Trusts, New Swiss Rules & The Wealth Toolbox
The world of trusts, foundations and rules in IFCs are changing constantly. A country where new regulations are coming out, not always under much publicity, is Switzerland. This publication recently spoke to a prominent wealth firm about developments.
A possibly unavoidable aspect of the Brexit drama is how it has dominated the media, business and political attention, leaving important developments in the shade. One such development is the work to shape a new regulatory landscape in Switzerland. The Alpine state’s authorities are shaking up how funds and financial structures are regulated. There are also moves from some quarters to push Switzerland’s credentials as a trusts jurisdiction.
And the market for wealth structures such as trusts and foundations continues to develop, and it also faces pressures from campaigns for ever more transparency around beneficial ownership, for example. At a recent Swiss conference hosted by the Society of Trust and Estates Practitioners, this publication was struck by how concerned industry figures are about assaults on privacy, but also how they think there may be signs that the pendulum could swing the other way.
WealthBriefing recently interviewed Philippe de Salis, head of fiduciary, Switzerland, Stonehage Fleming, about these issues.
Simplifying your wealth structure is primarily about consolidation says South African Director
14 Mar 2019
Simplifying your wealth structure is primarily about consolidation says South African Director
Director within the Stonehage Fleming South African Family Office division, Michael McLeod, says that knowledge of the consequences of these standards is generally low in South African.
“The main attractions of multiple structures are estate and tax planning, succession planning and privacy. In many cases, privacy can still exist without the need for cumbersome structures, while retaining data protection and data security with regards to private wealth,” says McLeod.
“Historically, the motivation behind complex wealth structures for high and ultra-high net worth families was linked to secrecy and tax mitigation. The regulatory environment is becoming increasingly more stringent, which means transparency is non-negotiable and secrecy is not an option.”
McLeod also cautions that many wealthy families’ existing structures no longer serve their original purposes and should be reviewed by a trusted financial partner to ensure that their needs are being met to safeguard family wealth for current and future generations, and the management of family assets.
“Simplifying is primarily about consolidation; a process of combining multiple structures into a single, more coherent whole; an entity that will be the primary vehicle for your family moving forward. In terms of modernisation, a consolidated structure will also prove more cost effective due to the rising administrative and professional costs associated with such structures. If your wealth structure is user-friendly for you, it means it will be user-friendly for the regulator and this knock-on effect is an important consideration.”
Animal healthcare - an opportunity for investors
‘Organic growth potential in the animal healthcare sector exceeds that of human healthcare’ says Gerrit Smit. In this article, Gerri Smit, head of Equity Management (London) at Stonehage Fleming, discusses the low risks of investing in the animal healthcare sector.
Women in WM: ‘confront difficult situations’, says Geneva head
More and more women are pursuing a career in financial services, but few of them reach leadership positions.
Ahead of International Women’s Day, Citywire Switzerland has spoken to the women leading wealth management firms across the country to find out what inspired them to pursue their career, how they reached their current position and the lessons they have learned along the way.
In this profile, Jacqui Cheshire, head of Family Office (Switzerland) at Stonehage Fleming, reveals why it is important to confront difficult situations head-on, while keeping communication clear and open.
Trusts, New Swiss Rules & The Wealth Toolbox
The world of trusts, foundations and rules in IFCs are changing constantly. A country where new regulations are coming out, not always under much publicity, is Switzerland. This publication recently spoke to a prominent wealth firm about developments.
A possibly unavoidable aspect of the Brexit drama is how it has dominated the media, business and political attention, leaving important developments in the shade. One such development is the work to shape a new regulatory landscape in Switzerland. The Alpine state’s authorities are shaking up how funds and financial structures are regulated. There are also moves from some quarters to push Switzerland’s credentials as a trusts jurisdiction.
And the market for wealth structures such as trusts and foundations continues to develop, and it also faces pressures from campaigns for ever more transparency around beneficial ownership, for example. At a recent Swiss conference hosted by the Society of Trust and Estates Practitioners, this publication was struck by how concerned industry figures are about assaults on privacy, but also how they think there may be signs that the pendulum could swing the other way.
