The ‘AAAf’ rating assigned signifies the extremely strong protection the underlying holding within the EFA provides against losses from credit defaults. The ‘S1+’ volatility rating in turn recognises that the underlying pool of assets will demonstrate extremely low sensitivity to changing market conditions.

Finance director, Paul Atherton, said: “This ‘AAAf’ rating by S&P Global is a significant milestone for Capital International Bank’s Excess Fiduciary Account. These accounts have proven popular with our clients and provide a competitive net return in sterling, euros and U.S. dollars and also offer same-day liquidity access.

“The rating reflects the strong compliance framework and treasury management of the Excess Fiduciary Account here at Capital International Bank.”

S&P Global Ratings noted in their assessment that the EFAs are managed by Capital International Bank, which is a wholly owned subsidiary of Capital International Group Ltd. Capital International Group has approximately $4bn in assets under administration.

In their opinion, the EFAs are conservatively managed by a suitably experienced cash and treasury management team at Capital International Bank; supported by a risk management and compliance team to oversee banking and treasury operations.

In managing the EFAs, the treasury team will control interest rate risk by investing in short-term deposits and limit credit risk by focusing on high-credit quality names, in order to maintain a credit profile consistent with a rating of ‘AAAf’.

Managing director, Werner Alberts, also said: “We are thrilled to receive this rating for our Excess Fiduciary Account. This recognition reinforces our dedication to providing innovative, secure and trusted banking services.

“For our customers, it means peace of mind knowing their Excess Fiduciary Account deposits are backed by one of the strongest credit ratings in the industry. We are a bank committed to providing unparalleled trust and value, this credit rating reflects that commitment and sets the stage for our next phase of growth in 2025 and beyond.”

Capital International Bank holds a Class 1(2) banking licence in the Isle of Man, focusing largely on corporates and trusts and is part of the Capital International Group. The Group employs over 200 staff in the Isle of Man and is based at Capital House in Douglas.

Whilst a fund credit quality rating methodology has been used by S&P Global Ratings, the EFA is not itself a fund, but rather a pooled account supporting the financial products known as fiduciary deposits.

She said: “We do not support unused pension and death benefits being shoehorned into the Inheritance Tax regime, as this is unworkable and riddled with issues. IHT is already complex, and including pensions within the regime makes it even more so.

“We are asking HMRC to explore a simpler and more effective alternative that would keep any tax charges payable on death within the pensions regime, such as levying a tax on pensions in scope where above a certain level. For example, the first £100,000 of unused pensions on death would be inherited free of the new pension tax charge. This also has the added benefit of avoiding encouraging individuals to run-down their pension too quickly to avoid an IHT charge.

“If HMRC does proceed with its proposals and tries to retrofit pensions into the IHT regime we believe a number of fundamental changes are needed. First, Pension Scheme Administrators and Personal Representatives need to be given much longer than the standard 6 months IHT deadline to gather all the necessary information and calculate any tax liability for what can often be multiple pension arrangements.

“Second, we strongly believe all ‘death in service’ benefits should be outside of scope. These are designed to provide a lump sum or income for beneficiaries, commonly financial dependants, on the untimely death of the individual, often before the minimum normal pension age. There’s no suggestion these can be used to avoid Inheritance Tax.

“As a whole, IHT is designed around a number of exemptions and thresholds, specifically the nil-rate band of £325,000 and the spouse exemption for legal spouses and registered civil partners. This enables these individuals to inherit significantly more, after IHT, than other potential beneficiaries, such as common-law partners or children who may be financial dependants.

“Given the steady decline in opposite-sex marriage, the increase in co-habitation, and the number of children born to unmarried parents now exceeding the number born within a marriage, we believe this is out-of-step with today’s societal norms. In the longer term, we urge the Government to carry out a review of IHT so that it reflects modern day realities.”

Andjel is a portfolio manager and previously served as deputy dead of UK Private Clients and Charities. Prior to joining Brown Advisory in 2016, he was a portfolio director at GAM Investments, responsible for a broad range of private and charity clients. Nick’s career also includes roles at Goldman Sachs, Barclays and Barings Asset Management.

Brown Advisory’s international presence, established by Logie Fitzwilliams in 2007, comprises around $30bn in client assets. Of this, the Private Client and Charity AUM is $4.5bn. The dedicated Private Client team has grown to 25 colleagues, including 14 portfolio managers and investment professionals. They design and manage bespoke investment portfolios for a client base of individuals, charities, family offices, endowments, and foundations, often dealing with complex and multi-jurisdiction financial considerations.

Quintin Ings-Chambers, head of International Business at Brown Advisory, said: “We are delighted that Nick will be taking over as Head of UK Private Clients and Charities at Brown Advisory and look forward to him building on the excellent service and counsel he has provided to our clients over the past eight years. Brown Advisory is a client first firm, focused on the highest levels of service and performance and Nick has shown exemplary leadership in this respect.”

Logie Fitzwilliams, Co-CEO of Brown Advisory, said: “I’d like to congratulate both Quintin and Nick on their appointments as Head of International Business and Head of UK Private Clients and Charities, respectively. I have worked closely with both for many years in London and have seen them provide our private clients with the highest standard of service and advice. I also have no doubt that the International Business, and Private Clients, will continue to succeed under their leadership.”

