Category: High Net-worth Individuals

Nurse practitioner
ArticlesHigh Net-worth Individuals

4 Advantages of Being a Nurse Practitioner

A nurse practitioner is a registered nurse with advanced training in diagnosing and treating health conditions. Nurse practitioners can work in various settings, including hospitals, clinics, and private practices. If you’re a nurse practitioner considering buying a home, you are in a great position to get a home loan. There are many reasons why individuals may choose to become an NP. Here are 4 of them:

Advanced training and education

There are many benefits to being a nurse practitioner, including advanced training and education. Nurse practitioners have the opportunity to receive specialized training in a variety of areas, such as primary care, paediatrics, or geriatrics. This allows them to provide care for patients with a wide range of needs.

In addition, nurse practitioners are able to pursue additional education and training beyond their initial nursing degree. This allows them to keep up with the latest changes in healthcare and continue to improve their skills. Pursuing advanced education and training can also lead to higher salaries and more opportunities for advancement within the nursing field.

Higher salaries

In addition to the benefits listed in the previous section, nurse practitioners also enjoy higher salaries. This is due in part to the increased responsibilities that nurse practitioners have, as well as the higher level of education required to become a nurse practitioner.

According to the Bureau of Labour Statistics, the median annual salary for nurse practitioners was $107,030 in 2018. This is significantly higher than the median annual salary for registered nurses, which was $71,730 in 2018. Nurse practitioners also have the potential to earn much more than this; the top 10% of earners in this field made more than $165,820 in 2018.

Nurse practitioners are in high demand, and earn a good salary. This stability is attractive to lenders, who want to know that you will be able to make your monthly payments on time. The high salaries that nurse practitioners earn are just one more reason why getting a home loan as a nurse practitioner is so easy.

More independence than RNs

Nurse practitioners (NPs) are advanced practice registered nurses (APRNs) who have completed graduate-level education. NPs are prepared to provide a wide range of services, including taking medical histories, conducting physical examinations, ordering and interpreting diagnostic tests, prescribing medications and counseling on health maintenance.

Compared to RNs, NPs enjoy more independence in their work. They are able to work more autonomously and have more responsibility for patient care. NPs also have the opportunity to specialize in a particular area of medicine, such as primary care or paediatrics.

The increased independence that NPs enjoy comes with additional challenges. They must be able to handle a wider range of duties and make decisions about patient care on their own. But for many APRNs, the increased autonomy is worth the extra responsibility.

Greater opportunities for specialization

Nurse practitioners have the opportunity to specialize in a particular area of medicine. This allows them to gain expertise in a specific condition or group of patients. For example, a nurse practitioner who specializes in paediatrics will have a deep understanding of the unique health needs of children. This can be beneficial for both the patient and the NP.

NPs who specialize can provide more comprehensive and individualized care. They are also better equipped to deal with complex cases and difficult diagnoses. In some cases, they may be able to offer treatment options that are not available to general practitioners.

Specialization can also lead to greater job satisfaction for NPs. Those who choose to specialize often do so because they have a strong interest in a particular area of medicine. Being able to focus on this area can make work more enjoyable and rewarding.

Nurse practitioner
Family OfficesHigh Net-worth IndividualsReal Estate

Divorce: Jurisdiction and Financial Relief Applications


Divorce: Jurisdiction and Financial Relief Applications

By Stephanie Kyriacou, associate in the family team at law firm, Shakespeare Martineau.

Many high-net-worth individuals (HNWI) lead truly international lifestyles, travelling the world, owning multiple residences and holding assets all across the globe. However, whilst this internationally-mobile way of living certainly has its benefits, for couples navigating the emotional process of divorce, dealing with multiple legal jurisdictions can often cause issues, particularly if one side of the divorcing party has been unfairly treated by the foreign courts.

Luckily, if an individual believes that they have suffered financial hardship as a result of a financial order in a foreign jurisdiction, there may be an avenue which they can pursue to balance the scales, provided by the English and Welsh courts. The UK’s legal system has long been considered one of the most fair and agreeable around the world in terms of settling financial matters upon divorce, and there is a reason why London itself is known as the ‘divorce capital of the world’.

Sadly, the foreign courts are often not as generous as their English and Welsh counterparts and the disparity between the sums awarded can often result in extreme financial hardship for spouses who get the raw end of the deal.

This access to financial relief in the UK revolves around Part III of the Matrimonial and Family Proceedings Act 1984 (MFPA 1984). This act allows spouses who have been divorced overseas, and who have a proven connection to the UK, to access financial remedy in the UK, if they have been treated unfairly by foreign courts and have exhausted all avenues to correct that unfairness in that overseas court.

However, whilst this piece of legislation can offer a lifeline to those individuals who have not received adequate financial provision in an overseas jurisdiction, there are a number of criteria which need to be met before an application can be made under Part III of the MFPA 1984. The application itself is a two-stage process and the applicant must first apply for permission (leave) to make the application. The factors the court will examine when determining whether to allow an application to proceed to the second stage can be found in sections 15-16 MFPA 1984. If the applicant is successful at the first stage, they will proceed onto the second stage, whereby they will go on to make the substantial application for financial remedy.

When determining whether to make an order, the court will base its decision on the connection that both parties to the marriage have with England and Wales, and with the foreign court, as well as any financial benefit which the applicant or a child of the family has or will receive as a consequence of the foreign divorce. Other factors which will be considered include any rights that the applicant has, or has had, to apply for financial relief from the other party under the foreign court – including reasons why they may not have done – as well as the availability of any property in England and Wales and the extent to which an English order will be enforceable, along with the elapsed time since the foreign divorce.

Whilst putting the wheels in motion as soon as possible after the foreign divorce has been granted is preferable, the case of Z v Z [2016] EWHC 911 is authority that even with a five-year delay, a court will still consider an application if the other criteria are met.

Whilst the requirements for making at Part III application may seem quite complex, at face value they centre on being able to evidence a strong link to the UK, either through residency or assets. The case of Agbaje v Agbaje [2010] UKSC 13 is the leading authority in this area and a provides a good illustration of how a Part III application for financial relief can be made, and what the courts will be considering when choosing whether to grant an application. In this case, the husband and wife were Nigerian and had been married for 38 years, with assets totaling circa £700,000, much of which were tied up in two London properties. All five of their children were born in London and the couple had spent large chunks of their life in England. Despite the wife living in London, the husband applied for a divorce in Nigeria and his wife was awarded £86,000 worth of property assets in Lagos, and £21,000 as lump sum maintenance payment. Not happy with this financial award, the wife issued proceedings under Part III of the MFPA 1984 and was awarded 39 percent of the couple’s total assets, allowing her to carry on her life in London.

This is a relatively common situation which is experienced by a large number of the spouses of HNWIs, but should give hope that in the event of hardship or mistreatment in divorce proceedings handled by a foreign court, there is a safety blanket offered by the MFPA 1984. Whilst many high-net-worth individuals will have factored pre-nuptial agreements into their marriages, which include clauses dictating where they would like their divorce heard in the event of a relationship breakdown, some will not, and it is those who the English and Welsh legal system supports through this channel.

Colin Price
BankingHigh Net-worth Individuals

Colin Price appointed Group Chief Operating Officer at KBL epb

Colin Price

Colin Price appointed Group Chief Operating Officer at KBL epb


KBL European Private Bankers (KBL epb), which operates in 50 cities across Europe, announced today the appointment of Colin Price as Group Chief Operating Officer and member of the Authorized Management Committee, subject to regulatory approval.

Price – who has a 35-year track record of successfully advising leading companies worldwide on how to unlock their full potential – will oversee a wide range of support functions, including IT, Operations, HR, Marketing and Real Estate. He will personally participate in the group’s long-term success through a significant co-investment.

A former Partner at PwC and McKinsey who set up his own boutique consultancy in 2014, Price earlier served as CEO of Heidrick Consulting, a division of Heidrick & Struggles. He has also served as a Visiting Professor at Imperial College London and an Associate Fellow at Saïd Oxford, the business school of Oxford University.

Price, a British national, holds degrees in economics, industrial relations and psychology, and organizational behavior. He is the co-author of a number of books, including most recently Accelerating Performance: How Companies Can Mobilize, Execute and Transform with Agility.

In his new role, he will work alongside Eric Mansuy, who assumed the Group COO role last fall and has been named Group Chief Information Technology & Operations Officer, reflecting his areas of core expertise and reporting to Price.

Mansuy, who joined KBL epb in 2014 as Group Chief Information Officer, previously served as Chief Information Officer at RBC Investor Services. A French national who studied at the University of Lorraine and IMD Business School, he earlier held a number of senior roles in the IT department at Banque Internationale à Luxembourg, rising to the position of Head of IT Services.

“I have known Colin for many years, benefiting from his strategic insight as a trusted advisor,” said Jürg Zeltner, Group CEO and member of the Board of Directors of KBL epb, where he has taken a significant ownership stake.“I am delighted that he has joined our group’s leadership team as a full partner in this journey.

“Together with Colin and Eric – who has demonstrated his ability to tackle the most complex technological and operational challenges – we will move forward rapidly and with purpose, cutting through complexity to deliver even greater value to every client we have the opportunity to serve.”

“After spending a lifetime studying why companies succeed and advising countless firms on how to perform better, I’m grateful for the opportunity to all put my insight and experience to work for KBL epb,” said Price. “At this transformative moment for the group, we’re focused on effecting rapid, positive change that will make this an even better bank for our clients and our people.”

