Currently there are around 126,000 US nationals residing in the UK, according to the Office for National Statistics, and ongoing regulatory changes mean there is an increasing demand for dual jurisdiction investment management and tax reporting.
This burden has increased considerably with the arrival of the Foreign Account Tax Compliance Act (FATCA).
Logie Fitzwilliams, head of Brown Advisory’s international business, said: “Over the past five years as we developed our business in London, we noticed how American citizens living in the UK struggle to obtain investment management services as many firms are turning away clients with connections to the US.”
HSBC is one such company to have cut ties with expat US clients, while other firms, such as Signia Wealth and Vestra Wealth have chosen to close in on the niche opportunity by seeking registration with the US Securities and Exchange Commission, or setting up US operations.
Fitzwilliams continued: “Increased regulation has made it more difficult for UK wealth managers to work with US expats, but with our 20-year history of managing assets for private clients in America, it was clear our business is perfectly positioned to offer an investment solution while clients remain in the UK and, in addition, to provide a seamless transition should they return to the US. We believe our American roots are a key differentiator for us.”
Brown Advisory manages approximately $20bn for families and private clients globally, with its private client services team in London headed by Simon Peck, who was previously CEO of the UK asset management business of Fleming Family & Partners.
Quintin Ings-Chambers works alongside Peck having joined at the same time as him in December last year. He was previously investment director at SG Hambros.
Peck said: “A high proportion of US citizens in the UK are experienced and wealthy individuals. It is likely they will have built up assets on both sides of the Atlantic and wish for these to be managed efficiently with one overall strategy.
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