What signature taxation, laws, trusts or investments do
you think really work for UHNW clients and why? Clients
generally demand control over the assets that would benefit from
structuring, especially those business assets that they've
spent years building. One option is the use of an offshore limited
partnership to hold the asset with the patriarch acting in a GP
capacity and a trust owning the majority of the limited partnership
interests. The Guernsey trust law is of interest with regard to the
unlimited perpetuity period and the planned changes of Guernsey
limited partnership laws to also allow unlimited perpetuity periods
with this planning.
Are there any private clients in the world you would
really like to work with? Our Client base is made up in
the main by entrepreneurial business owners in Europe and the
Middle East. We are working with more clients also from Asia and
What size of client do you generally work with and how
many do you have? Carey Trustees work with a broad range
of clients in terms of their size and scale from family office
clients valued at approximately Euro 5 billion, through to simple
IP holdings which may display great potential for future growth. We
currently have 350 clients on our books and this figure continues
to rise I am happy to say!
What is the most interesting or unusual private client
deal you have ever been involved with? We were involved in
the bidding process to purchase oil production facilities in Africa
from a global oil company.
What lessons have you learned that you could share with
those starting out in the industry? Some of the best
client relationships I have made have come from being prepared to
provide counsel to clients that led to no initial business form my
own firm. Often in business these goodwill gestures are overlooked
but in many circumstances the clients appreciate and remember this
and when there is an opportunity for fiduciary services down the
line then they have already formed that bond of trust which is the
cornerstone of our industry.
What initiatives do you have or do you think there
should be for women? Two of the five board members of
Carey Trustees Limited are women. The fiduciary sector here in
Guernsey also has a high proportion of women in the workforce but
we understand the challenge for the industry is to develop them
further to board positions.
If you had to win a wealthy new client where would you
take them to impress them? Due to the nature of our firm
as detailed earlier, we would ask them to take us to their business
to allow us to understand them better which is often easiest in
their own surroundings and indeed, is where the clients talk most
freely. We can also better understand how their business grew to
where it is now and to understand where they wish to take it in the
future. Too often, the wealth management profession fails to really
get under the skin of the client to see what makes them tick and
instead they try to impose their own standard models onto each
What are your three USP's for UHNW
We have a commercial risk based approach to any new business
proposition without prescribed restrictions on the type of clients
or nature of assets to be held. Further, we have extensive
experience in managing personal and business assets
The complex nature of our client base is supported by the
quality of our administration team which averages over 15
years' experience per person.
We are a truly independent fiduciary group who have had the
same ownership for over 40 years and thus are not conflicted in
terms of investment or changing ownership issues.
What is the best thing that has ever been said about
you? That I focus on finding solutions not problems.
What is your individual focus in terms of countries and
UHNW clients? Geographically, we focus on the CIS /
Eastern Europe, Middle East and India and with regard to the
clients we tend to attract, these would be entrepreneurs / business
owners introduced to us through client referrals. We are however,
happy to manage less complex client structures as well.
How much do you travel on business and where do you tend
to go? UK, Switzerland, the Middle East and Singapore.
What is the next big thing in private wealth
management? The numbers of fiduciary providers offshore
(including Switzerland) will reduce as the increased compliance and
regulatory pressures test profiles, I believe.
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