WealthBriefing recently interviewed Philippe de Salis, head of fiduciary, Switzerland, Stonehage Fleming, about these issues.
Simplifying your wealth structure is primarily about consolidation says South African Director
Director within the Stonehage Fleming South African Family Office division, Michael McLeod, says that knowledge of the consequences of these standards is generally low in South African.
“The main attractions of multiple structures are estate and tax planning, succession planning and privacy. In many cases, privacy can still exist without the need for cumbersome structures, while retaining data protection and data security with regards to private wealth,” says McLeod.
“Historically, the motivation behind complex wealth structures for high and ultra-high net worth families was linked to secrecy and tax mitigation. The regulatory environment is becoming increasingly more stringent, which means transparency is non-negotiable and secrecy is not an option.”
McLeod also cautions that many wealthy families’ existing structures no longer serve their original purposes and should be reviewed by a trusted financial partner to ensure that their needs are being met to safeguard family wealth for current and future generations, and the management of family assets.
“Simplifying is primarily about consolidation; a process of combining multiple structures into a single, more coherent whole; an entity that will be the primary vehicle for your family moving forward. In terms of modernisation, a consolidated structure will also prove more cost effective due to the rising administrative and professional costs associated with such structures. If your wealth structure is user-friendly for you, it means it will be user-friendly for the regulator and this knock-on effect is an important consideration.”
Animal healthcare - an opportunity for investors
‘Organic growth potential in the animal healthcare sector exceeds that of human healthcare’ says Gerrit Smit. In this article, Gerri Smit, head of Equity Management (London) at Stonehage Fleming, discusses the low risks of investing in the animal healthcare sector.
Women in WM: ‘confront difficult situations’, says Geneva head
More and more women are pursuing a career in financial services, but few of them reach leadership positions.
Ahead of International Women’s Day, Citywire Switzerland has spoken to the women leading wealth management firms across the country to find out what inspired them to pursue their career, how they reached their current position and the lessons they have learned along the way.
In this profile, Jacqui Cheshire, head of Family Office (Switzerland) at Stonehage Fleming, reveals why it is important to confront difficult situations head-on, while keeping communication clear and open.
The pros of offshore equity
Investors have various opportunities to gain access to global opportunities, but picking the most appropriate investment will ultimately determine returns. Passive offshore funds are one option but Bryan Hatty, chief investment officer at Stonehage Fleming Investment Management in SA, says these investments are not as simple as they seem.
Catering to the new breed of global family
There are huge opportunities in servicing families with a global footprint, from managing their assets through to educating the next generation in financial mattersWealthy families are becoming increasingly global. Banks and wealth managers report a rapidly deepening international footprint among their clients. As a result, wealth firms are setting out their stalls to mirror the structure of the clans they aim to service. In effect, the biggest global families are starting to resemble cross-border companies.
Office Spotlight: Stonehage Fleming Investment Management, London
Q&A with Graham Wainer, CEO at Stonehage Fleming Investment Management, London
What differentiates your region?
Many of our clients are global citizens and value the international perspective we offer, with access to contacts and investment opportunities worldwide. The financial circumstances of many of our clients can be complex – different legal systems and tax requirements can apply to various generations and interests within several branches of the same family. Therefore, differentiating London as a region for us is not wholly relevant. The London office does not deal solely with British clients.
The pros of offshore equity
Investors have various opportunities to gain access to global opportunities, but picking the most appropriate investment will ultimately determine returns. Passive offshore funds are one option but Bryan Hatty, chief investment officer at Stonehage Fleming Investment Management in SA, says these investments are not as simple as they seem.
Catering to the new breed of global family
There are huge opportunities in servicing families with a global footprint, from managing their assets through to educating the next generation in financial mattersWealthy families are becoming increasingly global. Banks and wealth managers report a rapidly deepening international footprint among their clients. As a result, wealth firms are setting out their stalls to mirror the structure of the clans they aim to service. In effect, the biggest global families are starting to resemble cross-border companies.
Office Spotlight: Stonehage Fleming Investment Management, London
Q&A with Graham Wainer, CEO at Stonehage Fleming Investment Management, London
What differentiates your region?
