Karen Barretto joins IOMA as its new Head of Product Development with responsibility for enhancing and adding value to the firm’s existing suite of structures. Debbie Mahanta, who was voted in Private Client Practitioner’s ‘Top 35 under 35’ in 2010, joins the Group’s Business Development team with responsibilities for developing its private client network and portfolio of corporate partnerships. Both team members will be based in IOMA’s London office in Cavendish Square.
The two senior appointments come during a period of expansion for IOMA as it enters into a renewed five-year marketing and business development strategy. Already one of the Isle of Man’s most established wealth management firms, IOMA was the first composite insurance company on the Island and has grown to become one of its largest independent financial services groups.
A graduate of Law from London Guildhall University and a registered Trust & Estate Practitioner since 2004, Ms Barretto has extensive experience in the wealth management sector having spent five years with Canada Life as Head of the Trust and Estate Planning team and two years as a Trust and Tax Manager with MetLife, joining IOMA from Barclays Private Wealth where she was Head of UK Trust Sales. Ms Barretto will draw upon this experience, as well as a raft of industry qualifications, to develop new products in line with the ethos of the Group and which are relevant to, and technically and legally compliant within, the private client world.
Commenting on her appointment, Ms Barretto stated: “It is important to be aware that we operate within an environment that is subject to ever changing law and regulation. Products must remain compliant with these changes and continue to be fit for purpose. However, with change comes opportunity. I have been in the industry long enough to witness changes in legislation that have impacted the financial services industry enormously. Yet some of the most innovative and exciting new products have come about as a result, and I hope to continue in that vein. I look forward to working alongside a Group of highly talented and motivated individuals who all share this common vision and provide high quality wealth management services to the private client world.”
Mike Batey, Director of Life and Pensions at IOMA, added: “The appointments of Karen and Debbie punctuate what has been a continual growth curve for the Group. As a niche wealth management organisation, we have a proven track record of delivering innovative solutions that has resulted in our growing to become one of the largest independent financial services Groups in the industry. Key to this success is the trust and peace of mind of our clients and this can only be achieved by appointment of the brightest and most committed talents available. I would like to welcome Debbie and Karen to the IOMA team and wish them the best of luck in what is sure to be a bright future.”
Andrew Penman joined Mercer & Hole’s London office this month. His role will involve providing UK domestic and international private client tax advice to high / ultra high net worth and internationally mobile individuals and families.
Andrew was formerly Head of Private Client Tax Services at PKF but his employment switched to BDO LLP after the merger of the firms in the UK in April this year.
EY has announced that David White has moved internally within the Firm to join the Channel Islands Tax Practice as a tax director.
He originally joined the Firm in 1997 and has worked in Leeds, Auckland and Christchurch offices. David is a dual qualified chartered accountant in New Zealand and the UK and has a Masters degree from Cambridge University. He relocates from Leeds where he advised FS clients on improving their tax reporting to private clients.
David and his family will reside in Guernsey.
To find out more about opportunities to work at EY in the UK please click here.
Smith & Williamson has announced the appointment of Lee Blackshaw as head of its Manchester private client tax services team. This appointment follows Andrew McKenna’s promotion to head of Smith & Williamson’s Manchester office.
Lee previously spent over six years with PwC in Manchester, where he assisted entrepreneurs and owner-managed businesses with their tax planning. and he will be advising a variety of high net worth individuals, business owners and trusts on a range of tax issues.
Lee said: “I’m very pleased to be joining Smith & Williamson; it’s a firm that matches the big 4 in its quality of advice, and I like that its focus on the owner underpins the whole brand.”
Andrew McKenna, head of Smith & Williamson’s Manchester office, commented: “Lee is a valuable new appointment who really strengthens our Northern offering. He brings significant experience and a wealth of knowledge and we are delighted to welcome him on board.”
Ernst & Young Channel Islands has strengthened its tax department with the appointment of Mark Lee as Trust and Private Client Leader.
Mr Lee, who has a BAcc (Hons) in Accountancy with Finance, joined Ernst & Young Glasgow in 2006 and spent three years in Manchester before relocating to Jersey earlier this year. He has significant experience of dealing with HMRC on enquires and tax disputes and specialises in providing tax planning and structuring advice to trustees and private clients, many of whom are active entrepreneurs and non-UK domiciled.
