It was a packed agenda at the fifth annual Citywealth Forum that took place 13 May at The Skyline London in The City, overlooking The Tower of London. With brilliant sunshine streaming through the windows, the atmosphere was buzzing with thought leaders discussing burning issues that affect the wealth management sector within a geopolitical context.
The debate on trusts was moderated by Maxine Bodden-Robinson, Co-Founder and Principal of IMG Trust Company (Cayman Islands), with a particular focus on the issue of mental incapacity in trustees and protectors – a subject increasingly relevant with an ageing population.
She recommended to “Encourage trustees and advisers to proactively review their trust structures, particularly in light of increasing life expectancies and evolving regulatory expectations. Know clients well beyond standard identification procedures.”
The panel consisted of speakers Andrew McCallum, senior partner at law firm Rawlinson & Hunter, Switzerland, Sarah Bartram-Lora Reina, director at family office Stonehage Fleming, Jersey, and Gilead Cooper KC, barrister at Wilberforce Chambers, London.
Peter Goddard, Head of Private Client Services and Co-Founder at IMG Trust Company, was one of the speakers on the subject of philanthropy. A former barrister, with over 30 years’ experience as a professional trustee in the international private client and trust sector, one of his specialities is innovative philanthropic programmes.
He has helped clients award a £7.5 million grant to expand a UK suicide hotline, leading to over 1,000 emergency service interventions.
“Impactful philanthropy and grant-making are most resonant with younger donors who seek involvement and accountability in their philanthropy. By contrast, traditional donors, particularly older generations, often prefer a more arm’s-length relationship,” he said.
He was joined on the panel by James Maloney, partner at London law firm Farrer & Co, Julie Hutchinson, technical director for philanthropy & charities at LGT Wealth Management, and our esteemed keynote speaker, the Rt Hon Penny Mordaunt.
The day was concluded by keynote speaker the Rt Hon Penny Mordaunt, a Parliamentarian for 14 years, and the first and only woman to be Secretary of State for Defence as well as Minister for the Armed Forces.
“Advisors in the private client sector provide a vital role in bridging policy to advance trade and investment agendas,” she said.
Mainly engaged in a number of charities at present, she spoke about the importance of philanthropy. Her remarkable achievements have earned her the title of Citywealth Honorary Powerwoman, joining a long list of outstanding women recognised for their contributions to society.
Remembered for stealing the show as the elegant and dignified sword bearer at the Coronation of King Charles III, the setting was befitting with the Tower of London behind her, where the precious 17th century sword that she carried on the day remains
on permanent display.
The Forum was chaired by American lawyer Joshua Rubenstein, Partner and National Chair, Private Wealth Department, at Katten Muchin Rosenmann LLP based in New York City.
The Citywealth Forum was created by multi-award-winning entrepreneur Karen Jones, Citywealth editor & CEO, who founded the company in 2005 as a media and event platform for the global wealth management industry. She co-moderated the Forum with Joshua Rubenstein.
