David McLellan will be joining Withers in Zurich with effect from January 2015.
David is an English / Australian qualified lawyer specialising in private client, fiduciary and international tax advisory. He assists global financial institutions, trustees and wealth owning families with international taxation, estate planning, asset protection and succession planning. He is well versed in the complex international taxation, legal and regulatory issues faced by global wealth owning families and has a special interest in cross-generational succession planning & risk management.
David also has significant business leadership experience in relation to strategy, change & operational management.
Talking to Tax Grotto about his new role, David commented:
“I am absolutely delighted to join Withers and look forward to helping them further build up their Zurich wealth planning operation as well as to use their Zurich office to champion Withers’ global expertise and work with colleagues around the world on complex international mandates.
While I have had over 20 years of experience in various roles in the private banking and wealth management sphere and have always worked closely with wealth owning families, I am very excited to get back into legal practice and once again become the independent and trusted advisor to clients. Switzerland still has its challenges but it will always remain a key global financial centre – risks have simply moved to the individual with an ever higher need for advice. So an extremely interesting time to join Withers.”
Prior to joining Withers, David was Executive Director & Head of the UK Family Office at Stonehage. He is also the former Group Chief Executive Officer of the Rothschild Trust Group and member of the Executive Board of Rothschild Private Bank & Trust (where he responsible for 200 plus staff & 10 offices). Prior to that, David had worked as an international tax & trust lawyer with Baker & McKenzie and Ernst & Young; and was also involved with the launch and establishment of LawInContext (Baker & McKenzie’s online legal knowledge management arm) as General Counsel & Chief Operating Officer.
David has worked in each of London, Zurich and Melbourne and is a dual Swiss Australian national.
Deloitte will acquire leading family enterprise business, Peter Leach & Partners, with effect from January 2015.
Since its establishment in 2008, Peter Leach & Partners have built a strong global reputation, offering family business consultancy services to entrepreneurial families. They have supported successful family businesses with succession planning, the development of family constitutions, and philanthropy services. The acquisition will make it easier for these family businesses to access Deloitte’s other services including corporate finance and real estate services.
Claire Webster, head of Deloitte’s Private Client Services team said: “I am delighted to announce that we will be welcoming two new partners to our firm, Peter Leach and Alexandra Sharpe. With over 30 years of experience, Peter is considered the ‘founding father’ of family business thinking in the UK. Alex is recognised as a leading authority on family business and specialises in succession planning and governance issues. We believe that this acquisition gives Deloitte the leading family business consulting team.”
Government research shows there are 858,000 family businesses in the UK*, highlighting the important role they play in the British economy. Peter Leach & Partners’ expertise will ensure family businesses continue to be successful and harmonious through the generations.
Webster adds: “In addition to the challenges faced by established family businesses, globally we are also seeing many entrepreneurial family businesses face the prospect of generational change for the first time. Many family businesses were created following the widespread economic and political change of the last 30 years. Now the sons and daughters will take over the business and this highlights the importance of succession planning to ensure this process goes smoothly.”
Peter Leach said: “I am excited to be joining Deloitte. This is a new adventure which will allow us to share our specialist expertise in family businesses, family offices and family philanthropy with a broader audience. This is a great opportunity to integrate with a leading business advisory firm. Considering the enormous growth potential of this market, combining our forces will enable us to provide our clients with a broader range of services, which will benefit them.”
Peter Leach & Partners have established a strong market position internationally, in particular in the UK, the Middle East and Asia. Prior to launching his own practice Peter was a Partner at BDO in London, where he worked for 37 years.
Matthew Sperry and Matthew McKim have joined McDermott as partners, operating from the Firm’s offices in New York and Chicago. Previously, the two practised at DLA Piper.
At McDermott, Sperry and McKim will be part of the Firm’s Direct Investing practice, a distinctive offering that brings together practitioners from the Firm’s highly ranked Corporate, Tax and Private Client practices to provide High Net Worth clients with a broad spectrum of sophisticated legal services as they invest in and operate businesses globally. With their international focus, Sperry and McKim will help to expand the Firm’s work on behalf of wealthy families in Asia, Europe and Latin America as well as the financial institutions that cater to such families.
McDermott is one of the few law firms that has constructed a global platform of tax and wealth planning professionals across the United States, Europe and Asia that addresses the international tax and wealth planning challenges of an increasingly complicated, cross-border network of often uncoordinated rules and regulations. The McDermott Direct Investing practice broadens the Firm’s top-ranked global practices to integrate the investing activities of High Net Worth families across the globe with McDermott’s existing complex wealth planning and wealth transfer capabilities. McDermott recognizes that global wealth is becoming concentrated among individuals and families who are increasingly making their own investment decisions. Such wealth may be of the first or several generations, but its scale, and the scale of their investing, require a broad range of international tax, estate planning and family succession expertise.