Many of our clients are global citizens and value the international perspective we offer, with access to contacts and investment opportunities worldwide. The financial circumstances of many of our clients can be complex – different legal systems and tax requirements can apply to various generations and interests within several branches of the same family. Therefore, differentiating London as a region for us is not wholly relevant. The London office does not deal solely with British clients.
The Rise of The Family Office: Where do they go beyond 2019?
We saw a growing demand for advice and expertise arising from direct investments,” said Michael Maslinski, Partner at Stonehage Fleming. “This was compounded by increasingly complex regulations, a more litigious society and the risks of an unstable global economy.” Commenting on long-term wealth preservation, Maslinski says: “For most families, the biggest risks they face are in the management of succession and intergenerational transfer. The practicalities of handover frequently impact both on the decision-making process and the decisions themselves, particularly where specialist assets are involved.”
Stonehage Fleming appoints new Director in Wealth Planning team
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Kate Boswell as Director in the Wealth Planning team.
With over 10 years of advisory experience, Kate joins Stonehage Fleming from Handelsbanken Wealth Management, where she was a Client Director and Head of Private Office – North. In this role, she was responsible for providing integrated investment, financial and tax planning services to the firm’s wealthiest and most complex clients.
Prior to this, Kate qualified as a Chartered Tax Adviser (CTA), doing the majority of her training at Deloitte LLP, London, where she was responsible for providing tax compliance and advisory services to wealthy individuals. Kate is also a trustee of Envision, a youth social action charity. Kate will be based in London and report to Susie Hillier, Head of Wealth Planning.
Commenting on the appointment, Susie Hillier said: “We are very pleased to welcome Kate as a Director at Stonehage Fleming. She has considerable experience in advising entrepreneurs on the management of their wealth outside of their business as well as private equity individuals at all stages of their financial journey. Her experience will contribute significantly to our existing talented and dedicated team. Kate’s appointment (following other senior hires during 2018) demonstrates our commitment to the further growth and development of our wealth planning offering to continue to meet the needs of our UK client base.”
Kate Boswell added: “I am very pleased to join Stonehage Fleming’s wealth planning team and look forward to adding value to both existing and new clients by providing strategic wealth planning advice in conjunction with the wider Stonehage Fleming family services.
The Rise of The Family Office: Where do they go beyond 2019?
We saw a growing demand for advice and expertise arising from direct investments,” said Michael Maslinski, Partner at Stonehage Fleming. “This was compounded by increasingly complex regulations, a more litigious society and the risks of an unstable global economy.” Commenting on long-term wealth preservation, Maslinski says: “For most families, the biggest risks they face are in the management of succession and intergenerational transfer. The practicalities of handover frequently impact both on the decision-making process and the decisions themselves, particularly where specialist assets are involved.”
Stonehage Fleming appoints new Director in Wealth Planning team
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Kate Boswell as Director in the Wealth Planning team.
With over 10 years of advisory experience, Kate joins Stonehage Fleming from Handelsbanken Wealth Management, where she was a Client Director and Head of Private Office – North. In this role, she was responsible for providing integrated investment, financial and tax planning services to the firm’s wealthiest and most complex clients.
Prior to this, Kate qualified as a Chartered Tax Adviser (CTA), doing the majority of her training at Deloitte LLP, London, where she was responsible for providing tax compliance and advisory services to wealthy individuals. Kate is also a trustee of Envision, a youth social action charity. Kate will be based in London and report to Susie Hillier, Head of Wealth Planning.
Commenting on the appointment, Susie Hillier said: “We are very pleased to welcome Kate as a Director at Stonehage Fleming. She has considerable experience in advising entrepreneurs on the management of their wealth outside of their business as well as private equity individuals at all stages of their financial journey. Her experience will contribute significantly to our existing talented and dedicated team. Kate’s appointment (following other senior hires during 2018) demonstrates our commitment to the further growth and development of our wealth planning offering to continue to meet the needs of our UK client base.”
Kate Boswell added: “I am very pleased to join Stonehage Fleming’s wealth planning team and look forward to adding value to both existing and new clients by providing strategic wealth planning advice in conjunction with the wider Stonehage Fleming family services.