Damian Bloom

“There is an inbuilt conflict between tax efficiency, and investment flexibility.” Damian Bloom, Partner – Head of Private Client

Wealth Management Institutions

You don’t need us to tell you that the tax, regulatory and compliance environment for wealth management institutions and their high-net-worth clients is increasingly harsh and complex. However, you can rely on us to advise you on the best course of action for your own tax and regulatory issues, and in the supply of your services to your clients.

We advise 15 out of the world’s top 20 wealth management institutions. In addition, our private clients have assets with over 70 of the top 100 wealth management institutions, with whom we work collaboratively.

Specifically, institutions have sought our expert advice on:

  • Structuring investments and services for the high-net-worth clients of private wealth management institutions
  • Tax structuring
  • Situs of assets and source of income for tax purposes
  • Segregated account structuring
  • Establishing investment and trading platforms
  • Remittance advice in banking and investment structures
  • Powers of attorney in banking arrangements
  • Domicile and residence
  • Fiduciary duties and obligations
  • Regulatory and compliance disputes
  • Tax issues
  • Estate and succession issues
  • Reputational and risk management

Case studies

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    A tax-risk toolkit for a major bank’s private wealth division

    The private wealth division of a major bank wanted to make sure its bankers were selecting and managing investments that were appropriate for their clients’ tax position.

    We developed a tax-risk toolkit for their senior bankers – a set of checklists and flowcharts that flagged up when investment or structuring decisions would create tax-risk. Staff would then refer flagged issues to the in-house tax team. The toolkit reduced tax-risk without causing delays.

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    Careful on-boarding does not have to mean delays

    A UK investment manager asked us to test their on-boarding compliance process for UK resident non-UK domiciled clients. We recommended that they change the risk-weighting of some factors – and add extra questions that would help make sure that relevant compliance issues were identified.

    These changes helped our client set a gold-standard for compliance – without the commercial handicap of a slow and overly cautious process.

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    Notify quickly when things go wrong

    An international private bank had sold tax-efficient portfolios to high-net-worth clients. The bank realised it had made mistakes in structuring several substantial portfolios, and may have breached regulatory rules by giving tax advice.

    First we advised the bank on possible tax errors, and the extent to which it may have given tax advice. Then we advised the bank on how to approach the regulator. With our help, the bank explained the breach, what it was doing to resolve it, and the steps it would take to make sure that it did not happen again. Full disclosure – and a clear plan of action – helped limit regulatory action.

"Diversity and depth of expertise, professionalism, responsiveness, practicality and being alert and proactive with respect to new developments are all major strengths of this team."

Chambers UK, 2016 – Tax

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