“I’m very pleased to be able focus more sharply on shaping IT and Operations strategy, working closely with Colin and team leaders across our footprint,” concluded Mansuy, who has successfully overseen the group’s migration to an enhanced IT platform, among other major projects.

wealth management
Corporate Finance and M&A/DealsHigh Net-worth IndividualsWealth Management

Report calls for major digitisation of the wealth management sector but warns 84% of projects could fail

wealth management

Report calls for major digitisation of the wealth management sector but warns 84% of projects could fail

Over £20 billion of high net worth individuals’ investable wealth could be passed on to their loved ones every year, but as many as 80% of wealth manager’s don’t have an existing relationship with these beneficiaries. Digitisation is key to addressing this challenge.

A new report from Nucoro, a B2B fintech providing Wealth Management as a Service solutions, says traditional wealth managers need to totally re-engineer their operations if they are to prosper in the future. However, it warns that on average around 84% of companies generally fail at digitisation projects. 

The report entitled ‘The Future Challenges for Wealth Management’, says wealth managers and financial services companies in general need to prioritise and redefine what can be expected and achieved from digitisation, and make increased use of partnerships with expert solution providers.  

Nucoro says the digitisation of the wealth management sector needs to go beyond simply moving physical into digital, and fundamentally rethink products from the conceptual to execution. It says this is being driven by the rise of automation facilitating scalable growth, and the transformation of customers where their expectations, needs, behaviours and demographics are changing.

To illustrate this point, Nucoro estimates that on average, for the next decade over £20 billion of high net worth individuals’ investible wealth will be passed on to their loved ones every year, but as many as 80% of wealth manager’s don’t have an existing relationship with these beneficiaries. Many of these beneficiaries will be millennials who make great use of technology in all aspects of their lives, including managing their finances.

Nikolai Hack, the COO and UK MD of Nucoro commented: “As with any investment in a financial business, a central motivation should be to ultimately produce outcomes that can benefit customers. Adopting bolt-on enhancements like digital customer experiences or automations for back office functions are the best routes to upgrading the services to existing and potential clients due to their accessibility, scalability and affordability.” 

“Wealth managers must embrace technology. The industry is heavily regulated, and it therefore faces a large administrative burden, but technology can minimise the time and resources spent on tasks that are very basic but high in volume.”

The report highlights several key trends that innovative wealth managers need to address if they are to be successful in the future:

The growth of digital wealth management:

The report says it is now realistic to consider direct to consumer robo-platforms as legitimate industry challengers. By the end of 2018, they were managing $257 billion, and this could grow to $1.26 trillion by 2023. 

The rise of fintech new entrants:

While tradition still reigns supreme in wealth management, there are major indications that the next decade will see technology driven services enjoy strong growth. Taking an example from another industry, looking at the banking and payments market in Europe – new entrants (including challenger banks, nonbank payment institutions and big tech companies) that entered the market after 2005 now amass up to one third of new revenue, despite only taking 7% of the overall revenue.

Growing advice gap:

The cost of financial advice is demonstrably pricing out large sections of potential clients. A report in 2018 found that more than 40% of financial advisers has been forced to review their charging structures in the first half of 2019. This is a huge threat and opportunity for wealth managers

Wealth passed on to millennials/changing client needs

Beginning around 2030, an estimated $4 trillion of wealth is going to be passed on to millennials in the UK and North America from their parents. However, only some 20% of UK advisers currently have an existing relationship with their current clients’ beneficiaries, many of whom are millennials. This means that digital and mobile first access will become more universal as the younger generations mature. Digital finance is a highly effective engagement tool for younger generations.

Nikolai Hack said: “An unprecedented transfer of wealth is expected to be served by a shrinking pool of advisers. They will be dealing with a client base that is likely to need them to become more flexible and deliver a more modern and personal service.”

“This could mean more agile tech-driven firms will need to fill the gap. Alternatively, the existing firms could push to streamline their operational functions and manage overheads – cost cutting essentially – while handling an influx of orphaned clients at the same time.”

“For the next generation, their needs and expectations are centred on interacting with their finances via digitally accessible platforms that link their money, their everyday lives and their goals to the future. Greater customisation of service levels will also be key here.”

The reach of regulation

The number of individual regulatory changes that regulated organisations must track on a global scale has more than tripled since 2011. Tech can play a key role in helping wealth managers with this area of their business.


Nikolai Hack said: “For wealth managers, technology and digitisation can be applied across all functions, from onboarding clients and portfolio management to operations and reporting. It also enables wealth managers to become much more agile and focused on the needs of clients. However, wealth managers need to find the right balance between digital and human services and the key to success will be how wealth managers combine these two in order to meet the challenges now and in the future.”

From client onboarding to portfolio construction through to billing automations, Nucoro combines all the tools required to build the next generation of wealth management propositions. To help the wealth management sector move forward, Nucoro offers a new technology-based foundation built without legacies – a complete overhaul to the models of client service and accessibility. Nucoro’s is a radically different approach to the relationship between technology providers and the organisations adopting their solutions – in short, they can provide the new engine to power the next generation of financial services.

Whilst Nucoro has recently launched to the public, the technology behind it powers the retail investment platform, Exo Investing – a fully automated, AI-powered wealth management platform. Within the first year of operation, Exo won two industry awards (Best digital wealth manager OTY + Industry Innovator OTY at the AltFi awards 2018), was named as a finalist in three more and selected to two disruptive company annual indexes (Wealthtech 100 and Disruption50’s 100 most disruptive UK companies).

Nucoro is making this technology available for businesses in the wealth management sector that have the ambition to truly innovate and future-proof their businesses – and are struggling to realise their digital ambitions alone.

Foreign Direct InvestmentHigh Net-worth Individuals

Puzzel receives growth investment from Marlin Equity Partners

Puzzel, a leading European omni-channel cloud contact centre software provider, today announced the completion of a majority recapitalisation and growth investment from Marlin Equity Partners (“Marlin”), a global investment firm with over $6.7 billion of capital under management. Puzzel’s best-in-class, multi-tenant cloud contact centre as a service (“CCaaS”) platform allows clients worldwide to manage and optimise their customer interactions across voice, email, chat and social media platforms.

“Puzzel’s leading position in the market, knowledgeable employees and pioneering technology platform positions us well to successfully scale our business,” said Børge Astrup, CEO of Puzzel. “Marlin has a proven track record of supporting and partnering with high-growth software businesses and we look forward to working with them to execute our strategic plan to accelerate growth, bring new and added functionality to our customers and expand into new markets.”

“In Puzzel, we saw a business with a comprehensive omni-channel CCaaS solution that is both scalable and flexible, and designed to support contact centres of all sizes,” said Mike Wilkinson, vice president at Marlin. 

“The company has experienced tremendous growth across Europe that is being further fuelled by feedback and advocacy from market-leading customers. We are excited to partner with an exceptional management team to seek new partnerships, invest in new opportunities to enhance the product suite and expand the company’s geographic presence.”

About Puzzel
Puzzel is a leading cloud-based contact centre software provider and one of the first pioneers to develop a cloud-based contact centre offering. Today, Puzzel combines its omni-channel technology with artificial intelligence capabilities to provide comprehensive, end-to-end customer interaction solutions in an age of digitisation. Puzzel was named a Challenger in the 2018 Gartner Magic Quadrant for Contact Centre as a Service, Western Europe, Report 2018 for the fourth consecutive year for its strong growth, functional capabilities, strengths in standards and compliance, customer service and support. The company is headquartered in Oslo, Norway, with offices in six European markets including the U.K. For more information, please visit Puzzel.

About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with over $6.7 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 140 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit Marlin Equity

High Net-worth Individuals

Netflix expands global customer care with Teleopti’s flexible, cloud-based Workforce Management solution

Teleopti today announced that Netflix, the world’s leading provider of online entertainment and streaming services, has selected the company’s strategic, cloud Workforce Management (WFM) suite to increase the flexibility of staff planning and support complex, global customer service operations.

With 139 million memberships in over 190 countries, California-based internet entertainment service Netflix has embarked on a new journey toward customer service planning in the cloud. Netflix will use Teleopti’s dynamic WFM solution to support, schedule and empower more than 5,700 customer representatives at contact centers across the globe. As Netflix continues to expand its worldwide footprint, with customer support spanning multiple time zones and numerous languages, the need arose to revolutionize its workforce scheduling and management processes.

Fred Senerchia, Global Head of Workforce Management at Netflix remarked, “Teleopti provides a cloud solution that closely aligns with our business vision and goals for the future. As we continue to expand our CS footprint worldwide and grow our team of multi-skilled frontline representatives, it’s imperative that we have a workforce management software that solves for the increasing complexity of forecasting and scheduling agents across several different regions, time zones and languages. We believe Teleopti will meet those needs as we partner together on a global implementation of the software.”

Netflix has selected Teleopti’s cloud-based Advanced WFM package providing features to meet key areas of need, including real-time monitoring and adaptivity, intuitive employee engagement tools and the ability to quickly scale up operations to meet business growth. Alongside a fully-supported deployment and post-implementation training to ensure WFM success, Netflix will have access to a test environment to continue optimization within their own realm of data.

David Pahlman, President of Teleopti North America concluded, “Our WFM technology enables strong enterprises like Netflix to handle large-scale, complex operations while maintaining ease of use and adaptability. The goal of our cloud-based technology is to simplify business operations at a global level. We’re excited to welcome Netflix to our community of great customers.”

