Stonehage Fleming appoints Group Chief Financial Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Becton Davis as Group Chief Financial Officer.
With over 20 years’ banking and financial services experience, including 17 years in asset and wealth management, Becton joins Stonehage Fleming from Close Brothers Asset Management (“CBAM”), where he has served as Chief Financial Officer for the past seven years.
Becton’s role is newly created and effective immediately. He is based in Stonehage Fleming’s London office and reports to David Fletcher, Group Finance Director.
The news follows the promotion of Kate Munday from UK Chief Operating Officer to Group Head of HR, which came into effect in November 2018. Having worked in across investment, client servicing and operational departments and IT, Kate has an unparalleled breadth of experience that will serve the Group well in its future growth ambitions. Kate continues to be based in the London office.
Commenting on the appointment, David Fletcher said: “We are very pleased to welcome Becton to this newly created role. He has shown himself to a be an effective CFO with an impressive track record in driving performance to deliver expanding growth. His experience and industry knowledge will help support us as we enter the next phase of the Group’s development and strive to lead the industry as a truly international office.”
Becton Davis said: “It gives me great pleasure to take on this role at such an exciting time in Stonehage Fleming’s journey. I am looking forward to working with my new colleagues to help the Group achieve its financial and strategic objectives.”
The biggest risks facing your high net worth clients
“If you ask high net worth families what the real risks to their wealth might be, they tend to say political or economic risk, but what’s transpired is that the greatest destructor of family wealth is the generational transfer of wealth. The largest proponents of this by far are family dynamics and poor communication,” explains Johan van Zyl, CEO of Stonehage Fleming. “We always start a conversation with clients about the purpose of their family wealth. Some battle with that, but it changes how they manage money.”
Stonehage Fleming expands wealth planning team with senior hire
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Julian Vydelingum as Senior Financial Planner in the Wealth Planning team.
With 15 years’ experience in the financial services industry, Julian joins Stonehage Fleming from AES International where he was an Associate Director based in Dubai. Prior to this, Julian was a Senior Wealth Planner at Killik & Co. Julian is a Chartered Financial Planner and Fellow of the Personal Finance Society.
Julian’s role is effective immediately. He is based in Stonehage Fleming’s London office and reports to Susie Hillier, Head of Wealth Planning.
Commenting on the appointment, Susie Hillier said: “I am very pleased to welcome Julian to our team. His significant experience in financial planning means he can immediately add value to our existing clients.”
“Julian’s appointment comes after the recent hire of Kate Boswell as Director in the Wealth Planning team in January. These appointments demonstrate our commitment to the further expansion and development of our wealth planning offering as we strive to meet the needs of our UK and international client base.”
Julian Vydelingum added: “It gives me great pleasure to be part of the Wealth Planning team at such an exciting time in the Group’s journey. I am looking forward to working with my new colleagues and being part of the next stage of Stonehage Fleming’s growth.”
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.
Stonehage Fleming appoints Group Chief Financial Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Becton Davis as Group Chief Financial Officer.
With over 20 years’ banking and financial services experience, including 17 years in asset and wealth management, Becton joins Stonehage Fleming from Close Brothers Asset Management (“CBAM”), where he has served as Chief Financial Officer for the past seven years.
Becton’s role is newly created and effective immediately. He is based in Stonehage Fleming’s London office and reports to David Fletcher, Group Finance Director.
The news follows the promotion of Kate Munday from UK Chief Operating Officer to Group Head of HR, which came into effect in November 2018. Having worked in across investment, client servicing and operational departments and IT, Kate has an unparalleled breadth of experience that will serve the Group well in its future growth ambitions. Kate continues to be based in the London office.
Commenting on the appointment, David Fletcher said: “We are very pleased to welcome Becton to this newly created role. He has shown himself to a be an effective CFO with an impressive track record in driving performance to deliver expanding growth. His experience and industry knowledge will help support us as we enter the next phase of the Group’s development and strive to lead the industry as a truly international office.”
Becton Davis said: “It gives me great pleasure to take on this role at such an exciting time in Stonehage Fleming’s journey. I am looking forward to working with my new colleagues to help the Group achieve its financial and strategic objectives.”
The biggest risks facing your high net worth clients
“If you ask high net worth families what the real risks to their wealth might be, they tend to say political or economic risk, but what’s transpired is that the greatest destructor of family wealth is the generational transfer of wealth. The largest proponents of this by far are family dynamics and poor communication,” explains Johan van Zyl, CEO of Stonehage Fleming. “We always start a conversation with clients about the purpose of their family wealth. Some battle with that, but it changes how they manage money.”
Stonehage Fleming expands wealth planning team with senior hire
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Julian Vydelingum as Senior Financial Planner in the Wealth Planning team.
With 15 years’ experience in the financial services industry, Julian joins Stonehage Fleming from AES International where he was an Associate Director based in Dubai. Prior to this, Julian was a Senior Wealth Planner at Killik & Co. Julian is a Chartered Financial Planner and Fellow of the Personal Finance Society.
Julian’s role is effective immediately. He is based in Stonehage Fleming’s London office and reports to Susie Hillier, Head of Wealth Planning.
Commenting on the appointment, Susie Hillier said: “I am very pleased to welcome Julian to our team. His significant experience in financial planning means he can immediately add value to our existing clients.”
“Julian’s appointment comes after the recent hire of Kate Boswell as Director in the Wealth Planning team in January. These appointments demonstrate our commitment to the further expansion and development of our wealth planning offering as we strive to meet the needs of our UK and international client base.”
Julian Vydelingum added: “It gives me great pleasure to be part of the Wealth Planning team at such an exciting time in the Group’s journey. I am looking forward to working with my new colleagues and being part of the next stage of Stonehage Fleming’s growth.”
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.
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.
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 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.”
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.”