Accountancy Age: Online services are seen as the biggest growth area for accountants in the next 12 months, according to research from accountancy technology giant Sage.

Full story: http://www.accountancyage.com/aa/news/2155226/online-biggest-growth-accountants

Cazenove boosts private client arm with UBS Wealth hire

Citywire.co.uk: Cazenove Capital has hired James Gladstone as director in the firm’s financial planning team. In his new role Gladstone will be team leader and report to David Austin, who heads up Cazenove's financial planning arm.

Gladstone joins from UBS Wealth Management where he was head of UK financial planning and an executive director.

Full story: http://citywire.co.uk/wealth-manager/cazenove-boosts-private-client-arm-with-ubs-wealth-hire/a569974?ref=wealth-manager-latest-news-list

Compliance costs hit UK wealth managers

Private Banker International: Total estimated compliance costs for private banks in the UK equated to 47% of the sector’s profits in 2010, according to new data from benchmarking and research provider ComPeer.

Meeting various regulatory requirements from the UK, the European Union (EU) and the US cost the UK wealth management industry 9% of its income in 2011, according to projected figures from ComPeer.

Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-281/compliance-costs-hit-uk-wealt.aspx

Mishcon harnesses private client nous with advisory launch

The Lawyer: Mishcon de Reya is pinning its hopes of future revenue growth on its private client base, with the launch of a new business for high-net-worth individuals and wealthy families.

Full story: http://www.thelawyer.com/1011551.article?cmpid=TL02&cmptype=newsletter&email=true&ern=E5B556E37731580AADA29E69E68F5919

Laws: Target high earners in Budget

Accountancy Age: David Laws, the former chief secretary to the Treasury, has increased pressure on the chancellor George Osborne to raise the income tax threshold to £10,000 in next month's Budget, saying it was time to signal the end of austerity on household budgets. Laws told BBC's Newsnight yesterday that the Liberal Democrats would fund the move - which would cost the Treasury some £9bn - by halving the higher rate of tax relief on pensions from 40% to 20%.

Full story: http://www.accountancyage.com/aa/news/2153776/laws-target-earners-budget

30% of the UK’s top 40 law firms may join forces with a non-legal practice in next two years

Smith & Williamson: 30% of the UK’s top 40 law firms may join forces with a non-legal practice in next two years. Two firms from the UK’s top 40 law firms say it is ‘likely’ that they will join forces with a non-legal practice in the next two years. These two firms also say they are ‘likely’ to seek external finance in the next five years and consider a public listing as ‘possible’. One firm may look to raise as much as £50million.

Full story: http://www.smith.williamson.co.uk/news/4940-30-of-the-uk-s-top-40-law-firms-may-join-forces-with-a-non-legal-practice-in-next-two-years

Smith & Williamson expands private client office team

Bristol 24-7: A leading private client tax specialist is joining the Bristol office of Smith & Williamson, as it aims to become the “highest rated private client office in the South West”.

Full story: http://www.bristol247.com/2012/02/10/smith-williamson-expands-private-client-office-team-93005/

LG and Withers target high net clients with Singapore launches

Legal Week: LG and Withers are both set to open offices in Singapore this spring in a bid to capture a share of the region’s growing private client market.
LG’s Singapore launch, which will go live in the coming months through an alliance with local outfit PK Wong and Associates, marks the City law firm’s first base in Asia.

Full story: http://www.legalweek.com/legal-week/news/2153043/lg-withers-target-net-clients-singapore-launches

UK wealth industry asset pool hits $3.3trn

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-281/uk-wealth-industry-asset-pool.aspx

Merrill Lynch hires advisers from Barclays Wealth and Goldmans

Citywire: Merrill Lynch Wealth Management has appointed Amy Howlett and Jim Barrett as financial advisers to serve the high net worth (HNW) market in the UK.

Full story: http://citywire.co.uk/wealth-manager/merrill-lynch-hires-advisers-from-barclays-wealth-and-goldmans/a566842?ref=wealth-manager-latest-news-list

Grant Thornton hires Coutts' man to lead financial planning

Citywire: Grant Thornton has hired Coutts managing partner Martin Young to head its financial planning division in London

In his new capacity Young will oversee a team of seven investment advisers and is tasked with substantially increasing the team's revenue by 2015. The firm works with over 14,000 private clients based in the UK and internationally.

Full story: http://citywire.co.uk/wealth-manager/grant-thornton-hires-coutts-man-to-lead-financial-planning/a566864?ref=wealth-manager-latest-news-list

India attracts Family Office investments

CampdenFO: Investment opportunities are increasing in India, as the country’s “consuming middle class” is growing rapidly, according to a family office manager.

Sebastian Lyle, founder and partner of The Family Office, a London-based multi family office, told CampdenFO that his firm has invested in the Asian country since it was established in 2004 and intends to keep doing so in the future.

Full story: http://www.campdenfo.com/article/india-attracts-family-office-investments

UK safe haven for emigres with £1 million to invest

The Scotsman: Wealthy investors are flocking to Britain seeking a “safe haven” from turmoil in the Middle East and former Soviet countries.

Scottish law firm McGrigors, which is merging with London-based Pinsent Masons, said new rules surrounding investment visas should help direct funds from wealthy emigres away from central London and into the wider economy.

Full story: http://www.scotsman.com/business/uk_safe_haven_for_emigres_with_1_million_to_invest_1_2113598

Private banks caught in the crossfire from retail regulations

Risk.net: Private banks have tended to concentrate on the super-wealthy – clients they now call professional investors – but as new regulations governing structured products continue to categorise most high-net-worth individuals as retail investors, private banks are left grappling with the same regulatory challenges as their retail counterparts.

Full story: www.risk.net/structured-products/feature/2141310/private-banks-caught-crossfire-retail-regulations

Wealthy less confident about the future

Campden FO: High net worth individuals around the world feel less confident about their ability to increase their wealth and, as a result, will be less willing to spend money in the near future.

Full story: http://www.campdenfo.com/article/wealthy-less-confident-about-future-study

London Luxury-Home Prices Advance as Foreign Buyers Seek Haven

Bloomberg: Luxury home prices in central London gained for the 15th consecutive month in January as international investors seeking to protect their wealth competed for the few properties for sale, Knight Frank LLP said.

Full story: http://www.bloomberg.com/news/2012-02-06/london-luxury-home-prices-rise-for-15th-month-as-foreign-buyers-seek-haven.html

The Lawyer: Cumberland Ellis and Wedlake Bell prepare for April merger.

Full story: http://www.thelawyer.com/1011201.article

Wealthy women neglecting inheritance planning

Campden FO: high net worth women are concerned about their family’s financial security, but many are still failing to take steps to ensure their wealth passes on to the next generation.

Full story: http://www.campdenfo.com/article/wealthy-women-neglecting-inheritance-planning

Asian HNWIs more optimistic than non-Asians

Private Banker International: three-quarters of Asian entrepreneurs have seen an increase in their wealth over the past 12 months and 84% expect their wealth to further increase in 2012, a marked difference from non-Asian wealthy, new research suggests.

Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-280/asian-hnwis-far-more-optimisti.aspx