High Net-worth Individuals

Cloud Foundry 2019 North American Summit Begins in Philadelphia, Announces Project Eirini Ready for Early Adopters


Cloud Foundry Foundation, home to a family of interoperable open source projects for the enterprise, opened its North American Cloud Foundry Summit in Philadelphia, Pennsylvania today, with news from organizations including Engineer Better, IBM, Pivotal, Resilient Scale, SUSE, Stark & Wayne, Swisscom and many others. The 2019 North American Summit is taking place today through April 4 and is supported by Diamond sponsors Comcast and Pivotal, and Platinum sponsor IBM Cloud.

“We are excited to host Summit on the east coast again this year,” said Abby Kearns, Executive Director, Cloud Foundry Foundation. “This Summit will be focused on celebrating the momentum of our community, highlighting stories from open source contributors and Cloud Foundry users, as well as providers, integrators and service providers. This year’s Summit theme is ‘building the future’ which is exactly what our community is committed to doing.”

The Foundation announced findings from its most recent Global Perception Study in a report titled “Adaptation, Not Adoption, is the Key to Digital Transformation: Why IT Strategy Requires a Perpetual State of Change.” With more than half of companies surveyed putting mission-critical apps in the cloud, it’s clear that digital transformation is the new reality, and that companies must adapt to constant change to keep up.

The Foundation is pleased to announce Project Eirini is now passing the core functional tests that validate Cloud Foundry Application Runtime releases, with future work focused on production readiness and testing against hosted managed Kubernetes environments from various public cloud providers. Initially proposed by IBM, Eirini has full-time engineers from Google and Pivotal working on the project, in addition to continued contributions from IBM, SAP and SUSE. The software is now mature enough that early adopters have begun to deploy it into production environments. At the EU Summit in 2018, Cloud Foundry Foundation announced Project Eirini’s acceptance as an incubating project by the Application Runtime Project Management Committee, which oversees projects associated with the Cloud Foundry Application Runtime and their coordinated roadmaps. Eirini works to provide developers with the “cf push” experience that makes it easy to push an app to production on top of Kubernetes.

The Foundation is also pleased to announce its first two Certified Systems Integrators, following on the program’s launch in October at the European Summit. Each with at least ten Cloud Foundry Certified Developers on their teams, Accenture and HCL have demonstrated contributions to the Cloud Foundry community through contributing code, hosting meetups, Foundation membership and more. The Certification program is designed to help SIs, consultancies and professional services organizations highlight their expertise working with the Cloud Foundry family of technologies.

Foundation member news includes:

A collection of Foundation members, including Resilient Scale, Stark & Wayne and SuperOrbital, in addition to TechFlow, have joined together to form the Continuous Delivery Alliance. The Continuous Delivery Alliance aims to fix the DevSecOps challenges in government from contracting through implementation by bringing together a collective of professionals with deep expertise in technology and government contracting. The Alliance offers unparalleled expertise in technologies including Cloud Foundry, Kubernetes, AWS, Azure, GCP and practices like continuous integration/ delivery and DevSecOps.

Altoros has released new versions of the Pivotal Cloud Foundry (PCF) tiles for Jenkins, Elasticsearch, and Cassandra, upgrading BOSH stemcells and existing integrations. The updated Xenial stemcells help avoid exposure to security vulnerabilities, while integrations with new versions of products will enable enterprise users to enjoy the features of the latest stable releases. In April, migration to Xenial stemcells for the six PCF tiles created and maintained by Altoros, including an upcoming new release of the Heartbeat Cloud Foundry monitoring, will take place. PCF tiles are packaged tools that can be integrated into Pivotal Cloud Foundry, enabling developers to use third-party services.

Anynines announced the release of release of a9s Platform, a fully automated platform distribution comprising open source Cloud Foundry and the a9s Data Services, as well as on-demand Kubernetes. The platform allows users to leverage open source technologies to bootstrap fully automated production grade platform environments. Technical support and remote operation options are available. EngineerBetter announced that “Control Tower” is the new name for “Concourse-Up,” the company’s enterprise tool for deploying and operating Concourse CI in a single command. Concourse CI is used heavily throughout the Cloud Foundry ecosystem. With its new name, Control Tower will be available through new distribution channels and brings with it new features including Google Cloud Platform support and full support for Concourse 5.

Evoila announced new service brokers, which provide software systems such as databases, message queues or log aggregators with standardization to speed up software development. The service brokers make it possible to run two environments, such as Cloud Foundry and Kubernetes, next to each other and share their service instances. The Open Service Broker API 2.15 will soon provide a higher independence of special platforms and improve asynchronous ordering processes. By developing these new service brokers, evoila is further expanding its commitment to the standardization of complex processes. Grape Up announced its flagship product Cloudboostr can now be deployed on OpenStack. Integration with the new cloud infrastructure unlocks a broad range of opportunities for companies using on-prem OpenStack. Cloudboostr provides a complete enterprise-grade cloud stack ready in days, gives the freedom to choose the best suitable runtime for any needs, and reduces the risk of upgrade compatibility issues and the complexity of applying patches.

IBM announced the launch of an Eirini-based technology preview of its Cloud Foundry Enterprise Environment, available for self provisioning. IBM Cloud is working to simplify development and operations by bringing together Cloud Foundry, Kubernetes, and Functions under one management umbrella to enable development teams to spend their valuable time coding to solve business problems. A major step towards that goal is Project Eirini, where IBM is leading the effort alongside other Foundation members SUSE, SAP, Pivotal and Google, to bring native, pluggable Kubernetes application container scheduling to Cloud Foundry. IBM is supporting Project Eirini to bring coordinated operations of Cloud Foundry application containers and those created by other means to the same Kubernetes cluster. This allows for easy and more secure communications between Cloud Foundry and Kubernetes applications, and unlocks the vast ecosystem of Kubernetes tooling and capabilities to both the Cloud Foundry developer and administrator. 

Packet announced an Edge Access Program, providing commercial and open source users with free access to edge computing building blocks at a diverse range of venues and locations. Resources include API-driven x86 and Arm bare metal compute infrastructure; automated cloud interconnect to Azure, GCP and other public cloud ecosystems; and CBRS wireless through Federated Wireless. 

Pivotal announced the release of Pivotal Cloud Foundry 2.5, a collection of enhancements to its flagship application platform, including weighted routing, a new feature enabled by Istio and Envoy. 

Stark & Wayne announced the launch of their managed service cloud solution for Pivotal Cloud Foundry and other cloud native technologies. Benefits to managed service subscribers include lower operational costs, a greater focus on app development, faster time to market, and accelerated feedback loops, which leads to faster problem resolution and higher quality end products. Stark & Wayne also announced SHIELD v8.1, now in Tile form, for PCF Operations Manager customers. SHIELD is a flexible and secure data protection solution for cloud data systems. Built on AES-256 encryption with randomized keys, and leveraging native backup / restore mechanisms like Percona Xtrabackup and BBR, it allows operators to sleep well knowing their critical data is protected.

SUSE announced SUSE Cloud Application Platform 1.4, the first software distribution to introduce Cloud Foundry Application Runtime in an entirely Kubernetes-native architecture, will be available in April. SUSE Cloud Application Platform 1.4 includes a technology preview of Project Eirini that allows operators to take greater advantage of the widely adopted Kubernetes container scheduler. The new Kubernetes-native Eirini implementation deepens integration of Kubernetes and Cloud Foundry, further bringing the advanced Cloud Foundry developer experience to Kubernetes environments and giving users the ability to choose either Kubernetes or Diego as their container schedule. Whether customers choose Kubernetes or Diego, the developer experience is the same. SUSE Cloud Application Platform 1.4 furthers SUSE’s commitment to supporting customers’ multi-cloud environments by adding support for Google Kubernetes Engine (GKE), Google’s managed Kubernetes service, in addition to existing cloud support for Amazon EKS and Azure AKS, on-premises support with SUSE CaaS Platform, and multi-cloud support bridged by the Stratos UI.

Swisscom announced new features of the Swisscom Application Cloud: true security with encryption plan for S3 dynamic storage and auto-scaling of applications based on the Cloud Foundry Platform Application Cloud from Swisscom. Swisscom continues to enhance its cloud with upcoming new features are waiting to be announced, which will be developed and made available by the strong commitment of the community.
TIBCO its market-leading API management platform, TIBCO Cloud(TM) Mashery, is now cloud native. The platform can now be deployed anywhere, including certified support for PKS to make Kubernetes deployments easy, and integration with DevOps tooling even easier. TIBCO also released new capabilities to create cloud native integration apps via its API-led integration offering TIBCO Cloud(TM) Integration and BusinessWorks(TM) Container Edition for Cloud Foundry Container Runtime and Pivotal Cloud Foundry 2.x.

Enterprise developers, architects, engineers and executives from around the world are expected to attend the Philadelphia Summit. Attendees will learn about Cloud Foundry from those who build and use it every day. They will join other developers, end users and CIOs to gain first-hand access to Cloud Foundry roadmaps, training and tutorials, and to see how others are using Cloud Foundry to support continuous innovation and application portability.

Today the first-ever Contributors Summit takes place to foster community among open source project contributors and enable technical roadmap discussions. Tuesday’s Hackathon winners will be announced on-stage during Thursday morning keynotes.

On Thursday, Cloud Foundry Foundation will host its annual diversity luncheon at Summit, which will feature a diverse line-up of speakers and panelists discussing digital accessibility, advocacy and mentorship, gender equity and more. This event is co-sponsored by IBM Cloud and the Cloud Native Computing Foundation.

Find the full schedule here.

