Patrick Crowley, Country Executive, ABN AMRO BANK N.V. Jersey, Channel Islands

Date: 16 Nov 2011

Citywealth

Patrick Crowley, Country Executive, ABN AMRO BANK N.V. Jersey, Channel Islands

What signature taxation, laws, trusts or investments do you think really work for uhnw clients and why? In relation to the UK, I think the remittance basis of taxation for non UK domiciled but resident individuals is still of great attraction – especially for those who have not completed 7 years of UK residence. This tax concession allows such individuals to segregate their non UK assets into capital and income and only be taxed in the UK on the income as and when it is remitted to the UK. Capital can be remitted to the UK tax free in the Uk. Following seven years of residence, non UK domiciliaries will have to pay GBP 30,000 annual levy to UK HMRC if they wish to continue to avail of the remittance system of UK taxation. It is proposed that this levy increases to GBP 50,000 in 2013, following 12 years of residence.Another advantage for non UK domiciled individuals is that ability to avoid UK Inheritance Tax by holding assets (such as say UK real estate) in a non UK Trust or Company. Typically, Jersey Trust companies would provide such services.With regards to investments, most UNHWI are at present deep in to wealth preservation and are willing to sacrifice yield and returns for safety of their counterparty bank or investment manager. US Treasuries, UK Gilts and German Bunds remain highly favoured. High dividend equities in main markets represent much better value but investors are being very cautious on equities, especially in the Eurozone.

Are there any private clients in the world you would really like to work with? I think, like many, the main attraction for me is to work with UNHW individuals in Emerging Markets such as India or Far East. This is where wealth continues to be created and issues such as wealth and estate planning need solutions.

What size of client do you generally work with and how many do you have? I work with average client size of USD 5 million in AUM with the Bank but many have much larger assets with us. I have around 120 clients.

What is the most interesting or unusual private client deal you have ever been involved with (no names required)? There have been so many over the years. For example: Leveraging State Bank of India IMD and RIB Bonds for NRI clients – a real win win for the Bank and clients when such Bonds were in issue at a time that India needed more Foreign Direct Investment.We also did financing for a very high value Executive Jet for a client. We provided clean facilities for an Indian client to invest further in his business in India and had pleasure seeing him sell the business for a huge profit, with our assistance. We operated an Escrow Account for a huge shipping business sale.

What lessons have you learned that you could share with those starting out in the industry? Always remember who pays your salary, ie the client. Never try to promote yourself aggressively, remain humble and always take a real interest in the client, his/her business and family. Read a lot, so that one can have a knowledge on a wide range of issues and events – having a good memory really helps in this area. Have integrity and therefore build trust with the client. Go the extra mile for the client, when you really believe in the deal and the clients ability to execute. Never product push, Private Banking is about building relationships for the long term via provision of solutions that the client want. If a Private Bank believes that instead it is a distribution centre for its in house products, get out of there asap!

What initiatives do you have or do you think there should be for women? Our Guernsey office has held a women only event, semi annually, for many years with each time a woman entrepreneur, professional speaking. We are considering this also in Jersey. We also have held events for local Jersey women Trust professionals in venues such as Molton Brown which have been very well received. I think advice on pre and post nups and generally managing divorce settlements is, perhaps regrettably, a very pragmatic and useful approach for women events.

If you had to win a wealthy new client where would you take them to impress them? Galvin at Windows in the Hilton Park Lane, Le Gavroche or Roux at the Langham. Otherwise, Wimbeldon, Henley, Ryder Cup.

What are your three USP’s for uhnw clients? Safety of the Bank. Ability to execute loan transactions in a very timely and effective manner. We are the Treasury Centre for the Private Bank globally and hence have a very wide range of Treasury Yield Enhancement Products.

What is the best thing that has ever been said about you? From Managing Board members of ABN AMRO Private Bank: It was a pleasure working with you. It is great to work with a passionate, dedicated and highly driven person like you.

What is your individual focus in terms of countries and uhnw clients? Mainly Non Resident Indians based in UK, Africa, Middle East and India.

How much do you travel on business and where do you tend to go? I am away in total about 3 months of the year. Trips to UK, Africa, Middle East and India plus visits to the Bank’s Head Office in Amsterdam.

What is the next big thing in private wealth management? Major Consolidation.

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