Citywealth Forum 2025 speaker spotlight: James Penny
Managing Director, Head of UK International Private Bank, Barclays Private Bank.
Global Strategy in Motion: Penny Moderates IFC Power Panel at Citywealth Forum
At the 2025 Citywealth Forum, held on 13 May in London, leading voices from five prominent international financial centres gathered for a wide-ranging discussion on how their jurisdictions are adapting to the fast-changing world of global wealth. The panel—International Financial Centres (IFC) Update—was chaired by James Penny, Managing Director and Head of UK International Private Bank at Barclays Private Bank.
With over three decades of private banking leadership spanning Asia, Africa, Europe and the UK, Penny brought a strategic lens to the session, helping unpack not only what makes each IFC competitive—but how they are collaborating, adapting, and planning for the future.
Opening Remarks: Wealth on the Move
Penny opened by acknowledging the broader context in which financial centres now operate. With global mobility among ultra-high-net-worth individuals and family offices rising sharply, the criteria used to select an IFC are more nuanced than ever.
“We rarely hear clients say, ‘I just want to leave the UK’ without a clear view of where they want to go. Instead, they come with a shortlist—Dubai, Bermuda, Singapore—and ask for help comparing them. Our job is to understand those drivers and align them to jurisdictional strengths.”
A Strategic Tour: Highlights from Five IFCs
Penny guided the audience through five key jurisdictions—Jersey, Bermuda, Singapore, Cyprus, and Turks and Caicos—probing each panellist for the most meaningful developments in their region.
Jersey – Scale and Stability
Amy Bryant, Deputy CEO of Jersey Finance, underscored the island’s $1.4 trillion in assets under administration and its ongoing convergence between fund and private wealth sectors. With 2,000 professionals servicing clients globally, Jersey remains one of the most established IFCs on the map.
Bermuda – Regulatory Innovation
Kendaree Burgess, Chief Operating Officer of the Bermuda Business Development Agency, presented Bermuda’s recent advances in digital assets through the Digital Asset Business Act (DABA). The framework has drawn institutional players like Circle and Coinbase due to its robust compliance and risk-management focus.
She also discussed Bermuda’s new 15% corporate income tax for multinationals—designed in collaboration with the private sector to support transparency while preserving Bermuda’s investor-friendly foundations.
Singapore – The Family Office Boom
Kenneth Ler, Regional Director for Europe at the Singapore Economic Development Board, detailed the explosive growth in single-family offices: from 400 in 2020 to more than 2,000 by end-2024. A 40% year-on-year increase reflects Singapore’s strategic foresight, world-class infrastructure, and policy environment geared toward emerging sectors like AI and biotech.
Cyprus – Economic Upgrade and Sector Shift
Marios Tannousis, CEO of Invest Cyprus, highlighted the nation’s recent Category A upgrade from credit agencies. The driver? Strong fiscal discipline and a tech sector now outperforming traditional revenue engines like tourism and shipping. In the past three years, over 800 tech firms have established operations in Cyprus, contributing to a demographic influx of 25,000 people annually—many from innovation-led sectors.
Turks and Caicos – Agile by Design
Paul Pirie, CEO of TCI Finance, presented Turks and Caicos as a jurisdiction with strong appeal for UHNWIs seeking discretion, innovation, and a bespoke environment. With active moves into digital assets, AI, and fintech products, the jurisdiction is positioning itself as an agile, high-touch IFC built around modern client expectations.
Key Theme: The Rise and Redefinition of the Family Office
While each jurisdiction brought something unique, a shared narrative emerged: the strategic importance of attracting and retaining family offices. Penny noted that UHNW families are no longer simply choosing safe havens—they are seeking jurisdictions that offer integrated ecosystems, access to innovation, and regulatory clarity.
“For family offices today, jurisdictional choice isn’t just about privacy or tax—though those still matter. It’s about opportunity. It’s about where the next generation wants to build, invest, and give.”
Closing Reflections
Penny closed the session by thanking panellists for their transparency and insight. While competition between jurisdictions is real, he noted that cooperation—particularly on regulation, tax, and innovation—will define the next phase of success for international financial centres.
“What we’ve seen today is that global wealth isn’t standing still—and neither are the financial centres that serve it. Adaptability, integrity, and foresight will continue to separate the leaders from the rest.”
Key Facts from the Panel:
- $1.4 trillion: Capital managed by Jersey globally
- 2,000+: Number of single-family offices in Singapore (2024)
- 800: Tech companies established in Cyprus in last 3 years
- 15%: Bermuda’s new corporate tax rate for multinationals
- $2.5 million: Investment threshold for Bermuda’s economic residency
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Top 10 wealth trends James Penny, Managing Director and Head of UK International Private Bank at Barclays Private Bank.
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