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Date
12 February 2015

The Future View of International Wealth

The International Fraud Group (IFG) hosted a panel discussion on the future view of international wealth.

Above is a link to a short film of the evening, and you can view the images in the photo gallery.

Transcript

The Future View of International Wealth

Thursday 5th February 2015

Mishcon de Reya

Spear’s

Sandra Davis
Partner and Head of Family, Mishcon de Reya

We are very excited at Mishcons to be co-hosting this event here with William Cash of Spear’s.  We’ve got a very interesting panel; Ben Elliot the co-founder and director of Quintessentially who we have a close relationship with at Mishcons.  We have Rupert Phelps the director of the Family Office Services at Savills who will be talking about why property is such a big issue, Khaled Said the managing partner of Capital Generation Partners talking about how the wealthy deal with their money and we’ve got Amy Clarke whose the head of private clients at Charities Aid Foundation which is a different take on what wealthy families and what the individuals should be thinking about in terms of social responsibility and philanthropy.

Ben Elliot
Co-founder and director, Quintessentially

A very warm welcome to Red Lion Square this evening and welcome to our panellists.  It’s great that all of you are here and we are very grateful to Mishcon de Reya and to Spear’s for their first annual Future View of International Wealth.  We all broadly work in this wealth sector and we are interested in its management, its preservation and the benefits that come with it.  I hope that you will find the views of these brilliant people as interesting as I did.

William Cash
Founder and Editor-in-Chief, Spear’s

A company like Mishcon thrives on being able to adapt to high net worth needs, their changing circumstances.  Some, perhaps even the partners of this firm might not necessarily enjoy mansion tax to global citizens of the world.  A small amount of extra mansion tax is irrelevant when you consider what’s actually going on in the world at the moment.  Suddenly you realise that with the rule of law in London as it is, London as it always has been is a safe haven for the wealth and for trading with the world.

Rupert Phelps
Director of the Family Office Services, Savills

The London prime real estate market is well reported and well known has slightly cooled but actually by any measure against any other asset class is still very strong and we see continued demand with constrained supply that whilst probably leading to less vigorous growth will mean it continues to be an interesting and beneficial asset class for international investors.

Amy Clarke
Head of Private Clients Charity Aid Foundation

Some of the things that we’ve started to notice is this notion of values based investing so they are really looking at bringing in investment approach to their philanthropy and their commercial portfolios that ensures that the values they have operating at one end of their portfolio, for example philanthropy are not at odds with the values that they have at the other end of their portfolio, potentially more commercial investments.

Khaled Said
Managing Partner, Capital Generation Partners

I think clearly there is a sort of regulatory arbitrage that’s going on where people want to live in a City which they can enjoy which is sort of democratic and open and free spirited but they also want to have some tax advantages which really make them in a privileged place.

Sandra Davis
Partner and Head of Family, Mishcon de Reya

We have the most fantastic reputation in the UK, particularly in London for quality legal services.  It is a huge market, it creates a huge number of jobs and it is very important for people who come here to know that there will be a fair outcome.  We have a free thinking judiciary who can deal with all sorts of complex cases .

Khaled Said
Managing Partner, Capital Generation Partners

I personally think that London stands out as an exceptional place.  I think that people should be aware of the fact that if they want to come and live in London they should invest in the City, be open, be willing to be scrutinised and ultimately to, you know, pay some tax.  I think that structuring yourself sensibly means that you can be here for a very long time

The Future View of International Wealth

Thursday 5th February 2015

Mishcon de Reya

Spear’s