Cloud Foundry is an open source technology backed by the largest technology companies in the world, including Dell EMC, Google, IBM, Microsoft, Pivotal, SAP and SUSE, and is being used by leaders in manufacturing, telecommunications and financial services. Only Cloud Foundry delivers the velocity needed to continuously deliver apps at the speed of business. Cloud Foundry’s container-based architecture runs apps in any language on your choice of cloud — Amazon Web Services (AWS), Google Cloud Platform (GCP), IBM Cloud, Microsoft Azure, OpenStack, VMware vSphere, and more. With a robust services ecosystem and simple integration with existing technologies, Cloud Foundry is the modern standard for mission critical apps for global organizations.


High Net-worth IndividualsWealth Management

Under the radar cyber attacks costing financial services companies $924,390 and getting worse

EfficientIP’s DNS Threat Report reveals alarming 57% attack cost rise in last 12 months

Global DNS Threat Report, shared by EfficientIP, leading specialists in network protection, revealed the financial services industry is the worst affected sector by DNS attacks, the type cyber attackers increasingly use to stealthily break into bank systems. 

Last year, a single financial sector attack cost each organization $588,200. This year the research shows organizations spent $924,390, to restore services after each DNS attack, the most out of any sector and an annual increase of 57%.

The report also highlights financial organizations suffered an average of seven DNS attacks last year, with 19% attacked ten times or more in the last twelve months. 

Rising costs are not the only consequences of DNS attacks. The most common impacts of DNS attacks are cloud service downtime, experienced by 43% of financial organizations, a compromised website (36%), and in-house application downtime (32%). 

DNS attacks also cost financial institutions time. Second to the public sector, financial services take the longest to mitigate an attack, spending an average of seven hours. In the worst cases, some 5% of financial sector respondents spent 41 days just resolving impacts of their DNS attacks in 2017.

While 94% of financial organizations understand the criticality of having a secure DNS network for their business, overwhelming evidence from the survey shows they need to take more action. Failure to apply security patches in a timely manner is a major issue for organizations. EfficientIP’s 2018 Global DNS Threat Report reveals 72% of finance companies took three days or more to install a security patch on their systems, leaving them open to attacks. 

David Williamson, CEO, EfficientIP, comments on the reasons behind the attacks. “The DNS threat landscape is continually evolving, impacting the financial sector in particular. This is because many financial organizations rely on security solutions which fail to combat specific DNS threats. Financial services increasingly operate online and rely on internet availability and the capacity to securely communicate information in real time. Therefore, network service continuity and security is a business imperative and a necessity.”

Working with some of the world’s largest global banks and stock exchanges to protect their networks, EfficientIP recommends five best practices:

Enhance threat intelligence on domain reputation with data feeds which provide menace insight from global traffic analysis. This will protect users from internal/external attacks by blocking malware activity and mitigating data exfiltration attempts.

Augment your threat visibility using real-time, context-aware DNS transaction analytics for behavioral threat detection. Businesses can detect all threat types, and prevent data theft to help meet regulatory compliance such as GDPR and US CLOUD Act.

Apply adaptive countermeasures relevant to threats. The result is ensured business continuity, even when the attack source is unidentifiable, and practically eliminates risks of blocking legitimate users.

Harden security for cloud/next-gen datacenters with a purpose-built DNS security solution, overcoming limitations of solutions from cloud providers. This ensures continued access to cloud services and apps, and protects against exfiltration of cloud-stored data.

Incorporate DNS into a global network security solution to recognize unusual or malicious activity and inform the broader security ecosystem. This allows holistic network security to address growing network risks and protect against the lateral movement of threats.

stock market
High Net-worth IndividualsWealth Management

2017 Was The Year Of The Bull 2018 May Not Be

2017 was the year of the bull – 2018 may not be

January is an important month in the investment calendar – this year more than most. After a bullish 2017, where most risk asset classes made consistent, if not impressive gains, many feared this long bull run would come to a shuddering halt. However, a month in to 2018 and with a round of solid economic data coming out, the mood of market participants has become increasingly optimistic.

But should they be? It is undeniable that after the tumult of 2016, 2017 saw markets perform exceptionally well, despite a tense geopolitical backdrop. Take major indices as an example. Over the course of the 2017 calendar year the FTSE100 was up 7.6%, the FTSE250 was up 14.65%, the Dow Jones closed 25% higher and the NASDAQ climbed 28%.

2018, however, will be more difficult. The aftermath of the financial crisis and the monetary policies pursued by central banks in the form of quantitative easing has led to stretched valuations across the board. The impact of an increased money supply has even trickled down in to the valuations of newer, less tangible asset classes like cryptocurrencies.

In 2017, the S&P saw 12% earnings growth against a backdrop of a 20% price rise. In other words, share prices are rising faster than earnings and this year there are similar expectations and extrapolations in terms of earnings growth across most major markets.

However, with high expectations and high valuations, danger is never far away. Global economic growth will generate some momentum, alongside the tax reforms in the US. With most major economies growing simultaneously, there may well be an accretive effect which feeds through in to global GDP growth. However, we are at a late point in investment market and economic cycles respectively.

At London & Capital we are advising clients to proceed with caution and to remember the importance of protecting capital especially when the market environment is driven by greed.

Part of the reason for caution is the prospect of further monetary policy tightening. At the very least there will be a series of interest rate hikes in the US with the prospects of a reduction in monetary stimulus in Europe and even in Japan.

However, it is the UK that represents the best example of the pitfalls from the interest rate cycle. The Bank of England Monetary Policy Committee’s recent hawkish rhetoric may potentially lead to a trigger for a downturn from the interest rate cycle. The uncertainty around Brexit and the stretched British consumer means that rate hikes in the UK would be a blunt instrument in dealing with temporary cost inflation from a currency devaluation which has now passed.

Additionally, with the UK consumer having taken on significant levels of personal debt since the financial crisis, interest rate rises at this stage may hamper the spending of Britons further still and create a bust in consumption from a classic rate cycle trigger.

It is on the subject of debt that we need to talk about another significant economic player: China.

China’s debt risk is considerable. Its debt to GDP ratio has surpassed 200% as the Chinese economy has pivoted from being production and export-led, to being consumption based. The 200% threshold represents a watershed moment. This is the point at which in the past countries from Japan, Spain and the Tiger economies of the Far East in the late 90s reached before they slowed significantly and endured economic discomfort.

China will likely be unable to continue growing at the 6% clip it has in the recent past given this debt level. As the world’s second largest economy, even a relatively small drop in the rate of growth could have significant consequences – not just for manufacturers, industrials and those who have seen China as the world’s workshop. It will also have an impact on retailers keen to target an increasingly wealthy Chinese consumer. Commodity prices could also be affected.

China’s demographics are also changing quickly. With the effects of the one-child policy promoted by the Chinese Communist Party in the latter part of the 20th Century becoming more apparent, China’s population is peaking, meaning a supersize generation of retirees may need to be supported by a smaller, younger cohort. This again could constrain disposable income with all the consequences that brings to business. As such, it may well be that the Middle Kingdom grows old before it grows rich.

There are plenty of warning signs which should make investors cautious about the investment landscape in 2018. This year, the old investment adage that past performance is not a reliable indicator of future results has never been truer.

Roger Jones is Head of Equities at London & Capital. London & Capital is an independent wealth and asset manager. This article has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for investment advice. Always seek appropriate professional advice.

Rising Cost of Risk in Wealth Management
High Net-worth IndividualsWealth Management

Rising Cost of Risk in Wealth Management

Can you tell us about what your company does?

As innovative online investment managers, we offer clients direct low cost access to high end wealth management that is smart, commonsense and modern. Everything we do is underpinned by 100%
transparency and treating our clients fairly.

How long has the firm been going for and where are your offices based?

The company was launched in 2009 as a reaction to the 2008 financial crisis and a desire to challenge the status quo. We are based just off Sloane Square, Westminster, in London which is very central but not in the traditional heartlands of either Mayfair or the City and the cultures that purvey the traditional establishments there.

What kind of clients do you serve and how do you approach them?

Investors who come to us are looking to bypass expensive advisers, layers of inefficiencies and high fee underperforming traditional active funds. For UK clients our entry level is £15,000, either direct or via an ISA or SIPP wrapper. For overseas clients our entry level is £150,000 or the equivalent in Euros or US Dollars. We are also delighted to work with corporates and charities but whatever the size of our clients, the same levels of fees, openness, approachability and respect apply to all.

Our approach is simple, straightforward and personal. We do not believe that anyone should invest with us unless they fully understand our offering and appreciate that no manager has a crystal ball or can predict the future. What we aim to do is to minimise costs and risks, preserve capital and produce consistent positive returns. Everything we do is underpinned by 100% transparency and treating our clients fairly.

How are wealth management firms fighting battles on two fronts; financial regulations resulting in increasingly squeezed margins, and – fundamentally – the rising cost of risk?

As originators of the True and Fair Campaign, launched in 2012, calling for 100% transparency of fees and holdings, as well as a Code of Ethics, we do not believe that financial regulations have created a truly competitive, or customer centric, market in fund management.

The industry has operated more like a cartel, profiting from a lack of price competition, new entrants, and embedded conflicts of interest.

Rather than take a strong hand on regulation, the UK regulator has seemingly deferred its responsibilities to conflicted trade bodies. The end result of this dereliction of duty is a complete lack of transparency of fees or holdings, product mislabelling, closet index tracking, inflated research costs and risk and suitability tools that are not fit for purpose.

The industry only has itself to blame for increased regulation as they have failed to put their own houses in order.
In terms of margins, the average operating margin for a UK drugs company valued at more than £2 billion is 23.4%, compared to a stonking 44.8% for a UK large fund management company in this bracket. It is no wonder that the industry is so reticent to be honest with their customers regarding their charges and fights any transparency reforms – like turkeys they do not seem to want to vote for Christmas.

