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.”
FT.com reported this week that Alan Hooks is joining Julius Baer as UK head of wealth and tax planning.
Mr Hooks has spend the last 10 years working within the private banking market, initially as a Director of Wealth Planning at HSBC and latterly as Head of Wealth Planning at Lloyds Private Banking.
Glenmede, a privately held and independent wealth management firm, has announced the hiring of David K. Plotts as Director of Financial Planning. Mr. Plotts will collaborate with individual and family clients and their advisors to develop, implement and monitor comprehensive estate and financial planning services. In this role, he will ensure that all facets of the planning process are embedded throughout the management of the relationship.
“David’s diverse tax, law and financial services background, coupled with his many years of experience make him a tremendous asset to Glenmede and our clients,” said Lisa Whitcomb, Director of Wealth Strategies at Glenmede. “With him on board, we’re confident we’ll continue to deliver the highly customized wealth advisory services our clients have come to expect.”
With nearly two decades of experience in financial services, Mr. Plotts joined Glenmede from Hawthorn PNC Family Wealth, where he was a Senior Vice President and Market Director of Wealth Strategy, handling wealth transfer and estate planning strategies for sophisticated families. Previously, he spent a decade with PricewaterhouseCoopers, LLP as a Tax Director. In this role, he advised on and reviewed estate plans for high-net-worth individuals and families and provided comprehensive financial planning for business executives.
Maxine Rawlins, a partner at Ernst & Young, will take on the role of chief executive of Hawksford, in 2014 when the incumbent chief executive, Peter Murley, retires.
A partner at Ernst & Young in Jersey, Mrs Rawlins currently leads the Channel Islands Tax Practice and is Head of EMEA Asset Management Tax. Prior to this, she was chief executive of Maples Finance, an international trust business headquartered in the Cayman Islands. During this time she drove the significant growth of the business, including expansion into six new jurisdictions. Mrs Rawlins was also director of business development and in-house legal counsel at Close Brothers. She is a qualified barrister and Cayman registered attorney.
The current chief executive of Jersey based trust company, Peter MurIey, has held his role at Hawksford since March 2010. He said: ‘The board and I would like to take this opportunity to formally welcome Maxine to Hawksford. Maxine has enormous experience in our market and is a highly respected and popular leader who will no doubt make a very significant contribution to the future of this business.
‘I have made the personal decision to retire in 2014 after four years at Hawksford, during which time the business has undergone substantial expansion with the support of our investor Dunedin and chairman Philip Taylor. My focus is now on ensuring a seamless transition for our clients and staff.’
David Williams, partner at Dunedin, who sits on Hawksford’s board, commented: ‘We would like to join Peter and the board in welcoming Maxine to Hawksford. She is highly experienced in her field and has successfully led businesses through periods of growth and expansion, which will be very relevant at Hawksford. Our focus remains on increasing client choice by growing our international footprint whilst ensuring the business continues to add value to its global client base to further enhance Hawksford’s market leading position. We look forward to working alongside Maxine to achieve this.
‘We would also like to acknowledge the very significant contribution made by Peter since we backed Hawksford in 2008. Since then the company has gone on to establish itself as the largest independent trust company in the Channel Islands with an international footprint, revenues in excess of £20 million and a headcount of 180 people. This is in no small part down to the excellent leadership that Peter has shown. Peter remains firmly in charge and we know his phenomenal work rate will continue through to 2014. We are delighted that he will be able to ensure a smooth transition to Maxine and we wish him a well deserved retirement.’
Mrs Rawlins added: ‘Hawksford is one of the most progressive and innovative organisations of its kind and I am delighted to be a part of its future and continued success.’
Earlier this year, Hawksford acquired Key Trust, its fourth acquisition since its MBO in October 2008. In the last two years, the business has also completed the acquisitions of Trustcorp Jersey Limited, L-S&S GmbH, a Swiss boutique private wealth law firm and the employee solutions business of Standard Bank Dubai.
The company has also received peer recognition from the industry and was recently crowned Owner-managed Trust Company of the Year 2012/2013 at the STEP Private Client Awards and won the same award in 2010/2011. In 2011 Hawksford was recognised as Trust Company of the Year at the Citywealth Magic Circle Awards and was shortlisted for the same accolade again in 2012.
