Bloomberg quotes Piers Master on changes to the UK’s family office economy
Billionaires may be leaving Britain, but the family offices are still here...
That line has been repeated often since the UK raised taxes on wealthy residents. And it’s broadly true—London continues to hold its place as a leading global wealth hub. Yet, beneath the surface, the family office sector is evolving. These firms, which help safeguard global fortunes worth over $450 billion, remain a vital part of Britain’s economy, even as the country redefines its relationship with the world’s rich.
Piers Master, Joint Divisional Managing Partner of the Private Client Division, comments for Bloomberg on changes to the UK's family office economy:
There are some pressure points... there’s going to be a bit of rebalancing.
He adds in relation to potential fiscal changes:
There were a lot of dogs that didn’t bark in the budget. It’s hard to know whether the government has reached a turning point or not.
Read the full piece in Bloomberg here.
