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1、PRIVATE WE ALTH AND FAMILY OFFICESSTAYING ON COURSE IN TURBULE NT TIMESCELEBRATING10 YEARSOF GBCI2PRIVATE WE ALTH AND FAMILY OFFICES Managing family wealth,often across international borders,has always been a complex affair and the past 12 months,rampant inflation and an intensifying climate crisis

2、havent made the task any easier.We examine how the trends highlighted by TMF Groups Global Business Complexity Index 2023(GBCI)are impacting private wealth.Trying to navigate a safe path through an increasingly complex world has been top of the agenda for investors over the past 12 months.It has bee

3、n a year of geopolitical upheaval while world trade is in recovery from the difficult years of the Covid-19 pandemic.The troubled picture has led to global economic instability,with higher inflation and rising interest rates which have also been the trigger for stresses in the financial markets,that

4、 have so far been contained by prompt intervention by the relevant authorities.The increasing importance of environmental,social and governance(ESG)has also been in sharper focus as families and businesses further define what this means for them.Private wealth and family office clients are concerned

5、 with reputation,compliance,governance,legal and political stability,access to specialists and,importantly,navigating the complexity of the global markets they operate and invest in.The GBCI report,which is celebrating its 10th anniversary this year,provides an authoritative overview of the complexi

6、ty of establishing and operating businesses around the world.The index is based on the analysis of 292 different indicators relating to business complexity in each jurisdiction examined,providing an overview of the global and local challenges faced by businesses.Analysis for the report is also based

7、 on a set of comprehensive questions for 78 jurisdictions,a number of which are focused on the private wealth and family office(PWFO)space,around the globe.It found that businesses and private wealth clients alike have been impacted by three key trends over the past year:geopolitical and economic tu

8、rbulence;global compliance challenges,particularly around new sanctions regimes following the Russian invasion of Ukraine;and a deepening commitment to ESG considerations when investing.Here,we look at each of these three areas in turn.INTRODUCTIONGeopolitical and economic turbulenceGlobal complianc

9、e challengesEnvironmental,social and governance considerations33STAYING ON COURSE IN TURBULENT TIMES1 Geopolitical and economic turbulenceThe GBCI found that political,geopolitical and social stability predictions by jurisdictions have remained mostly stable over the past three years.However,a clear

10、 indication that confidence has been shaken comes with the finding that,in 2023,65%of jurisdictions said businesses would find it more appealing to operate in their respective market over the next five years down from 74%in 2020.This seems to suggest that optimism is declining and that businesses ar

11、e taking a more cautious approach to investment.A clearer indicator of the havoc of 2022 is the large drop in confidence among jurisdictions over forecasts for economic stability over the next five years.In 2020,82%of the jurisdictions surveyed were confident about their future economic stability.Ho

12、wever,this number has dropped to 71%in 2023,with the effect of higher inflationary pressures uppermost in many minds and likely to be felt for some time.Agreement that over the next five years jurisdiction will be 2020 2021 2022 2023LikelyBe politically and geopolitically stableBe socially stableBe

13、economically stableBe more appealing to operate in that is right now68%70%70%61%70%74%71%65%73%77%73%64%71%77%82%74%As an example,Vietnamese GDP growth forecasts sit at 6.5%for 2023,down from 8.02%in 2022.Its the same story in other APAC jurisdictions,such as Thailand,with global headwinds slowing g

14、rowth.However,there are exceptions,such as Hong Kong,which has an economic growth forecast for 2023 of up to 5.5%after a decline of 3.5%in 2022.It has been helped by the easing of the Covid-19 pandemic,domestic demand and the return of tourism.In a time of such uncertainty,jurisdictions that can off

15、er investors relative stability,security and growth can be more attractive than ever.That applies not only to businesses,but also to private investors.Indeed,the GBCI found that over half of jurisdictions 56%that offer PWFO services predict an increase in high-net-worth individuals seeking a safe pl

16、ace to invest their wealth due to geopolitical instability.This leads us neatly to the second key theme of this years report.Increase in PWFO clients due to geopolitical instability Yes NoIncrease in PWFO clients due to geopolitical instability 56%44%4PRIVATE WE ALTH AND FAMILY OFFICES 2 Global comp

17、liance challengesSanctions imposed on Russian businesses and individuals by several states,including the UK,following Russias invasion of Ukraine have added to the complexities around both business and PWFO compliance.As a result of the sanctions drive and continued fight against global terrorism an

