BEAR TRAP mittee published a series of recommendations on the future of the Tier 1 Investor visa. One recommenda-

tion, which has since been adopted, was that appli- As billions of pounds flow illegally into London from Moscow and Russia’s cants should no longer be allowed to tie up a propor- s r e y aw l wealth decamp en masse, John Underwood looks at why they are fleeing — tion of their investment in residential property — the full amount pledged must be invested in bonds or Vanity Fair’ and it’s worse than you think businesses. Another implemented suggestion was to double the minimum investment to its current level of £2 million. t his annual question and answer session outcrop in Chelsea or Knightsbridge, the majority Although the changes to the investor visa will not earlier this year, Vladimir Putin was remains hidden from view. have had profound effects in 2014, they will certainly asked by a veteran of the Battle of Stalin- One of the quickest options for wealthy foreign be affecting the behaviour of many Russians this Ben Goldsmith grad to name Russia’s allies and enemies nationals considering a permanent move to the UK year — Russians whose UK residency now requires a in the world. ‘We don’t view any coun- is applying for a Tier 1 Investor visa. This (tempo- minimum of £2 million plus the cost of a house, Atries as enemies,’ responded the president, ‘and I rary) visa is contingent upon the applicant investing rather than £1 million minus the £250,000 that don’t recommend anyone to treat us… as enemies.’ £2 million in government bonds or one of various could formerly be sunk into real estate. Behind the veteran, thousands of gun-toting troops approved industries, and can be converted into Rahman identifies one key factor that she believes marched and wheeled in close formation. Putin’s indefinite leave to remain after five years. Those in a is driving HNW Russians from their homes — Fed- mouth may have preached peace but — as we might hurry to make the UK their permanent home can eral Law No 376-FZ, the so-called ‘deoffshorisation expect from a judo expert — the truth lies in his expedite the process, applying for leave to settle after law’. Active as of New Year’s Day 2015, 376-FZ strength of arms. two years if they’ve invested £10 million. requires Russian nationals to expose their overseas Some 24 years after the collapse of the USSR, According to figures released last December, the commercial interests. Breaking the new law carries Russia occupies a peculiar space in the worlds of number of successful Tier 1 Investor applicants from relatively light penalties, but compliance poses a business and diplomacy. Although it is no longer a Russia soared by 69 per cent in 2014, reaching a much more serious threat, namely letting Putin see communist country, many former state industries level unmatched by anyone bar the Chinese. Accord- an itemised list of assets. Nervous Russians might remain under effective government control. Despite ing to Mark Pihlens, managing partner at global prefer to obtain and make use of a second passport the introduction of a nominally democratic system, immigration consultancy firm Henley & Partners, rather than reveal what they’ve got hidden away… ordinary Russians appear to prefer Putin’s strong, Russians ‘have dominated the UK Investor visa cat- except the same piece of legislation demands they unilateral leadership. And while a handful of canny egory for most of the 2000s’. (Now, he adds, ‘they report those very passports. operators made their fortunes in the confused post- have been caught up by China, and between them Soviet era, today’s Russian HNWs feel increasingly make up over 60 per cent of Investor visas in 2014.’) DELAYING TACTICS threatened by the country that, we are assured, is These statistics seem to coincide with the conclu- Among those who see their future outside the Fed- nobody’s enemy. Nobody’s, that is, except perhaps its sions of the 2015 Knight Frank Wealth Report, a sur- eration, two options have become popular. Some, as own citizens. vey of private bankers and wealth managers who can be imagined, are accelerating their escape plans reported that 33 per cent of their clients in Russia in the face of what they see as increasingly authori- THE MOTHER LODE were planning to leave the region — comfortably tarian behaviour by the state. Others, operating After a year of unprecedented volatility, financial as over twice as many as intended to flee any other area. within a Kafkaesque philosophical framework, are well as political, a significant number of deliberately freezing their preparations just before wealthy Russians are losing their faith SECOND WAVE the point at which they would be required to declare in the motherland and turning instead However, an odd distinction has emerged in London, them. ‘Our clients want to remain compliant all the towards the UK. According to Deutsche where the overwhelming majority of HNW Russians time,’ says Rahman. ‘Therefore, they don’t want to Bank, almost £1 billion in undeclared moving to the UK settle. Over the same period that get second citizenship because they don’t want to Russian funds is now arriving in Lon- saw such a surge in the number of visas granted, the disclose it to the Russian authorities.’ The oligarchs don each month — 40 per cent of all the number of Russians registered through Christie’s For Russians with misgivings about the present have all got money that enters the UK through International Real Estate (CIRE) to buy their pricey government, of course, there may be more pressing irregular channels. properties dropped by 70 per cent. Russian money is reasons to move abroad than the potential effects of plan B sorted Although accurate reporting is of certainly arriving in the UK — but if it isn’t being a new tax law. In February, former deputy prime out. We’re course difficult, it’s believed that much tied up in Kensington mansions, where is it going? minister turned anti-Putin activist Boris Nemtsov now seeing the of this money finds its way into the Lon- Kamal Rahman, a partner at Mishcon de Reya sent a tweet imploring opposition supporters to don housing market, currently enjoying and head of the firm’s immigration group, sees a sim- attend a march protesting the war in Ukraine. Hours next tier and a post-election boom as fears of Labour’s ple answer: while the Russians heading to London later, he was shot to death near the Kremlin. Nemt- the one below mansion tax have receded. A rich seam are by no means poor, they may simply not be in the sov’s assassination showed parallels with the 2003 that making of Russian cash runs under the parks mansion bracket. ‘All the very senior people — the murder of Sergei Yushenkov, another politician whose and pavements of London — and oligarchs — have all got plan B sorted out,’ she says. support for democracy and the rule of law made him

a move although we may spot the occasional ‘We’re now seeing the next tier and the one below Smart by Kyle Illustration a thorn in Putin’s side. A number of other wealthy

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‘Spear’s is my favourite magazine’ Sir Terence Conran