Hawksford was recognised in 2010, 2011 and 2012 by Private Client Practitioner, as a Top 25 Trust Company in its annual listing. In 2013 it has been named one of the 25 Most Admired Companies by Private Client Practitioner and most recently was awarded ‘Best offshore trust company in Jersey, Guernsey and the Isle of Man’ by Wealth Adviser.
Although there has not been a formal statement yet from Barclays Wealth, several sources have approached Tax Grotto to inform us that Rob Withecombe is leaving.
Rob has been with Barclays since 2009 and his current title is Head of Wealth Advisory, Wealth & Investment Management. Prior to joining Barclays he was Head of Tax at Grant Thornton.
Coutts has announced the appointment of Armando Rosselli as Executive Director, Head of Tax & Wealth Structuring (TWS) International, effective 2 July 2012. Mr Rosselli will be London-based and will report to Steve Griffiths, Managing Director and Head of Tax & Wealth Structuring, who joined Coutts to manage the team last month.
In this newly-created role, Mr Rosselli will be responsible for the leadership and development of the TWS International teams focusing on markets including Asia, Russia and the Middle East. He will also lead on enhancing the products and solutions suite, reviewing how these services are delivered to international clients.
Mr Rosselli has over 15 years’ experience in private banking and as a senior executive in wealth planning and structuring for international clients. He joins Coutts from Credit Suisse, where, most recently, he was Head of Wealth Planning. Prior to this, Mr Rosselli held a number of wealth planning roles at UBS, both in Switzerland and the UK, including Deputy Head of UK Wealth Planning.
Steve Griffiths, Managing Director, Head of Tax & Wealth Structuring, said: “Tax & Wealth Structuring is a key area of development for Coutts, especially as our clients’ requirements in tax, fiduciary & estate planning become increasingly important in international markets. Armando’s appointment is a milestone in building the TWS global strategy and he will work very closely with me in developing and executing this.
“This further demonstrates our continued growth plans and complements the recent hires in the Products & Services team, both in the UK and Asia. Providing our clients with exceptional wealth management that meet their evolving needs is a key driver in our strategy for growth.”
Jim Higgins has joined Barclays Wealth in Scotland as a Director in the Wealth Advisory business. He joins from AEGON Scottish Equitable where he was Director of Wealth Structuring & Tax for the last 4 years.
Mr Higgins started his career in 1997 with KPMG rising to Senior Tax Manager. He left in 2002 to join Deloitte and stayed with Deloitte for 5 years and was a Director with the Private Client Services group in the East Midlands.
He is a Chartered Banker and Member of STEP.
Ross W. Nager joins WTAS as a Managing Director in its National Tax Office (NTO).
Nager has extensive experience providing comprehensive family wealth planning and family business consulting services. He will join WTAS’ NTO to monitor tax developments and serve as a resource for specialized areas of tax, specifically family wealth planning. Nager, along with the rest of the NTO, will focus on disseminating technical developments to the firm.
“Ross is going to prove an invaluable resource to our family wealth planning team, just as he did in the days working with Arthur Andersen’s wealthiest and most complex family clients,” said Randy Macpherson, the firm’s Private Client Services leader.
Nager spent 25 years working with Arthur Andersen’s high net worth family services team. He formed and served as Global Managing Director of Andersen’s Family Wealth Planning Practice, led the internal Family Wealth Planning Specialty team, and established and served as Executive Director of Andersen’s Center for Family Business. After Andersen, Nager spent nine years at Sentinel Trust Company where he will continue his association.
Nager holds a BBA and a Master of Professional Accounting, both from the University of Texas at Austin. He is a frequent speaker and has co-authored several books, including: The Family Business Answer Book: Arthur Andersen Tackles 101 of Your Toughest Questions, Tax Economics of Charitable Giving, La Empresa Familiar por dentro, and L’Entreprise Familiale. Additionally, Nager has served as senior editor of The Family Business Advisor, a monthly newsletter devoted to families in business.
“As WTAS grows, we understand the need to support our tax professionals across the country with information on IRS developments, judicial decisions and timely strategic advice. Ross will join our NTO to serve as yet another national technical resource for our private client services team,” commented WTAS CEO, Mark Vorsatz. An interesting tax jobs move.