UK Government
With UK prime minister Theresa May clinging on to her job following the surprise hung parliament election result, there have been some key changes to her cabinet that could impact financial services.
Work and pensions secretary Simon Kirby lost his seat and has been replaced by chief secretary to the Treasury David Gauke.
Gauke’s replacement at the Treasury has been named as Liz Truss, who was previously justice secretary.
Despite rumours of his potential political demise, chancellor of the exchequer Phillip Hammond has kept his job. The success of the ‘confidence and supply’ agreement between the Conservative Party and Northern Ireland’s Democratic Unionist Party (DUP) will determine how far Hammond will get in the plans outlined in the Spring Budget.
Australia Tax Office (ATO)
Deputy ATO commissioner Michael Cranston has resigned after being formally charged in connection with a A$130m (£77m, $98m, €87m) fraud involving his son and daughter. He is not believed to have been involved in the fraud but has been accused of using his position to help his son, Adam Cranston, who was under investigation.
Michael Cranston had worked for ATO for around 35 years and worked with various prime ministers are part of his role to clamp down on tax avoidance.
He is one of 11 people caught up in scam that used taxpayer money to fund lavish lifestyles, with money reportedly used to buy cars, properties, firearms, and aircrafts.
Killik & Co
Private client investment house Killik & Co has appointed Svenja Keller as head of wealth planning with immediate effect. She will be responsible for developing and leading the firm’s wealth planning arm.
Keller joins from Investec Wealth & Investment where she spent a year as financial planning director, responsible for building the financial planning team. She has previously held roles at UBS Wealth Management, latterly as deputy head of financial planning, having also worked at PwC Wealth Advisory and John Lamb Partnership.
Overseas Trust & Pension (OTAP)
OTAP, the specialist Guernsey-based provider of international pensions and corporate employee benefit solutions, has appointed Bob Banfield to its board, effective from September 2017. His appointment is intended to strengthen the board ahead of its planned expansion into key markets.
Banfield brings a wealth of operational and managerial expertise having been managing director of the fiduciary and fund administration businesses of Investec and Ogier in Guernsey. His appointment will see the reorganisation of the board, with current managing director Rob Shipman taking on the technical advisory non-executive role on the board.
Axa Investment Manager
Jim Stride is retire after 33 years managing the Axa distribution fund and 41 years in asset management. He is described by Mark Beveridge, global head of Axa IM Framlington Equities, as “a pioneer in investing to meet the needs of cautious clients”.
Jamie Forbes-Wilson and Matthew Huddart will now co-manage the entire Axa Distribution fund range, having been co-managers on the distribution range with Stride since February 2016.
Salisbury House Wealth
Financial adviser Salisbury House Wealth has named Tracy Browne as wealth management consultant ultra-high net worth (UHNW) private clients. She will join the firm’s London team, as part of ongoing expansion plans.
Browne will start her new role in June and has been tasked with strengthening Salisbury’s offering to the high net worth and UHNW private client sector. She brings with her 23 years’ experience assisting HNW and UHNW clients with sophisticated investment structures and solutions.
Intertrust
Intertrust has promoted Ian Rumens to global head of private wealth services, tasked with expanding the firm’s client base. He has been part of Intertrust’s private wealth team since the acquisition of Elian in 2016, having joined Elian in 2009 from an international legal fiduciary firm based in Jersey.
Prior to this, Rumens spent six years practising as an English solicitor in London and brings with him extensive international experience in both the legal and fiduciary fields.