Mr Lee’s role at Ernst & Young also involves him working with local businesses to assist with tax compliance, mitigating risk and providing stakeholders with confidence in their corporate governance. Mr Lee is working closely with Ernst & Young’s extensive network of tax compliance experts in the UK to provide this commercially minded client solution.
Since Mr Lee’s arrival in the Channel Islands he has been assisting trust companies in preparing for the implementation of the FATCA regulations by providing training to support them in managing the changes required internally.
Mr Lee said:”I’m thoroughly enjoying getting to know the Channel Islands and have been exploring the Islands’ coastal walks with my wife in my free time. I also have a great passion for golf and have so far managed to play a few rounds; I look forward to playing some more on the courses the islands have to offer.”
Andrew Dann, Ernst & Young’s Channel Islands Managing Partner welcomes Mark to the Channel Islands team. He said: “Mark’s move to the Channel Islands is a demonstration of Ernst & Young’s passion for ensuring our people have diverse and rewarding career paths. The wealth of experience Mark brings from working in the UK, specifically with HMRC, has already proved to be invaluable to our clients in guiding them through complex UK legislation and reporting requirements. His move to the Channel Islands office further strengthens our tax team, bringing commercially focused services specifically tailored to the needs of the Channel Islands marketplace.“
NOTE: Just to clarify, the Mark Lee mentioned above is not the same as the well known professional speaker and tax writer who is found at http://www.bookmarklee.co.uk/
Forsters, the West End law firm, has appointed Fiona Smith to succeed David Robinson as Head of Private Client services.
Fiona specialises in private client work and advises on a wide range of matters including capital tax planning; wills; trusts; probate and charities. Her work often involves more than one jurisdiction. She acts both for individuals and trustees and her clients include entrepreneurs and people in the worlds of sport and entertainment, as well as more traditional clients.
She has been with the Firm since 2000.
Hot off the press today – David Kilshaw is leaving KPMG.
David Kilshaw is Chairman of the KPMG’s UK Private Client team, which advises family offices, entrepreneurs and trustees on all aspects of personal taxation. He has now reached the Firm’s retirement age, as specified in the partnership deed, and will be stepping down as a KPMG partner with effect from the end of September.
Dermot Callinan, Head of UK Private Client Advisory said “David is an admired KPMG Partner who has contributed enormously to our Private Client practice over the years and we wish him every success in the future. Our London Private Client team of 30 specialists are in great shape: The business is growing and recruiting to meet that growth. Greg Limb and Mike Walker are leading that team into new and exciting markets with Jo Bateson, Daniel Crowther and Derek Scott our Directors. I am very confident that our plans for the future will see that success continue to develop”
Mr Kilshaw will not be leaving the tax profession, notwithstanding his retirement from KPMG, and is currently exploring other opportunities.
In addition to taxpayers with an annual income of more than £150,000 and wealth of between £2.5 million and £20 million, the unit will also cover those with wealth in the range £1 million to £2.5 million.
By the end of December 2012 the unit had brought in an extra £75 million in tax – well ahead of expectations – with a target of £586 million by the end of 2015.
Exchequer Secretary David Gauke said:
“HMRC set up the new Affluent Teams from some of the £917 million we made available in 2010. The team has made a great start by bringing in £75 million in additional tax that would otherwise have been lost to the country.
“The vast majority of people pay their way. Dodging tax is immoral, illegal and unaffordable and the minority who cheat are increasingly finding that, thanks to the work of the Affluent Team, they have made a big mistake.”
Roger Atkinson, Director of the Affluent Teams, said:
“In September 2012 the Government announced an additional investment of £5 million, enabling us to recruit an extra 100 inspectors. We will recruit from within HMRC and externally and the new team will be fully operational by April and focused on delivering an additional £75 million a year.
“We want to recruit people with external experience and appropriate qualifications for inspector and lead case director roles. We want people with recent commercial and corporate experience in personal tax to help us understand our customer base. This is an exciting opportunity to work at the forefront, tackling those who do not pay the right tax.
HMRC’s advertising agency has already contacted eTaxJobs about advertising some of these positions. If eTaxJobs is asked to be involved I will update this post with a link to the jobs.
UPDATE 30.113 – These HMRC jobs are now live on eTaxJobs as of today: http://www.etaxjobs.com/candidate/recruiter-jobs-hmrc-personal-tax-jobs-479.html