To what extent do you agree that as many as 81% of wealth managers cite conduct risk as a significant focus in their firm. With this is mind, how is your firm tackling risk in your company?

According to the FCA, conduct risk centres on Politically Exposed Persons (PEPs), anti-money laundering and sustainability, but I think it can be encapsulated by how a wealth manager’s proposition and service builds and maintains trust. We focus on trust because it is fundamental to everything.

We tackle risk by ensuring we treat our customers fairly, abiding by the FCA’s very pragmatic overarching principles of ‘fair, clear and not misleading’ and apply the ‘would I tell or sell this to my mother’ test. I believe actions speak louder than words. So our proof of promise is that we invest significant sums of our own money alongside clients, on exactly the same terms and fees.

If a firm is confident they are delivering on these principles, they should not be concerned about conduct risk – the issue is that behind the slick marketing most are not putting customers first, so they should be worried.

How you can give our readership a high return on their investments?

We cannot control or predict future returns – no one can. In our investment team’s long experience, the best recipe to preserving wealth and achieving consistent returns is by staying vigilant, focusing on fundamentals, having a contrarian mind-set, concentrating on asset allocation not stock picking, which accounts for over 90% of returns, and constantly seeking to minimise costs and risk.

What challenges lie ahead for your company in 2016?

As a new challenger, our challenge is connected with brand building.

Our seven-year track record proves our innovative approach delivers, we just need to continue building consumer / investor awareness without the deep pockets of the bigger traditional brands.

Another challenge is operating a 100% fee transparency model with no hidden costs at any level when we are not playing on a level industry playing field. Traditional wealth and investment managers continue to hide between 50 – 85% of their true Total Costs.

Can you outline any specific industry based challenges you are facing now and in the future?

Via our True and Fair Campaign, which led to us contributing text for Article 24 in MiFID II, as well as the fee calculator in PRIPS, the industry is facing a seismic change in 2018. All wealth and investment managers will have to show all costs in one Total Cost number. This will be a huge challenge for tradition wealth managers as their clients will realise the fees they think they are paying are typically only one third of the true total. New entrants such as SCM Direct will finally be competing on a level playing field, and investors will finally be granted the basic consumer right of knowing how much they are paying.
Looking ahead to the future, if we can continue to thrive as a company and identify any opportunities in the market from which we can achieve more success for both our clients and ourselves, without compromising our principles and ethics, we shall be delighted.

Company: SCM Direct
Name: Gina Miller
Email: [email protected]
Web Address:
Address: 2 Eaton Gate, Westminster SW1W 9BJ
Telephone: 44 (0) 7838 8650

Outliving Money is Top Retirement Concern According to New AICPA Survey
High Net-worth IndividualsWealth Management

Outliving Money is Top Retirement Concern According to New AICPA Survey

The AICPA PFP Trends Survey of CPA financial planners—many of whom work with high-net worth individuals—found that more than half (57%) of CPA financial planners cited running out of money as the top retirement concern for their clients. This was followed by uncertainty on how much to withdraw from retirement accounts (14%) and healthcare costs (11%). The survey, which includes responses from 548 CPA financial planners, was fielded from February 3 to February 26.

When asked about the top three sources of clients’ financial and emotional stress about outliving their money, planners cited healthcare costs (76%), market fluctuations (62%) and lifestyle expenses (52%) as the primary issues. Additional causes for financial stress were unexpected costs (47%), the possibility of being a financial burden on their loved ones (24 percent) and the desire to leave inheritance for children (22%).

“With all of the financial uncertainty surrounding retirement, running out of money is directly tied to a number of issues that high-net worth clients are juggling simultaneously,” said Lyle K. Benson, CPA/PFS, and chair of the AICPA’s PFP Executive Committee. “To help alleviate their clients’ longevity concerns, CPA financial planners integrate tax planning strategies to maximize income in retirement. This approach considers a client’s current situation and anticipates their lifestyle spending in retirement to ensure they stay on track in the event of an unexpected life event.”

The survey results showed that unexpected events are not abstract concerns; they are having an impact on retirement planning for a large number of clients. These issues include long-term healthcare concerns (impacting 42% of clients), caring for aging relatives (28%), diminished capacity (26%), divorce (18%), job loss (18%) and adult children returning home (18 percent).

Some of these concerns are becoming prevalent. When asked to compare to client experiences five years ago, respondents reported increases in clients being unexpectedly impacted by long term health care concerns (59%), taking care of aging relatives (43%) and diminished capacity (39%). Taken together, these issues demonstrate the competing challenges individuals face when planning for their retirement and the need for sophisticated planning advice to meet their goals.

“The PFP Trends Survey found that the issues impacting retirement planning are constantly evolving, underscoring the need for a sophisticated financial plan that changes with a client’s situation,” said Jeannette Koger, CPA, CGMA, AICPA vice president of Member Specialization and Credentialing. “The AICPA’s Personal Financial Planning Division is dedicated to offering our members tools and up-to-date guidance and resources so they can continue to meet the complex retirement needs of their clients.”

Wealth-X Reveals: The Wealthiest Women In Tech
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Wealth-X Reveals: The Wealthiest Women In Tech

The 58-year-old boasts a US$1.3 billion fortune, the bulk of which is derived from profits from the sales of her shares in eBay, a company that she led from 1998 to 2008 during its dramatic expansion.

Ranking second on the list is Facebook chief operating officer Sheryl Sandberg, whose net worth totals US$1.22 billion. Upon joining Facebook in 2008, Sandberg received company stock as part of her compensation plan. Since 2012, she has been selling off her Facebook shares, generating more than US$700 million in cash before taxes. However, she still holds US$430 million in Facebook stock.

Alibaba co-founder Lucy Peng (also known as Peng Lei) took third place on the Wealth-X list with a personal fortune of US$1.2 billion. The 42-year-old executive, who heads Alibaba’s new Ant Financial Services Group, became a billionaire in 2014 upon the valuation of the Chinese e-commerce giant prior to its record-setting IPO.

The youngest female tech executive on the list is 39-year-old Marissa Mayer, CEO of Yahoo, who has a net worth of US$410 million.

The net worth of the women on the Wealth-X list still lags far behind their male peers in the technology sector. Microsoft founder Bill Gates, for example, has a net worth of around US$85.1 billion, according to Wealth-X estimates, while Mark Zuckerberg, the 30-year-old Facebook chairman, is worth at least US$35 billion.

ACE to Acquire Fireman's Fund HNW Personal Lines Business from Allianz
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ACE to Acquire Fireman’s Fund HNW Personal Lines Business from Allianz

ACE Limited today announced it has signed a definitive agreement to acquire the Fireman’s Fund high net worth personal lines insurance business in the United States from Allianz for US$365m. The acquisition expands ACE’s position as one of the largest high net worth personal lines insurers in the US.

The Fireman’s Fund business will be integrated into ACE’s existing high net worth personal lines business, ACE Private Risk Services, which offers a broad range of coverage including homeowners, automobile, umbrella and excess liability, collectibles and yachts. In 2013, Fireman’s Fund had US$891m in personal lines gross written premiums and ranked third among insurers serving the US high net worth consumer market.

“High net worth personal lines remains a strategic growth area for ACE and ACE Private Risk Services has quickly established itself in this space,” said Evan G. Greenberg, Chairman and Chief Executive Officer, ACE Limited. “The addition of the personal lines business of Fireman’s Fund will reinforce and advance ACE’s position as a premier provider of insurance to the high net worth market. We are proud to welcome their valued clients and producers to our company.

“ACE will also benefit from the addition of one of the industry’s most respected personal lines organizations including talented claims, underwriting, actuarial and marketing professionals. The Fireman’s Fund team joining us has a deep understanding of the high net worth market and strong relationships with the agents and brokers serving this discerning clientele. In addition, because we’ve built ACE Private Risk Services for growth, we have a robust infrastructure that gives us the opportunity to absorb the business, leverage our existing operations and systems and scale this business efficiently and immediately.”

The acquisition includes the renewal rights for new and existing business, reinsurance of all existing reserves, and access to an extensive network of approximately 1,100 agents and brokers. The transaction, which is subject to customary closing conditions, including insurance regulatory approval, is expected to be completed in the second quarter of 2015 and be accretive to earnings immediately.

Virgin Boss Richard Branson Offers Staff Unlimited Annual Leave
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Virgin Boss Richard Branson Offers Staff Unlimited Annual Leave

Writing on his website the entrepreneur said that every member of his 170 personal staff could:

“take off whenever they want for as long as they want”

He continued to state that staff would not need to ask for permission or give details as to the length of their break. He stated that the driver for the success of the initiative was that any leave taken would not cause any detriment to anyone or anything.

Explaining how he thought it was more important to focus on the work people get done as opposed to the time they are in the office, he continued:

“The assumption being that they are only going to do it when they feel 100% comfortable that they and their team are up to date on every project and that their absence will not in any way damage the business – or, for that matter, their careers!”

Explaining why he was taking such a surprising decision, the Virgin chief said he had been inspired by his daughter. According to the 2014 winner of the Business for Peace Award she had told him about a similar process that is in place at online TV company Netflix.

The Virgin policy has been introduced for Mr Branson’s staff in the United Kingdom as well as employees in the United States where he said:

“vacation policies can be particularly draconian”

The blog entry on the billionaire’s website has been taken from a book that Mr Branson will be launching later this year.


London Overtakes Hong Kong to Become World's Most Expensive City
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London Overtakes Hong Kong to Become World’s Most Expensive City

Official figures show the average London house price is above £500,000.