18、d organised crime,jurisdictions have noted a tightening of global compliance regulations concerning,for example,ultimate beneficial owners(UBOs),persons with significant control(PSC),know your customer(KYC)and anti-money laundering(AML).For instance,in Hong Kong,tightening due-diligence checks,KYC r

19、equirements and transaction monitoring have significantly increased the burden of client due diligence.This is alongside greater monitoring of Hong Kong-based corporate service providers activities for clients,especially around payments.This trend is likely to continue for all jurisdictions in light

20、 of geopolitical tensions,with only 13%of locations not expecting to see compliance regulations tighten.Yes(2022)Yes(2023)UBO/PSC register statementsRequirement to provide UBO and/or PSC information to a central registerInformation in the UBO/PSC central register accessible to the general public71%6

21、4%57%25%70%63%55%29%Requirement to maintain UBO and/or PSC register at the companys registered addressInformation in the UBO/PSC central register accessible to third parties (eg law enforcement)The GBCI found that the requirement to submit UBO and/or PSC information to a central register has increas

22、ed slightly to 71%in 2023.Although they mean more work,red tape and time,global compliance requirements can improve stability and security and lead to greater confidence around privacy for high-net-worth individuals.This can make certain jurisdictions,like offshore centre Jersey,more attractive.Jers

23、ey has a register of beneficial owners and significant persons.These are people who directly or indirectly beneficially own or control entities such as companies,foundations and limited liability partnerships.Details of beneficial owners are not made public,but details of significant persons are.The

24、 jurisdiction has struck a balance between transparency and privacy.Other jurisdictions appear to be following this trend,with 25%declaring that information on the UBO/PSC central register is accessible to the general public.Thats down from 29%in 2022.Jersey has also benefited this year from a weake

25、r pound as the UK was hit by political volatility.The revolving doors at Number 10 and Number 11 Downing Street battered confidence in the currency,making it more attractive to investors from APAC whose currencies performed much more strongly.TMF Group experts believe that,although issues like infla

26、tion can have a significant global impact,they also present opportunities for investors and businesses.Jersey can attract these investors due to its stable business environment and strong ecosystem of professionals.In Singapore,another offshore jurisdiction,a strong regulatory framework and politica

27、l stability are the key features that attract foreign investment.Singapore also offers attractive tax-incentive schemes that appeal to high-net-worth individuals looking to establish a family office55GEOPOLITICAL AND ECONOMIC TURBULENCE3 Environmental,social and governance considerationsPrivate weal

28、th clients are increasingly focusing on more responsible management of their wealth.This may include socially responsible investment,paying what is considered a fair rate of tax,good corporate governance and increased philanthropy.This rising trend has clearly prompted some clients to consider the w

29、ider impact of how and where to manage their wealth.Research from the 2023 GBCI indicates PWFO clients have increased investment into more environmentally friendly practices in 71%of jurisdictions over the past year.When it comes to investing in a way that improves social outcomes,there was a 54%inc

30、rease,and investing in companies or funds that are governed responsibly saw a 70%hike.TMF Group experts in jurisdictions that offer PWFO services note that,although ESG may currently have a more limited impact on how PWFO clients do business,new and expected ESG legislation will require clients to s

31、eek assistance with specialist providers.Over the past year,TMF Group experts report that 77%of jurisdictions with significant funds activity have seen an increase in fund manager interest in sustainable and socially beneficial funds,demonstrating the continuing interest in ESG for funds clients.In

32、India,its experts report that priority players stress their ESG parameters,as they make the investments more lucrative for global investors.Two-thirds(67%)of jurisdictions in the EU with significant funds activity have committed to the organisations level 2 Sustainable Finance Disclosure Regulation

33、reporting,implemented in 2022.This means asset managers and fund providers need to fulfil sustainability-related disclosure obligations,as well as complete mandatory reporting with the aim of boosting transparency.Changes in private wealth and family clients in past year Significant increase Slight

34、increase No changes Slight decrease Significant decreaseInvest in a more environmentally friendly wayInvest in a way that improves social outcomesInvest in companies or funds that are governed responsiblyNET:Increase 71%54%70%NET:Decrease 0%4%0%57%44%55%14%9%4%14%29%43%30%6PRIVATE WE ALTH AND FAMILY

35、 OFFICES Outside the EU,there have also been steps towards ensuring transparency within the funds space.For example,in Hong Kong,an amended circular came into effect in January 2022 providing guidance to asset managers on enhanced disclosure expectations for funds that incorporate ESG factors as a k

