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.
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 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.
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.
Stonehage Fleming appoints Chief Operating Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Glenn Murphy as Chief Operating Officer within the investment management division.
Glenn will be responsible for delivering strategic operating and technology platforms to enable the business to offer robust solutions and improved processes for the benefit of the Group’s clients.
Glenn understands Stonehage Fleming’s integrated approach to investment and wealth management, and the role was created to match his skills and experience. He will work closely with the teams in the investment management division to ensure a seamless offering across the entire Group. With over 20 years’ commercial experience, Glenn joined the Group in November 2018 from Schroders where he was the Technology, Operations & Treasury Lead within the wealth management arm and prior to this he was the Chief Information Officer at London & Capital. He has also worked in lead functions for Schroders, Cazenove Capital, London & Capital and Rathbones.
His role is newly created and effective immediately. Glenn will be based in the London office and report to Graham Wainer, Chief Executive Officer & Head of Investments.
Commenting on the appointment, Graham Wainer, said: “We are very pleased to confirm Glenn as Chief Operating Officer for Stonehage Fleming. Close relationships and a deep understanding of our clients are at the heart of our business. Glenn is the strategic interface between Operations, Technology and Investment Management and his experience will help us to shape, design and deliver our operating model.
He is already contributing significantly to our existing talented and dedicated team. He understands our integrated approach to wealth management and his strong track record is an asset to the Group.”
Glenn Murphy said: “I am thrilled to have joined Stonehage Fleming and to work alongside such a talented team. I have been impressed by the firm’s commitment to excellence, strong values and desire to serve international clients effectively. I look forward to contributing to the continued growth of Stonehage Fleming.” ENDS
Milestones achieved
FOR DECADES, SWITZERLAND has been home to a very active community of highly qualified and widely recognised experts and thought leaders in the field of trusts. One of its most prominent representatives was the late Alfred von Overbeck, Professor of International Private Law at the University of Fribourg, and co-founder and Head of the Swiss Institute of Comparative Law in Lausanne. He also acted as Secretary to the Permanent Office of the Hague Conference for International Private Law. As rapporteur for the Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (the Convention), he was one of the fathers of this most important instrument for the development of the trust concept in civil-law jurisdictions without a developed body of trust law, and for the harmonisation of the rules applicable to this unique legal institution.
Among others, thanks must also be given to Luc Thévenoz, a Professor at the University of Geneva. His relentless engagement in favour of trusts significantly contributed to the Convention being ratified by Switzerland in 2007. Its entry into force on 1 July 2007, together with its implementing legislation, provided certainty regarding the legal treatment of trusts in Switzerland and the ring-fencing of trust assets from the personal assets of the trustee, which was necessary for the development of a Swiss-based trust industry.
The conditions for the development of this industry were greatly enhanced by the adoption, shortly thereafter, of the Circular on the Taxation of Trusts,2 which clarified that trusts and trustees are not subject to Swiss taxes in respect of assets held in trust and income arising on such assets.
Stonehage Fleming appoints Chief Operating Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Glenn Murphy as Chief Operating Officer within the investment management division.
Glenn will be responsible for delivering strategic operating and technology platforms to enable the business to offer robust solutions and improved processes for the benefit of the Group’s clients.
Glenn understands Stonehage Fleming’s integrated approach to investment and wealth management, and the role was created to match his skills and experience. He will work closely with the teams in the investment management division to ensure a seamless offering across the entire Group. With over 20 years’ commercial experience, Glenn joined the Group in November 2018 from Schroders where he was the Technology, Operations & Treasury Lead within the wealth management arm and prior to this he was the Chief Information Officer at London & Capital. He has also worked in lead functions for Schroders, Cazenove Capital, London & Capital and Rathbones.
His role is newly created and effective immediately. Glenn will be based in the London office and report to Graham Wainer, Chief Executive Officer & Head of Investments.
Commenting on the appointment, Graham Wainer, said: “We are very pleased to confirm Glenn as Chief Operating Officer for Stonehage Fleming. Close relationships and a deep understanding of our clients are at the heart of our business. Glenn is the strategic interface between Operations, Technology and Investment Management and his experience will help us to shape, design and deliver our operating model.
He is already contributing significantly to our existing talented and dedicated team. He understands our integrated approach to wealth management and his strong track record is an asset to the Group.”
Glenn Murphy said: “I am thrilled to have joined Stonehage Fleming and to work alongside such a talented team. I have been impressed by the firm’s commitment to excellence, strong values and desire to serve international clients effectively. I look forward to contributing to the continued growth of Stonehage Fleming.” ENDS
Milestones achieved
FOR DECADES, SWITZERLAND has been home to a very active community of highly qualified and widely recognised experts and thought leaders in the field of trusts. One of its most prominent representatives was the late Alfred von Overbeck, Professor of International Private Law at the University of Fribourg, and co-founder and Head of the Swiss Institute of Comparative Law in Lausanne. He also acted as Secretary to the Permanent Office of the Hague Conference for International Private Law. As rapporteur for the Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (the Convention), he was one of the fathers of this most important instrument for the development of the trust concept in civil-law jurisdictions without a developed body of trust law, and for the harmonisation of the rules applicable to this unique legal institution.
Among others, thanks must also be given to Luc Thévenoz, a Professor at the University of Geneva. His relentless engagement in favour of trusts significantly contributed to the Convention being ratified by Switzerland in 2007. Its entry into force on 1 July 2007, together with its implementing legislation, provided certainty regarding the legal treatment of trusts in Switzerland and the ring-fencing of trust assets from the personal assets of the trustee, which was necessary for the development of a Swiss-based trust industry.
The conditions for the development of this industry were greatly enhanced by the adoption, shortly thereafter, of the Circular on the Taxation of Trusts,2 which clarified that trusts and trustees are not subject to Swiss taxes in respect of assets held in trust and income arising on such assets.