IR Stone /

 The Savills Live/Work Index top 12 world cities analysed the annual cost of living in rented accommodation and office space for one person. House prices and exchange rates were among other determining factors to index the most expensive cities.

As well as beating Hong Kong into second place, London came higher than New York in third, Paris at four and Tokyo at number five.

The full list by annual cost of an employee is:

• London – USD120,568 (GBP73,513)
• Hong Kong – USD115,717 (HKD896,983)
• New York –USD107,782
• Paris – USD105,550 (EUR82,116)
• Tokyo – USD76,211 (JPY8,280,558)
• Singapore – USD74,890 (SGD94,919)
• Moscow – USD70,499 (RUB2,715,517)
• Sydney – USD63,630 (AUD71,866)
• Dubai – USD52,149 (AED191,548)
• Shanghai – USD43,171 (CNY264,991)
• Rio de Janeiro – USD32,179 (BRL77,638)
• Mumbai – USD29,742 (INR1,814,277)

Launched in 2008, the Savills index is a strong indicator to the stability of the markets in the countries and is dominated this year by the top four in the six years since it was first compiled.

The index is also indicative of how the more mature investment markets have performed against emerging economies, according to Savills.

This year saw London rise above Hong Kong largely because of a combination effect, said the estate agent.

A falling residential rental market and weakening Hong Kong dollar has seen total real estate costs fall by a half year annualised rate of 11.2% in US dollar terms.

Conversely, real estate costs in London rose by a US dollar annualised rate of 10.6% in the same period.

The latest figures from the Office of National Statistics in the UK show that London house prices have risen by 11.7% to July this year, with the average price exceeding £500,000 ($820,436.28).

Warning Issued to Gold Investors
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Warning Issued to Gold Investors

Gold Sovereign coins are available from just £197 – Picture courtesy of Shutterstock

 The Royal Mint is looking to expand the bullion business through the site, by offering what it called ‘relatively affordable’ coins for sale.

Shan Bissett from The Mint said:

“We want to help expand the bullion market, particularly as coins offer a relatively affordable introduction,”

Among the items the site offers for sale are:

• Gold Sovereigns costing £197 ($322)
• Larger gold Britannias costing £800 ($1310)
• Silver coins costing from £19 ($31)

With inexperienced investors being targeted, financial adviser Martin Bamford warned caution, saying:

“Gold can go up but it can plummet as well,” he said. “It is risky and there is no income attached.”

Larger investors are also being targeted by The Mint through the creation of a bullion storage facility. Coins will be held in a vault with Ministry of Defence guards at Llantrisant, The Mint’s secure site in South Wales.

Access will be restricted to people purchasing a minimum of 25 Sovereigns, a tube of 10 Britannias or equivalent value purchases.

The present price of gold is £743 ($1,214) per ounce, over £400 lower than the price three years ago.

Oracle Boss to Step Down
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Oracle Boss to Step Down

Courtesy of Shutterstock

Mr Ellison, one of the world’s richest people, will still remain an integral board member however.

The chief executive will be replaced by Mark Hurd and Safra Catz as co-CEOs, with Mr Ellison, 70, stepping into the chairman and chief technology officer roles.

Still an influential position, it means that Mr Ellison will head up the hardware and software engineering units.

In a statement, the board president of Oracle, Michael Boskin, said:

“Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy.”

Bright Future Despite the Cloud

Mr Boskin went on to say that the directors were ‘thrilled’ with the appointment of Mr Hurd and Ms Catz. Exclaiming that both were ‘exceptional executives’ he said they would oversee a bright future for the firm.

The company confirmed that Mr Hurd will direct the business, sales and service units at Oracle with Ms Catz running finance, legal and the manufacturing units.

The reshuffle at the top of Oracle takes place amid a challenging environment for the firm. With large organisations and corporates shifting to working on the cloud computing platform, a reduction in the number of software licences being sold is being seen.

The timing has left many analysts and commentators confused.

Analyst at FBR Capital Markets, Daniel Ives, said that despite there being widespread speculation that Mr Ellison would leave his CEO role, the timing had left him scratching his head.

Fifth Richest

Mr Ellison has an estimated personal wealth of around $51.3bn, making him the fifth richest man in the world. Funding the company with just $1,200, his is a dazzling success story.

Much of his fortune is tied up in Oracle however, where he has a 25% stake holding.

Somewhat of a character, with many activities in his personal life gaining the attention of the press, he was also a very good friend of the late Steve Jobs.

One notable mention of his personal interests away from work came last year.

Personally financing Oracle Team USA in the 34th America’s Cup yacht race, he celebrated the title win as the highly engineered double-hulled yacht clinched victory from Emirates Team New Zealand in what was an exciting final round in San Francisco Bay.

Trailing the New Zealand team by a significant margin, Oracle Team USA stunned everyone by winning the last eight races to come from behind,retaining international sport’s oldest trophy.

Report Suggests Half of China's HNWIs Want to Leave
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Report Suggests Half of China’s HNWIs Want to Leave

Courtesy of Shutterstock

 According to the survey by the British bank, many high net-worth individuals in China are looking to developed markets overseas to secure a better life for their families.

With many saying they are considering moving within the next five years, the driving force is all about getting access to better education and jobs for their children.

Canada and Hong Kong Favoured

Europe and the US are popular destinations, according to the Barclays Wealth Insights report, though Hong Kong and Canada were singled out as the two most attractive. London, New York and Singapore were also favoured by many.

Surveying over 2,000 investors and HNWIs with a total net worth of $US1.5 million or more, the report also found that globally, 29% are looking to relocate abroad. However, this is considerably shy of the Chinese figure of 47%.

The least likely to move were those living in India and the US, with just 5% and 6% respectively.

Analysing the report, Barclays said that the entrepreneurial spirit and greater appetite for risk that the wealthiest often display increases the likelihood that they will move abroad to look for opportunities to exploit.

For Sale: Tropical Island in the Maldives with Hotel Planning Permission
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For Sale: Tropical Island in the Maldives with Hotel Planning Permission

Courtesy of Debutesq

Orivaru is the next tropical holiday destination of note – a 14 hectare island which is ringed by the dazzling white sands for which the Maldives are renowned. One of the most popular destinations in the world for relaxing, romancing and scuba diving amid the stunning coral reefs, the Maldives is already a popular holiday destination for many.

And this island is the ideal location for a luxury hotel and spa – planning permission for which has already been granted.

With its stunning palm-rich Maldivian landscape the island is naturally tailor-made for the five-star hotel and spa which the Ministry of Tourism has already paved the way for. Planning permits already issued by the ministry allow for the development of a luxury island resort with:

• 100 five star private rooms
• Water villas around Orivaru‘s coastline
• Restaurants
• Guest lounges
• Swimming pools
• Wellness spa.

The island also boasts a natural port. Ideal for berthing boats and seaplanes without disrupting the natural beauty of the island, it is also perfect for the 100 mile transfer north from Ibrahim Nasir International Airport in Malé.

In the same group of islands as Minaavaru, home to the Hilton resort and spa, Orivaru is being marketed by the Debutesq Group.

Alan O’Connor, the director of Debutesq said:

“being just 45 minutes by seaplane from Male International Airport, this could no doubt become another very successful tourist destination.”

Going on the explain how a Russian investor recently bought an island in the Maldives for $65m, Mr O’Connor advised that the market for island purchases is strong.

Available at a price in the region of $14 million, the purchase comprises a long leasehold from the Maldivian government.

Hong Kong Entrepreneur Buys 30 Rolls
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Hong Kong Entrepreneur Buys 30 Rolls

Courtesy of Shutterstock

The cars, all personalised Rolls-Royce Phantoms, will be used solely to take guests to and from the hotel and casino at Hung’s new Macau gaming resort. The complex, which has been said to be the most extravagant in the world, sees the penthouse suite priced at $130,000 per night.

Most Expensive Phantoms

Of the 30 cars, two of them will be the most expensive Phantoms that the luxury car manufacturer has made. Said to be worth around $1m each, Hung, the chairman of the Louis XIII company explained the purchase:

“Louis XIII and Rolls-Royce Motor Cars share the same philosophy: to deliver the perfect experience to the world’s most discerning customers,”

Mr Hung was speaking at a signing ceremony for the record deal at the Goodwood, UK HQ of BMW-owned Rolls-Royce.

The personalisation of the long wheelbase Phantoms on the order include:

• custom red bodywork
• black leather interior with detailing echoing the lobby of the hotel
• bespoke clocks by Graff

Rolls-Royce, who has also designed the driveway for the Cotai Strip complex has said it will train the chauffeurs to handle the unique nature of the cars.

Under the terms of the contract, Louis XIII will pay Rolls-Royce a $2m deposit upfront followed by another $3m in December. The $15m balance will be paid upon delivery of the cars.


HNWIs Increasing Family Investments
High Net-worth IndividualsWealth Management

HNWIs Increasing Family Investments

High-net-worth-individuals are increasingly diverting investments into family businesses, according to the results of a survey by KPMG.

The trend is seeing a drop in the amount of funding family firms are raising from traditional banks and financial institutions. According to the findings of the report, 36% of family businesses have had recent problems accessing bank loans to finance their projects, fuelling a hunt for alternative investment.

The global survey by the professional services firm also found:

• 44% of HNWIs have previously invested in family businesses
• 95% have had a positive experience
• 76% hold a majority stake in the business
• 60% are actively looking for investments
• A ‘reasonable’ risk and return structure is sought
• Investments are taking a long-term capital appreciation view
• 58% of family businesses are seeking external financing

A Challenging Environment for Family Businesses

The survey, which asked the opinion of 125 family businesses showed that increasing numbers of them are facing a challenging environment to source adequate financing. The survey also asked 125 high profile HNWIs, asking them about their experiences with investing in family businesses and how they see the relationships working.