Quintin joined Brown Advisory in 2012 and most latterly was head of the firm’s International Private Clients and Charities team. Prior to joining Brown Advisory, he was an investment director at SG Hambros and a director in the private client and charity group of Barings Asset Management. His earlier career was at Rensburg Sheppards where he was a member of the group’s asset allocation committee and managed a multi-manager unit trust.

London serves as the international business headquarters and comprises global equity and fixed income teams, a UK private clients and strategic advisory team, and a significant business development effort. From London, the firm launched its UCITs funds business based in Dublin and opened offices in Frankfurt, Singapore, and Tokyo to better serve the European, Asian and Australian regions.

This collaboration combines Fairstone’s extensive client base and advisory expertise with JP Morgan Asset Management’s global investment capabilities, it said in a statement on 22 January.

The partnership will see Fairstone utilise JP Morgan Asset Management’s global equity and global bond capabilities as core components of its new NOVA MPS (Managed Portfolio Service) range.

The NOVA MPS will provide institutional-grade investment capabilities to retail clients at institutional pricing, “delivering significant value at just 55 basis points”. Set to launch for new clients on 1 March, the range is designed to deliver proven investment solutions at a highly competitive price.

Fairstone will seed the new range with over £500m on day one and anticipates that the exceptional quality and price of the offering will drive incremental assets into the Fairstone MPS ranges of £2bn over the next 12 months.

The strategic partnership extends beyond the NOVA MPS range, as Fairstone and J.P. Morgan Asset Management collaborate to develop further product innovations.

Pictured above are: Lee Hartley, Fairstone CEO; Claude Kurzo, JP Morgan Asset Management Country Head UK; and Nick Stebbing, Fairstone COO.

Speaking at the launch event, held at JP Morgan’s offices on London’s Embankment, Lee Hartley, CEO of Fairstone, said: “Fairstone Investment Management was established to act as professional buyers of investment solutions, ensuring clients remain at the heart of our approach.

“The NOVA range, managed by Fairstone’s in-house investment management team, will feature segregated mandates run by J.P. Morgan Asset Management as cornerstone solutions. J.P. Morgan Asset Management was selected for their outstanding track record, with 88% of their global mutual fund assets under management outperforming their peers, and for the expertise of their team of over 1,300 global investment professionals.

“To remain the most trusted wealth management company and to continue delivering exceptional service to our 125,000 clients, we recognise the importance of partnering with leading suppliers. In J.P. Morgan Asset Management, we are confident we have found the right partner.”

Claude Kurzo, UK country head at JP Morgan Asset Management, added: “We’re excited to partner with Fairstone on launching an innovative new MPS solution that is expected to provide strong client outcomes at a very attractive price point. We also look forward to supporting Fairstone in helping their clients achieve their financial objectives, which includes leveraging our Guide to the Markets and training programs to support Fairstone’s advisers.”

Nick Stebbing, chief operating officer at Fairstone, said: “This partnership delivers institutional-grade investing to retail clients, bridging a significant gap in the market. By working with J.P. Morgan Asset Management, we’re able to offer solutions that bring together robust performance and competitive pricing. This collaboration underscores our commitment to ensuring clients benefit from professional-grade strategies that were previously accessible only to large institutions.”

Lewis (pictured) is a chartered accountant and brings over 15 years of experience working in the financial services sector with a broad range of relevant leadership and financial services experience gained from her both her time in practice at Deloitte, and in industry as head of financial reporting at Manx Telecom.

Before her move to IFGL,  she enjoyed 10 years (over two spells) with Deloitte Isle of Man. Her early career saw her manage an audit portfolio of regulated entities including those in the life insurance sector.

Latterly, she was the lead advisory and assurance director for Deloitte Isle of Man, responsible for growing the advisory and assurance side of the business, with a focus on regulatory and controls assurance and financial crime advisory projects. Her clients have included public sector, highly regulated financial services entities and large and listed entities with complex control environments.

IFGL’s group chief risk officer Sue-Ann Ind said: “I’m so pleased to welcome Charlotte to our leadership team. Charlotte’s experience and expertise are key assets for our business because she brings a global perspective and an appreciation of strategic opportunities and challenges.

“She will be responsible for setting a clear strategy for IFGL in terms of compliance and conduct, bringing fresh perspectives to protecting our business, delivering excellent customer outcomes and continuing to embrace regulatory change.”

“The opportunity to join a growing and ambitious organisation based in the Isle of Man was very attractive to me,” said Lewis. “There is already a well-embedded compliance culture within the business, and I am looking forward to using both my strategic and technical skills to support the business growth whilst further strengthening the control environment we have in place to comply with an ever-evolving regulatory landscape.

“I have a huge amount to learn but I have a very strong team around me and I am excited about the challenge. I am committed to showing that, with the right support, women can excel in leadership roles whilst embracing the responsibilities and joys of parenthood”.

Lewis grew up in Derbyshire and moved to the Island in 2012, with her now husband, Jamie. She has two young sons aged 6 and 3. Outside of work, she enjoys playing the piano and spending time outdoors, whether she’s running or exploring the Island’s beautiful landscapes with her family.

“I’m also very passionate about sustainability,” she said. “The Isle of Man is a beautiful place to live, with our biosphere status, and it’s important we protect what makes the Island so special.”