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