According to the findings, family businesses contribute over 70% of the world’s GDP. However, many of them are seeing their financing options being evermore restricted. This is risking the potential for growth, with families put off of securing offered private equity (PE) funding as demands often include selling 100% of the business to maximise exit events.

Despite this though, PE and venture capital remain the preferred route to funding.

Strategic investments from corporates, (the second preferred funding route), also see family business investment as a route to full ownership however, another reason for reticence on the part of the seeker, who want to retain control of their business and keep key information confidential.

This is seeing high-net-worth-individuals (HNWIs) take up the slack.

Global Wealth of $53 Trillion

Estimates by KPMG suggest that the top 14 million HNWIs are worth a collective wealth of $53 trillion on a global level, with their priorities often closely aligned with those of famil businesses. Many of them have direct experience in family business themselves.

Both target long-term capital appreciation as a top investment driver for example, 37% in the case of HNWIs and 23% in the case of family businesses. The route into top quality education is a factor in this decision, with the Global Head of Family Business at KPMG, Christophe Bernard saying:

“From the survey, education and awareness on the potential benefits of these partnerships have emerged as important first steps to link these two groups.”

With their collective worth and the investment route being largely under-optimised at present, advisors could see increasing engagements to facilitate Family Office and HNWI tie-ups.

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UK Prime Housing Market Hit by Tax Rises

According to the study by property data company Lonres and analysts Dataloft, the double impact of tax rises and fears over the introduction of a so called ‘mansion tax’ are affecting sales of homes worth £2m ($3.225m) (EUR1.25m) or more.

Properties Withdrawn

The findings reveal that in the last six months to the end of June, over half of all properties listed in London’s most exclusive areas have been taken off the market.

People looking to purchase homes worth over £2m have been hit with a 7% stamp duty charge.

Before the changes, the rate with which properties were withdrawn from the market settled between 20% and 30%. The increase to 50% is the high point of consistently increasing withdrawal rates since the increase in stamp duty.

The MD of Lonres, Anthony Payne, told the FT:

“The £2m stamp duty and mansion tax threshold remains a sticking point in the market.”

Mansion Tax

The market for high-end properties in the UK capital has been slowing down for some time now. However, the rate of slowdown seen at the moment could be set to increase exponentially.

With the general election slated for May next year, both the UK Labour Party and the Liberal Democrats have announced plans for a so called ‘mansion tax’. Under the plans, the annual levy will see the owners of high-value homes mandated to pay additional charges on their properties.

Mr Payne continued to explain:

“A raft of taxes aimed at the upper price thresholds, the strengthening of sterling, talk of a mansion tax, increased stability in the global economy and the upcoming general election have all combined to affect sentiment [of buyers].”

With the slowdown seeing discounts on many houses of 10% or more, the most luxurious postcodes in London seeing the highest rate of withdrawals and the tax increase affecting social mobility rates for many families, industry analysts are warning of more withdrawals.

Singapore's Top 10 Billionaires Revealed
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Singapore’s Top 10 Billionaires Revealed

In land-scarce Singapore, real estate is king. That is why Philip Ng, CEO of Far East Organization, is the richest man in the Southeast Asian city-state with an estimated net worth of US$5.2bn, according to a new list compiled by Wealth-X, the ultra high net worth intelligence and prospecting firm, of the top 10 Singapore-based billionaires. Nearly 80% of the property tycoon’s net worth comes from his real estate holdings.

Ng’s net worth accounts for about one-fifth of the combined wealth of the 10 individuals on the Wealth-X list, which includes citizens of Brazil, New Zealand and Indonesia who have established their primary business addresses in Singapore and reside there.

Ng, 55, became CEO of Far East Organization in 1991. His father founded the company 31 years earlier, and it has grown to become Singapore’s largest private property developer with 750 properties in the residential, hospitality, retail, commercial and industrial sectors. A notable philanthropist, Ng has given generously to universities and educational institutions in Singapore. The new Jurong General Hospital in Singapore is to be named after his father, Teng Fong Ng, following a donation of more than US$95m by the Ng family in March 2011.

In the number two spot – and the youngest billionaire on the list – is 32-year-old Brazil-born entrepreneur Eduardo Saverin, co-founder of Facebook. Saverin moved to Singapore in 2009 and renounced his American citizenship ahead of Facebook’s IPO filing in 2012, a move that reportedly saved him millions of dollars in taxes.

New Zealand-born Richard Chandler is third on the list. Chairman of the Chandler Corporation, a Singapore-based business group that invests in public and private equity, his net worth is US$2.8bn.

There are 27 billionaires in Singapore with a combined net worth of US$64bn, according to the Wealth-X and UBS Billionaire Census 2013.

Who are the World Cup’s Richest Players?
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Who are the World Cup’s Richest Players?

Cristiano Ronaldo, Portugal’s forward and captain, has been named as the wealthiest footballer competing in this year’s World Cup by ultra high net worth intelligence and prospecting firm Wealth-X.

With an estimated net worth of US$230m, Ronaldo’s personal fortune accounts for nearly one quarter of the combined net worth of the 10 players in the Wealth-X World Cup Rich List, beating other high-profile soccer players such as Lionel Messi from Argentina and England’s Wayne Rooney.

Nearly all of the footballers on the list are current or past players in the English Premier League, the only exceptions being Messi and Italian goalkeeper Gianluigi Buffon.

England has more ultra wealthy soccer players on the Wealth-X World Cup Rich List than any other country: forward Rooney (US$95m), and midfielders Frank Lampard (US$60m) and Steven Gerrard (US$55m).

The 2010 World Cup champions, Spain, have only one ultra wealthy footballer on the list, Fernando Torres, who has an estimated net worth of US$50m.

Host nation Brazil, which last hosted the World Cup in 1950 and since then has established itself as a dominant power, winning football’s greatest trophy a record five times, does not have a player on the Wealth-X list although their star player, Neymar, has an estimated net worth of US$25m.

Buffon, who has an estimated net worth of US$50m, is the only goalkeeper in the list, which primarily consists of midfielders or strikers.


Who Wants to Be a Millionaire? Not the Brits
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Who Wants to Be a Millionaire? Not the Brits

According to a survey by YouGov on behalf of direct bank first direct, for almost a quarter of people in the UK a sudden windfall of up to £50,000 would be enough to change their lives, with only 12% hankering to be millionaires.

They have no interest in “flashing the cash” by going on exotic holidays or buying expensive sports cars, the researchers found. Instead, they just want enough money to pay off their debts and treat their families.

And almost one in five (19%) confessed that even if they did come into life-changing wealth they would not change their jobs.

The poll of 2,300 adults was conducted to discover what “life-changing” means in post-recession Britain.
Andy Forbes, Head of Products at first direct, said: “We might dream about a Lottery jackpot, but the reality is that most of us aren’t interested in bigger houses or flash cars. Instead, we just want the simple security of knowing we can pay the bills each month and not get into more debt.

“These days we equate financial happiness with being able to provide simple treats for our families, rather than having enough money to quit our jobs or go on luxury holidays.”

The survey also found that:

For just over half the population (52%) a minimum of £100,000 would be a life-changing amount, while almost one in eight (12%) say they would need £1 million.

A quarter of people said paying off their debts would be the biggest priority.

Just over one in ten (11%) would invest a big windfall, with a similar number using the cash for a holiday or a new car.

60% of women said they would use any new-found wealth to change their looks

While only a third of women said a sudden financial windfall would lead them to changing their friends, 45% would look at swapping their partners

Londoners are most likely to ditch their partners, while the Welsh are tops when it comes to loyalty to partners and friends.


Millionaires' Top Five Past Investing Mistakes
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Millionaires’ Top Five Past Investing Mistakes

The top five most common mistakes made by millionaires are failing to diversify, investing without a plan, making emotional decisions, failing to review a portfolio, and placing too much focus on previous returns, finds a poll by one of the world’s largest independent financial advisory organisations, according to a new survey.

In the global deVere Group survey of 880 high-net-worth clients, when asked to reveal their number one investing mistake before seeking professional advice from deVere, 23% cited failing to adequately diversify their portfolio.

22% responded investing without a plan, 20% said it was making emotional decisions, 16% answered failing to regularly review the portfolio, and 14% claimed it was focusing too heavily on the history of an investment’s returns.

5% cited other errors, including impatience, investing near the top of the market, adhering to recommendations from acquaintances, and paying tax on the investments unnecessarily, amongst others.

Those polled by the organisation, which has more than 80,000 clients worldwide, are based in the UK, the US, South Africa, Hong Kong, Japan, the UAE, Indonesia and Thailand and have investable assets of more than £1m.

Of the survey, Nigel Green, deVere’s founder and chief executive, observes: “Interestingly, there are minimal differences between the top five most common investment mistakes previously made by high-net-worth individuals.

“This close weighting could suggest that, according to the respondents, all of them are almost equally as significant and costly – and therefore must be avoided.”

On the breakdown of the poll, he continues: “As the survey highlights, failure to diversify a portfolio is widely regarded as one of the most common investment pitfalls. Spreading your money around is a vital tool to manage risk. However, it must be used correctly. Diversification will only add real value if the new asset has a different risk profile.

“The poll underscores how 22% of today’s millionaires have also in the past fallen into the all-too-familiar trap of randomly investing, or investing without a structured, robust plan. Anyone who has an investment plan can expect their portfolio to outperform those without a plan. To my mind, unless you have a sound investment plan you are gambling, not investing.

