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.
City National Bank, California’s Premier Private and Business Bank(R), has announced that Paul DeLauro has joined the company as a senior vice president and manager of Tax and Financial Planning.
DeLauro will provide comprehensive financial and tax-planning services to City National clients, including entrepreneurs, professionals, their businesses and their families. He reports directly to Richard Gershen, executive vice president and director of the bank’s Wealth Management Division.
“Paul’s background and skills will further strengthen our reputation as the trusted advisor for our clients,” said Gershen. “We look forward to continue helping wealthy families with their estate plans and philanthropy, entrepreneurs who want to transition their business, and clients planning for retirement or needing help with tax planning. Paul’s expertise will enable us to provide added value to our high-net-worth clients, helping them plan for and achieve all of their financial goals.”
DeLauro joined City National from US Trust/Bank of America Private Wealth Management in Seattle, where he was a senior vice president and regional trust executive. Before that he was with First Hawaiian Bank as a vice president in the wealth planning department, and before that he was with Wells Fargo Bank in Boulder, CO.
DeLauro received his bachelor’s degree in political science from the University of Colorado at Boulder and his law degree from the University of Denver College of Law. In addition to his law degree, DeLauro holds the Certified Trust and Financial Advisor (CTFA) designation from the American Bankers Association.
Barclays Wealth announced today the appointment of Andrew Tailby-Faulkes as a Managing Director within its Wealth Advisory business. Andrew will report to Rob Withecombe, Head of Wealth Advisory, when he joins in September, and will work closely with Jonathan Burt, Head of Key Clients, who oversees the Wealth Advisory proposition for Ultra-High Net Worth clients.
Andrew will focus on advising current clients and attracting new ones, with a remit including entrepreneurs, private business owners and family offices. Our Wealth Advisory business helps clients where specific tax, trusts and insurance considerations are of particular importance, leveraging our relationship with Barclays Capital and Barclays Corporate where necessary.
Prior to joining Barclays Wealth, Andrew was a Senior Private Client Partner at Ernst & Young in the UK, where he was also Global Markets Leader for Private Client Services since 2007. He has also worked at Abacus, Smith & Williamson and KPMG during his 26-year career.
Commenting on the appointment, Rob Withecombe said:
“Andrew’s appointment is evidence of our commitment to leading with advice. He brings with him an intricate knowledge of the private client space globally, and has a deep understanding of the requirements of international UHNW clients and their families. He is an important addition to the Wealth Advisory business.”
Affiliated Managers Group, Inc. (NYSE: AMG), a global asset management company, today appointed John W. Copeland III as President of AMG Wealth Partners, a newly formed subsidiary of AMG focusing on investments in boutique wealth management firms. This new initiative will be an extension of AMG’s successful model of making investments in boutique asset managers, with an investment approach tailored to meet the unique attributes of wealth management firms. Mr. Copeland, a 23-year veteran of the wealth management industry, will be based in West Palm Beach, Florida, and will report to Sean M. Healey, AMG’s Chairman and Chief Executive Officer.
“With an increasing number of high-net-worth clients seeking sophisticated investment solutions and advice, the wealth management industry is growing rapidly, and independent firms with institutionalized practices are best positioned to capitalize on this growth,” said Mr. Healey. “The largest and most successful firms represent a very attractive investment opportunity for us, and these firms can benefit greatly from AMG’s partnership approach. Given our unique investment structure and reputation for being the partner-of-choice for independent firms, combined with the attractive opportunity set, we are confident that over time, AMG Wealth Partners will become a meaningful component of our growth strategy.”
AMG’s established business model allows an Affiliate management team to retain significant equity in their firm, as well as maintain their culture, client service model and investment philosophy, all while gaining access to the resources of a global firm. AMG Wealth Partners will tailor this partnership approach, and the support services it offers, to best meet the unique needs of wealth management boutiques. This approach will provide wealth management Affiliates with a strong advantage in focusing on the continued growth of their business and attracting and retaining talent while helping them to further institutionalize their respective businesses.
Mr. Healey added, “John Copeland is a highly experienced leader in the wealth management industry and someone who intuitively understands the qualities of successful firms, as well as the resources needed to ensure their ongoing success. I’ve known John for more than two decades, and I am confident he possesses the expertise, talent and vision to successfully lead the expansion of our business into a focused offering for wealth management boutiques.”
In addition to making investments in high-quality boutique firms, AMG Wealth Partners will also provide its wealth management Affiliates with a range of support services to enhance their growth, risk management and operating efficiency, as well as the opportunity to access the customized investment strategies of AMG’s investment Affiliates. AMG Wealth Partners will rely on the support of the AMG team and operate in close coordination with AMG when making investments and developing support services and scale offerings for its Affiliates.
“Wealth management is a relationship-driven business, in which the proper alignment of incentives and support for the wealth advisor is paramount. No company better understands this dynamic than AMG, which has a 17-year track record of nurturing investment boutiques through management succession, the use of retained equity and providing firms with operating autonomy,” said Mr. Copeland. “AMG’s partnership approach will help growing wealth managers to stay independent and reinvest in their businesses, while devoting more time and resources to their client relationships.”
Mr. Copeland joins AMG Wealth Partners from Morgan Stanley, where he was a senior partner for one of the firm’s largest private wealth management teams. Prior to his position at Morgan Stanley, he was a Managing Director at Lehman Brothers in the firm’s Private Investment Management division. Mr. Copeland also served as a Managing Director for E-Commerce and Wealth Management at Credit Suisse First Boston, where he oversaw the development of a state-of-the-art platform for the wealth advisory business. He began his career in 1988 in the Private Client Services Group of Goldman, Sachs & Co., where he held successive positions over a 12-year career. In his final role as Managing Director, he was a senior member of the management team for the overall private client business, a division of 450 advisors with $230 billion in assets under management.
Mr. Copeland holds a B.A. from Georgetown University; an M.S. from the Sloan School of Management at the Massachusetts Institute of Technology; and a J.D. from Harvard Law School.
About Affiliated Managers Group
AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate growth through the internal growth of existing Affiliates, as well as through investments in new Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of March 31, 2011, the aggregate assets under management of AMG’s Affiliates were approximately $340 billion, in more than 350 investment products across a broad range of investment styles, asset classes and distribution channels. For more information, please visit the Company’s website at www.amg.com.