Sperry’s experience includes:
- A Fortune Global 100 company in its disposition of a global manufacturing division conducting business in over 25 countries, leading a crossborder legal team of over 20 lawyers
- The family office of an ultra-high–net-worth family in its investment in global oil and gas properties, including the negotiation of a long-term development arrangement
- A Fortune Global 100 company in its acquisition of a water treatment business conducted in 15 countries
- The family office of an ultra-high–net-worth family in its acquisition of a Manhattan hotel and its redevelopment into a mixed-use project
- An ultra-high–net-worth family in its acquisition of a global hotel management company
- The family office of an ultra-high–net-worth family in its acquisition of a German-based manufacturer of precision industrial equipment
- The family office of an ultra-high–net-worth family in its acquisition in a Section 363 bankruptcy proceeding of a leading developer of road and paving technologies
- A Fortune Global 500 company in its disposition of its coffee business to a strategic buyer
- An ultra-high–net-worth family in its acquisition of numerous private aircraft, including developing and implementing a tax efficient structure for the aircraft and registering the aircraft with the FAA
McKim’s experienced includes:
- Representation of private equity and hedge funds organized in the Cayman Islands, Bahamas, Barbados and the British Virgin Islands in connection with acquisitions of US businesses and various other business issues, including the acquisition of multimillion-dollar funds and other restructurings
- Representation of a private equity fund in connection with planning for an allocation of US$1 billion of cancellation of debt income and tax characterization issues regarding hedging transactions related to more than US$1 billion in allocable trading losses
- Representation on tax structuring matters related to the formation of a German-based private equity fund anticipated to raise US$1 billion to invest in seagoing cargo vessels having operational connections with US ports, specifically structured to utilize US tax laws to prevent the imposition of US tax on foreign investors
- Representation of high-net-worth US and non-US (e.g., German, Brazilian, Dutch and Mexican) families in their worldwide organizational and tax structures designed to reduce the incidence of worldwide income, capital, gift, estate, and generation-skipping taxes, including the establishment of foreign trusts for the benefit of US family members and counseling with respect to the new US expatriation taxes imposed upon such families
- Representation of a large privately held multinational group of foreign corporations in connection with the investment by US persons of US$100 million in shares of its stock, including the development of a structure designed to avoid classification as a “passive foreign investment company”
- Representation of billionaire families with respect to “institutionalization” of their wealth over multiple generations and jurisdictions, including establishment of licensed trust companies, family banks, and related structures facilitating the clients’ needs
- Representation related to tax matters of one of the world’s largest cement and concrete companies, in its US$600 million acquisition of a US-based cement and concrete company
- Representation of a private equity fund in a convertible debt–financed acquisition of a US-based business
- Planning and implementation of complicated “like kind” exchange programs
“Our sophisticated High Net Worth clients think multi-generationally and globally, and more and more they have concluded that an integrated direct investing model works best for them,” said McDermott Private Client partner Henry Christensen III. “Matthew and Matthew are two of the best Direct Investing lawyers in the world and we are delighted to bring them on board as we focus on the fast-changing needs of our clients.”
“Increasingly, wealthy families are turning away from more traditional investment strategies and hiring professional managers to oversee their investments on a direct basis,” added David Goldman, head of McDermott’s global Corporate Advisory Practice Group. “Our two new partners are joining our distinct Direct Investing practice; McDermott’s international approach to direct investing gives our clients premier tax and wealth planning experience that other firms do not provide.”
“There is quite simply no other law firm capable of serving the unique investing needs of High Net Worth individuals in this way,” said McDermott co-chair Peter J. Sacripanti. “We are strategically committed to having the best wealth management, corporate and tax lawyers in our U.S. and international offices. Adding Matthew Sperry and Matthew McKim to the Direct Investing team allows us to build upon our experience, and project our strength in new directions, as we seek to deliver the world’s finest client service.”
McDermott’s Direct Investing practice capitalizes on the Firm’s premier capabilities in three areas: private client/wealth management, tax, and corporate advisory. In the 2014 edition of Chambers USA, McDermott’s Private Client capabilities were honored with a national Tier 1 ranking in the Wealth Management category for the eighth consecutive year. McDermott was named “Law Firm of the Year” in Tax Law in the 2013 ”Best Law Firms” rankings published by U.S. News Media Group and Best Lawyers. McDermott is among the few, if any, law firms capable of offering the vital blend of in-depth, global wealth management, corporate and tax experience and highly-focused industry knowledge. The Firm was also named the 2014 “Team of the Year for M&A Mid-Market” in the inaugural Legal 500 US Awards.
