UK wealth industry manages $3.3trn says study

Private Banker International: high net worth (HNW) private banks in the UK manage an estimated £886bn ($1.39trn), with the wealth management industry in total managing more than £2.1trn in private client assets, new research suggests.

Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-280/uk-wealth-industry-manages-3.aspx

New appointment leads KPMG's private client tax arm

Manchester Evening News: accountancy giant KPMG has announced the appointment of director Nick Pheasey to lead its north west private client tax arm. Nick joins from the firm’s Leeds office to replace Mike Walker, who has moved to London to join KPMG’s private client team.

Full story: http://menmedia.co.uk/manchestereveningnews/news/business/professionals/s/1470417_new-appointment-leads-kpmgs-private-client-tax-arm

Long-term approach paid off for family offices during recession

Campden FO: single family offices in the US and Europe were largely well prepared to ride out the financial crisis of 2008 and the subsequent difficult market environment, making very few strategic changes to their asset allocation.

That’s according to new research by American investment advisory firm Cambridge Associates, which surveyed 40 single family offices in the US and Europe in 2011.

Full story: http://www.campdenfo.com/article/long-term-approach-paid-family-offices-during-recession

India’s HNW wealth grows faster than global wealth

Campden FO: the amount of wealth held by high net worth individuals in India has increased faster than that held by rich people globally.

That is according to the India Wealth Report, released by Indian wealth management firm Karvy Private Wealth. It found that while the fortunes of HNW individuals internationally grew by around 9% during the year, money held by Indian rich increased by more than 11%.

This made India one of the fastest-growing HNW populations in the world, accounting for 1.2% of global wealth, said the report.

Full story: http://www.campdenfo.com/article/india-s-hnw-wealth-grows-faster-global-wealth

Super rich private jet company soars

BBC: despite the global economic turmoil, there is still demand for private jets. As part of the Super Rich series, Aaron Heslehurst spent the day with Thomas Flohr, who founded the private jet company Vistajet. With many of the super rich getting even wealthier, demand for a tailored jet service is on the increase.

Full story and video: http://www.bbc.co.uk/news/world-16694577

McGrigors and Pinsent Masons prepare to merge

The Lawyer: McGrigors and Pinsent Masons are preparing the ground for a potential merger in a deal that would make the combined firm the 12th largest in the UK by turnover. The firms today confirmed that they are holding merger talks, with partners due to vote on the deal by February.

Full story: http://www.thelawyer.com/revealed-mcgrigors-and-pinsent-masons-moot-%C2%A3282m-merger-%C2%A0/1010990.article

New case highlights need for review of inherited estates

A new case has highlighted the urgent need for a full review into the laws of inherited estates, says City law firm Wedlake Bell.

Wedlake Bell says that a recent ruling, in which the cohabiting partner of a deceased man was bypassed for inheritance of an estate worth potentially £750,000 in favour of their three year old son, highlights the need for reform of this area of law. (Wright v Gater, 2011)

For the full story see Wedlake Bell's web news at:

http://www.wedlakebell.com/index.php?option=com_flexicontent&view=items&cid=318%3Alatestnews&id=1940%3Anew-case-highlights-urgent-need-for-review-into-inherited-estates&Itemid=10

Nick Clegg is pushing for a new 'Mansion Tax'

Deputy Prime Minister Nick Clegg has said he will continue to push for a 'mansion tax' on high-value properties but warned that any progress on the tax will depend on "give and take" negotiations, having made clear he is fighting against stiff resistance from Conservative colleagues in the coalition government.

Full story from the Telegraph at http://www.telegraph.co.uk/news/politics/nick-clegg/9017478/Nick-Clegg-pushes-for-Mansion-Tax.html

Bishop Fleming announces new roles for Target, Bath team

Top 60 accountancy firm Bishop Fleming is reporting on management changes following their recent acquisition of Target in Bath:

Having acquired the Bath office of Target Accountants, Bishop Fleming, the accountancy firm with the widest spread of offices throughout the South West, has announced new roles for the Bath office team.

Target Accountants’ Andrew Sandiford has been appointed Partner in Charge of Bishop Fleming’s new Bath office.

Simon Morrison has been appointed as Bishop Fleming’s Audit partner in Bath, with Paul Morris confirmed as the firm’s Tax Partner for the Bath office.

Former Target Associate Directors, Debbie Boulton and Duncan Nicholas, have been confirmed as directors of business services, with Rachel Sestini appointed Director of private client tax services, and Angela Brake appointed as Bishop Fleming’s Head of Payroll Services in Bath.

Having acquired the Bath office of Target Accountants, Bishop Fleming is saving 47 jobs and expanding Bishop Fleming’s office presence still further.

Full story at: http://www.bishopfleming.co.uk//Home/In-The-Media/Bishop-Fleming-announces-new-roles-for-Bath%E2%80%99s-Targ.aspx