36、ey investment objective or strategy.In addition,in one-third(31%)of funds jurisdictions,there is legislation that regulates the marketing of funds claiming to have a positive ESG impact,which aims to limit companies,especially large and listed ones,from greenwashing.A clear focus on ESG can also hel

37、p make jurisdictions more attractive to clients,with Jersey being an early adopter of ESG principles and regulations.With the rise of younger investors,both individually and within family offices,who have hopes of a more sustainable and equitable future,this is a trend that is set to continue within

38、 Jersey and elsewhere.Indeed,the growing interest in ESG is mostly due to a human demand from companies,consumers and private investors for a more ethical and sustainable way of working and living,rather than an enforced legal drive by governments.77GEOPOLITICAL AND ECONOMIC TURBULENCEAn increasingl

39、y technological and digitalised worldNew digital reporting requirements can create challenges for organisations as they work to update existing processes or take on new ones.Globally,the compulsory uploading of tax invoices electronically via the tax authoritys system or portal is increasing.In 2020

40、,it was compulsory in only 24%of jurisdictions for all companies to do this,a figure that has risen to 37%in 2023.Family businesses are following this trend and becoming increasingly keen to utilise technology.This may involve using digital platforms to evaluate asset performance or increase the eff

41、iciency of reporting.However,although technology drives down the cost of delivery,PWFO clients will always require a personal relationship to make sure that their specific objectives are achieved.The future of the offshore worldWhile offshore centres still receive negative commentary in some quarter

42、s,in others they are seen as playing an important role in generating and protecting wealth,ensuring the efficient deployment of capital across global markets.Offshore jurisdictions have by design been less complex and offered a greater level of privacy and tax neutrality than their onshore equivalen

43、ts.This year,those kinds of jurisdictions the British Virgin Islands(BVI),the Cayman Islands,Curaao,Hong Kong and Jersey make up 50%of the 10 least complex jurisdictions for doing business.A TMF Group expert in Hong Kong states in the report:“Hong Kong remains a jurisdiction with strengths which are

44、 favourable for doing business.Its infrastructure enables the free flow of goods,capital,talent and information.Hong Kong is well known for its simple tax regime with low tax rates.”A BVI expert says:“The BVI is a pivot in international foreign direct investment that creates independence from set co

45、untries and their legislation and gives international businesses and private individuals loads of freedom to structure their activities and wealth.There is a well-organised,very smooth-running legal framework that aligns strictly with international standards set by the OECD,among others.”In the hunt

46、 for calm amid troubled waters,we can expect more demand for offshore jurisdictions in the months and years ahead.8PRIVATE WE ALTH AND FAMILY OFFICES Book in a health check today The world has experienced a torrid 12 months but at TMF Group we want to do all that we can to simplify the path to inves

47、ting and operating around the world.Many clients have sought the expertise of TMF Group specialists to help them navigate the complexities highlighted in the GBCI.With our assistance,private wealth clients and family offices can overcome such hurdles and benefit from the advantages offered by select

48、 jurisdictions.Every client is different.TMF Group experts are here to discuss with you your individual circumstances and personal aims.Our business offers you a platform that gives you access to the specialised knowledge of local experts in 86 jurisdictions around the world.Together we can make an

49、informed decision on which locations will be most appropriate in helping you to achieve your goals and guiding you through the complexities that may exist.Want to find out more?Want to find out more?Talk to TMF GroupContact us Aynsley VaughanGlobal Head of Private Wealth&Family Office and GEMaynsley

50、.vaughantmf-A B O U T T M F G R O U PW E M A K E A C O M P L E XW O R L D S I M P L ETMF Group is a leading provider of critical administrative services,helping clients invest and operate safely around the world.With more than 10,000 colleagues across 125 offices in 86 jurisdictions,all working to t

51、he same high standards of service and security,we provide our clients with local expertise where it is needed most.Our locations cover 92%of world GDP and 95%of FDI inflow.We are a key part of our clients governance,providing the accounting,tax,payroll,fund administration and legal entity management

52、 services essential to their success.We make sure rules are followed,reputations protected and operational compliance maintained.Our global service model and technology platform put our clients in control of their portfolio of entities and global locations.The data insights we deliver keep them on t

53、op of emerging regulation,the status of their own activity and any points of risk.We serve corporates,financial institutions,asset managers,private equity and real estate investors,and family offices.Our clients include the majority of the Fortune Global 500,FTSE 100 and top 300 private equity firms.