McDermott’s Direct Investing practice is led by McDermott Corporate Advisory Practice Group Leader David Goldman. In addition to Mr. Sperry and Mr. McKim, other senior team members include Corporate Advisory partners Mark Selinger and Jake Townsend; Private Client partners Henry Christensen III, Carlyn McCaffrey, Richard Lang, William Butler, and Andrew Vergunst; and Tax partners Gary Karch and Daniel Zucker.
Charles (Charlie) Carr has joined EY’s National Tax Department in Dallas as an executive director focused on Private Client Services in the Business Tax Services practice.
Carr had been a Senior Vice President, Family Office Advisor at the US Trust Family Office within Bank of America since 1994.
Mishcon de Reya has announced (via an interview with Legal Business) that it is set to launch an independent, private client advisory business entitled ‘Mayfair Private’ to provide ‘discreet professional solutions’ to wealthy individuals, families and private offices.
The joint venture with offshore fiduciary firm Opus Private will create a single point of access for co-ordinating legal, fiduciary and family office services from offices in London, Guernsey and Dubai. Advice on offer will include family governance; family office advisory; wealth protection; philanthropic structuring; sourcing and protecting lifestyle assets; and bespoke concierge services.
Opus Private has has worked with Mishcon for many years. Opus’ Dubai-based director, Andrew Young (pictured), was formerly head of private client at Lawrence Graham.
Mishcon’s managing partner Kevin Gold said: ‘It became clear that there was a pressing need for the family and private office-related services – that traditionally fall outside of the remit of a law firm – to be professionalised. Consolidating the specialist private experience of Mishcon de Reya and Opus Private to create Mayfair Private enables us to fulfill this need. Clients of Mayfair Private will also enjoy access to an exclusive network of best in class professionals who will help them to achieve their goals.’
Vistra has announced the acquisition of HVK Family Office Services, part of the consultancy firm HVK in the Netherlands. With this acquisition, Vistra strengthens its recently launched Family Office Services Division.
Founded in 2011 by a group of former PwC professionals, HVK is an independent consultancy firm in the areas of Tax Advice, Tax Structuring, Family Office Services, Legal & Notarial Services and Financial Advisory Services. The acquisition of HVK’s Family Office Services division enhances and supports Vistra’s recently launched Family Office Services Division which is focused on advising, implementing and managing group structures for the Family Offices of High Net Worth Individuals and Families. Apart from generating new and additional Family Office revenues, it is expected that the Family Office Services will generate new revenue streams for the traditional trust services of Vistra.
The acquisition will fall under the responsibility of Sjaak ten Hove (pictured), Global Head of Family Office Services at Vistra. Sjaak joined Vistra after it acquired the Monterey Group, a fiduciary business which Sjaak co-founded and which had become firmly established in the Netherlands. Monterey Group was ranked eleventh in the Dutch marketplace at the time of its acquisition by Vistra. At the beginning of 2013 Sjaak joined the OV Group Executive Committee and was recently appointed as Global Head of Family Office Services.
Jac Veeger, Director of HVK FOS, said, “We will be joining one of Europe’s fastest growing corporate services groups, which will bring benefits and opportunities to our existing clients and staff. Since Vistra is a leading player in the High Net Worth Individuals and Families market segment, the combination of both companies will create a strong platform for further growth in the Family Office Services business. Our clients will be able to benefit greatly from the broader range of services and on the ground presence in other key jurisdictions of Vistra. Obviously, our clients will keep their existing contacts to ensure business continuity.”
Geller & Company, a premier strategic financial advisory firm, has announced that Tricia Levin has been named Partner in Charge of Geller Tax Services (GTS). Ms. Levin will be responsible for developing and shaping the tax business strategy for the firm and its clients. She will also play a key role as part of the executive team of Geller Family Office Services LLC (GFOS), the firm’s family office and wealth advisory business, and help guide its strategic direction.
Ms. Levin joins Geller & Company from Deloitte’s Private Company Services practice in New York where she spent more than seventeen years serving high net worth individuals and families, as well as private equity firms, including the firm’s largest private equity client. Ms. Levin’s wide-ranging experience with partnerships, LLCs, and S-corporations enabled her to deliver value in many ways, including LP/LLC agreement review, entity and transaction structuring, income tax planning, and negotiating with IRS and state taxing authorities for some of Deloitte’s most complex private equity tax engagements, as well as the funds’ general partners and other ultra-high net worth individuals. She also provided valued technical and investor relations guidance to her clients.
Martin Geller, founder and Chief Executive Officer of Geller & Company and GFOS, said, “We are delighted to welcome an executive of Tricia Levin’s caliber as the new Partner in Charge of GTS. Tricia has a record of delivering superb advice to sophisticated tax clients, as well as excellent technical skills and competencies across multiple tax areas. We are extremely impressed with Tricia’s leadership and inter-personal skills, and look forward to her further building the team and mentoring talent at all levels of GTS. Bringing Tricia to Geller is an important step in our efforts to continuously enhance our capabilities, performance and service level for each of our clients.”