“Most decisions in life are emotional to some degree but making excessively emotional decisions can prove deadly when it comes to investments because they are blighted by prejudices and biases. Working with an independent financial adviser is one recommended way to help take excessive emotion out of the equation.

“16% of respondents cited that failure to review their portfolio on a regular basis was their number one investment mistake. This is not surprising as even the best portfolios can go off-target over time. Investments need to be reviewed and potentially rebalanced at least annually, preferably more often, to ensure they still deserve their place in the portfolio and that they are still on track to reach your long-term financial objectives.

“Additionally, high-net-worth individuals told us that they have in the past been caught out by relying too much on historical returns and not giving enough importance to future expectations. The future investment situation is likely to be different from time-aged averages. Past averages may have little bearing on the current environment and therefore the actual returns you receive.”

deVere Group’s CEO concludes: “Mistakes investing can and do occur – it is how they are best avoided, or at least mitigated, that is the key to success. Learning lessons from people, like those we polled, who have overcome these common investment mistakes to go on to accumulate significant wealth in the longer-term is a way to reduce costly errors.

“Due to the complexities of investing and the potentially devastating effects of committing expensive avoidable errors, the best thing to do is to seek advice from a professional independent financial adviser who will help circumnavigate the common and not-so-common pitfalls. Avoiding just one of these mistakes – and there are many others – can literally make the difference between poverty and financial freedom.”

Jerry Seinfeld Hollywood's Richest Actor
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Jerry Seinfeld Hollywood’s Richest Actor

With an estimated net worth of US$820m, comedian Jerry Seinfeld is laughing all the way to the bank.

The 60-year-old entertainment icon emerged as the wealthiest actor on the Hollywood and Bollywood Rich List compiled by ultra high net worth intelligence and prospecting firm Wealth-X.

To compile the list, Wealth-X identified the wealthiest TV and movie actors from the US and India. The combined personal fortunes of the stars on the list total US$4.68bn.

The co-founder of the eponymous TV comedy “about nothing” significantly increased his fortune through off-network syndication deals for “Seinfeld,” giving him at least US$400m in the fifth syndication agreement last year. He has also acted in numerous films, including the animated feature “Bee Movie.”

Taking the second spot – and the only Bollywood actor on Wealth-X’s top 10 list – is movie star Shah Rukh Khan, who is estimated to be worth US$600m. Immensely popular around the globe as well as in his home country, India, where he is referred to in the media as “Badshah of Bollywood” or “King of Bollywood,” Khan is also a producer, TV host, co-owner of an Indian cricket club and a philanthropist. He has appeared in more than 50 Bollywood films and is a regular at the annual Cannes Film Festival.

Several Academy Award winners are featured on the list, including three-time Oscar winner Jack Nicholson, who has a net worth of US$400m, which puts the 77-year-old actor in 7th spot. Tom Hanks, who won best actor Oscars for “Philadelphia” and “Forrest Gump,” is in 8th place with a personal fortune of US$390m.

Clint Eastwood, who at 84 is the oldest actor on the Rich List, has an estimated personal fortune of US$370m, making him the 9th wealthiest actor on the list.

Vincent Mercer joins Oracle Capital Group Advisory Board
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Vincent Mercer joins Oracle Capital Group Advisory Board

Oracle Capital Group, the global independent multi-family office and wealth consultancy, have announced the appointment of Vincent Mercer to its Advisory Board. Mercer, an experienced lawyer, is recognised as an expert in the regulation of financial services in the UK.

Mercer began his career at the London Clearing House in 1983 where he worked on the then emerging UK regulatory structure, contributing to both the Financial Services Act 1986 and the market default procedures in the Companies Act 1989.

His subsequent roles included Head of Risk Management for the London Stock Exchange’s Traded Options Market (1987 to 1991) where his responsibilities included the clearing, settlement and risk management of the Stock Exchange’s former equity options.

Mercer established his own law firm in 1991 which later merged with top 50 city law firm Speechly Bircham, where he became a partner in its financial services group. Vincent retains an ongoing consultancy role with Speechly Bircham.

The most recent appointment to the Advisory Board prior to Mercer was former Home Secretary David Blunkett. The Board is chaired by Martin Graham, former Director of Markets and Chairman of AIM at London Stock Exchange.

Commenting on the appointment Martin Graham, Chairman of Oracle Capital Group, said: “We are delighted to welcome Vincent to our Advisory Board. The expertise he has gained over a long and rich career will be especially valuable in the current complex regulatory environment as we continue to develop and grow the business across our key markets.”

Mega Advisor Teams Control 42% of the Advisory Marketshare
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Mega Advisor Teams Control 42% of the Advisory Marketshare

New research from global analytics firm Cerulli Associates, predicts that target-date strategies will capture 63.4% of 401(k) contributions in 2018.

“Mega teams are well situated to attract high-net-worth clients,” comments Kenton Shirk, associate director at Cerulli.

“One of many reasons is their size, which allows advisors to offer a greater breadth and depth of expertise to serve the complex needs of affluent clients.”

The second quarter issue of The Cerulli Edge – Advisor Edition examines how established practices can build a scalable practice model to support continued growth, and takes a closer look at how advisors and service providers can shift their focus from mass-affluent clients to the high-net-worth market.

“Mega teams are also ideally positioned to make acquisitions,” Shirk explains. “Their financial success reduces the burden of financing, and the scale of their operational infrastructure makes it easier to service additional clients.”

“As a growing number of advisors near retirement age, acquisitions will help mega teams grow at even faster rates,” Shirk continues.

Cerulli believes that mega teams will continue to grow their marketshare of advisory assets. Broker/dealers and custodians that proactively help their advisorforces step up to the next asset bracket will be well positioned to share in their success.

Over Half Believe Wealthy Starts at £10m
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Over Half Believe Wealthy Starts at £10m

A recent survey by Oracle Capital Group, the independent international multi-family office, has shown that more than 55% of people believe that to be deemed wealthy today you need to be worth more than £10m.

More than 20% of these respondents believe that you can only be deemed wealthy if you enjoy a personal fortune of £100m or more.

In contrast to previous decades when the term ‘millionaire’ indicated significant personal wealth, it is clear that our perceptions of what it means to be wealthy have changed. Factors such as inflation and escalating house prices have driven living costs higher, and a million GBP in assets no longer has the cachet and purchasing power
it once did.

The results of the survey highlight the impact of the vast personal wealth accrued by many celebrities and other figures in the public eye. Two thirds of respondents believe that the high visibility of wealthy celebrities has skewed our perceptions of wealth, with almost half of all respondents attributing this to the earnings of sports stars.

Of the other respondents, a fifth felt that remuneration in the media and arts most skewed perceptions of wealth, while 18% chose the salaries and bonuses enjoyed by business executives and financial professionals. 13% of respondents believe that the technology sector has most affected our perceptions of wealth, a reflection of the high profile successes of tech start-ups such as facebook, WhatsApp and Twitter which have generated fortunes for
their founders.

Yury Gantman, CEO of Oracle Capital Group, commented: “Clearly the idea of wealth is relative, but what is clear is that the word ‘millionaire’ does not necessarily now conjure up the sense of significant wealth that it did until relatively recently; today, it’s more about being a ‘tenmillionaire’.

“Many people who own properties in the London area have become millionaires by virtue of the dramatic inflation of house prices, but would not necessarily regard themselves as HNWIs (high net worth individuals). This is undoubtedly a reflection of growing living costs which, alongside the housing market, have affected food prices, school fees, travel and other household outgoings, but also – as indicated by our survey – because their own personal assets are dwarfed by the immense and highly publicised fortunes of footballers, film stars, hedge fund managers and tech billionaires.”

deVere Group Backs IFS Concerns
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deVere Group Backs IFS Concerns

One of the world’s largest independent financial advisory groups is supporting a leading economic think tank’s warnings about the UK’s reliance on tax revenue from a small number of better
off individuals.

It comes after its own research finds a growing number of the well-paid are looking to move themselves and their funds out of the UK.

The Institute of Fiscal Studies (IFS) is raising concerns that “lumping more taxes on the rich” is putting the country’s long-term finances at risk; whilst deVere Group reports that more than half (56 per cent) of its UK-based ‘high earner’ clients say they want to leave Britain within the next five years.

Nigel Green, founder and chief executive of deVere Group, comments: “The IFS is absolutely right to raise the alarm on ‘soaking the rich’ because these people, typically, have the resources to move to lower tax jurisdictions if the tax burden in the UK becomes too great. They are internationally mobile.

“Should they emigrate – and according to a recent deVere poll a high number very well could – government finances will suffer considerably because they contribute a disproportionately large amount to the state’s coffers. 30 per cent of all income tax and 7.5 per cent of total tax revenue is paid by those earning £150,000 a year or more.

He continues: “In a recent survey of more than 190 high earning clients, more than half revealed that they are considering a move to live and work or retire overseas within the next five years. The primary reason for this is that they feel taxation in Britain is stifling their financial ambitions.

“They tell us that they believe their hard-work, aspiration and success is being punished and they fear more punitive taxes on achievement could be on their way. As such, many are considering their options outside the UK.

“This should be a wake-up call for political leaders because the state is reliant on these people’s taxes.”

Mr Green concludes: “If the government is serious about having the better-off pay more tax, they should cut rates further and allow them to become wealthier. This would incentivise top achievers, who prop-up ‘The System’, to remain in the UK. However, I suspect that implementing this economically-sound philosophy would be political suicide for many politicians in the current climate.”