Ms. Levin said, “A cornerstone of Geller’s financial advisory practice is the talent of the firm’s tax professionals who have delivered excellent value-added services for both individual and entity level relationships. It is a privilege to become part of the Geller organization and I look forward to working with the various tax professionals to continue to grow the firm’s premiere corporate, partnership and non-profit tax and private wealth management businesses.”
Ms. Levin joins a GTS team comprised of more than 40 tax professionals with experience in tax disciplines ranging from corporate federal, state, local and international compliance, as well as planning for Fortune 500 size companies and tax advisory value added services such as state and local tax audit planning, R&D tax credits, and cost segregation studies. The GFOS team has over 50 talented professionals who have extensive family office and wealth advisory experience. By the end of 2012, based on the efforts of this team, GFOS is expected to have in excess of $5 billion in AUA and $1.5 billion in AUM.
To capitalize on its success in developing clear insights into often complex financial issues, Geller has enhanced its talent base by continually hiring high quality professionals in various aspects of its business. In recent years, GTS has been significantly strengthened through a number of key hires, including Christopher Clabby, Director of Tax Advisory Services, and Stan Trotta, Director of Family Office Tax. GFOS has been enhanced through the addition of professionals such as Rob Wedeking as Chief Investment Officer, Susan W. Sofronas as Senior Client Relationship Partner, Era Jacqueline Yoo as Client Relationship Partner, and Jonathan Barbato as Director of Manager Selection. Geller & Company also recently named Jerry Leamon, who most recently was Global Managing Director for Deloitte, as Vice Chairman of its Advisory Board. Each of these individuals has had a long and successful career and has been extremely successful in working in Geller’s collaborative culture and helping the continuous strengthening of the organization.
Ms. Levin is a Certified Public Accountant with a master of science in taxation from Fordham University (2001) and a bachelor of business administration in accounting and finance from Emory University (1995). She is a member of the AICPA and NYCPA Society.
About Geller & Company Founded in 1984, Geller & Company is a strategic financial advisory and wealth management firm that has long-standing relationships with its clients and works closely with them to understand their specific needs and deliver a suite of services across its business segments. The services offered include strategic and operational CFO services; financial reporting and accounting; technology; tax advisory services and compliance for corporations, partnerships, nonprofits and individuals; and family office and wealth management services. Geller’s clients include businesses, non-profits and high-net-worth individuals and families.
The Rothstein Kass Family Office Group (a division of professional services firm Rothstein Kass ( www.rkco.com ), today announced that Nancy H. Schultz has joined the firm as a Director and leader of the Family Office Group in the Western Region. Ms. Schultz brings more than 25 years of family office, tax, accounting and financial planning experience to this role. She will be based in the firm’s Beverly Hills, California office.
“The Rothstein Kass Family Office Group has achieved tremendous growth by providing integrated wealth management services to high-net-worth individuals and families including alternative investment fund managers, professional athletes and entertainers. Our independence and objectivity have also allowed us to strategically partner with single-family offices to provide advanced planning and lifestyle management support. Because of the growing appeal of the family office model, we continue to see increasing demand for our offerings across the communities and geographies we serve,” said Rick Flynn, Principal and head of the Family Office Group practice at Rothstein Kass. “Nancy’s technical expertise and operational experience will help us to build on this momentum while enhancing our national presence.”
Prior to joining Rothstein Kass, Ms. Schultz served as Chief Operating Officer at Simms, Inc., where she managed family office operations and real estate business functions, CFO of Saban Capital Group, Inc. and CFO of The Jim Henson Company. Ms. Schultz began her career at PricewaterhouseCoopers LLP, where she was a tax partner in the entertainment and media group.
Ms. Schultz earned a Master of Science in Business and a Bachelor of Business Administration from University of Wisconsin – Madison. She is a Certified Public Accountant and received the Elijah Watt Sells Award given for the 10 highest scores nationwide on the CPA exam.
About Rothstein Kass:
Rothstein Kass is a premier professional services firm that has served privately held and publicly traded companies, as well as high-net-worth individuals and families, for more than 50 years. As trusted advisors to our clients, Rothstein Kass provides accounting, auditing and tax services, as well as a full array of integrated services, to clients across industry spectrums and in all stages of organizational development. At the core of Rothstein Kass’ remarkable success lies our commitment to hiring, developing and retaining employees that represent an entrepreneurial spirit mirroring that of the sophisticated business and financial services communities that we serve.
The Rothstein Kass Family Office Group offers a wide range of financial, wealth planning and lifestyle management services to family offices and high-net-worth individuals. Composed of seasoned financial professionals and certified public accountants, the Family Office Group applies proven expertise with the utmost discretion and attention. A division of the Rothstein Kass Commercial Services Group, the Family Office Group does not provide investment allocation, asset management or advisory services.