Shining stars: the Magic Circle Awards 2024

Date: 22 May 2024

Citywealth

On 15 May, Citywealth celebrated its annual Magic Circle Awards alongside the best and brightest of the private wealth industry. Read on for notes from the night, the numbers from our work with Magic Breakfast, and interviews with some of the evening’s winners.

To view the list of the night’s winners, click here.

To view the photo gallery, click here.

A night to remember

One Great George Street served as the venue for the 2024 Magic Circle Awards. Champagne was served in the Brunel Room as guests filtered through the doors of the headquarters of the Institution of Civil Engineers, the world’s first professional engineering body. The building’s stunning neo-Palladian and Baroque interiors provided the perfect backdrop for the night’s attendees, dressed in their best black tie.

After an hour of guests connecting, and re-connecting, with their fellow attendees, the doors to the Great Hall were opened for dinner. Marbled columned walls, ornate gold leaf and a breath-taking painting ceiling greeted diners as they found their tables, eager to settle into an evening of celebration; and what a perfect location for it. The Great Hall was conceived as part of the building’s initial plans in 1904, with the intention of creating a large hall similar to the grand meeting rooms found at the Inns of Court in the City, a room comparable to the impressive offerings of Lincoln’s Inn. A number of notable, historic events have taken place within the Hall, including the signing of the charter establishing UNESCO (United Nations Educational, Scientific and Cultural Organization) in 1945. Citywealth was thrilled to have its flagship awards added to the list of events the Hall has seen over the years.

Following the service of starters, Citywealth CEO Karen Jones took to the stage to welcome attendees and announce her three awards for the evening. She then introduced the evening’s host, who took to the stage for an opening address. Declan Curry is a well known financial journalist and regular contributor to LBC. He spent two decades at the BBC, across both TV and Radio. He is possibly best known for BBC Breakfast where he presented the business section daily from the London Stock Exchange, and ‘Wake Up To Money’ on BBC 5 Live as well as the business debate programme ‘Show Me The Money’ on the BBC News Channel. He co-presented BBC 2’s daytime business programme ‘Working Lunch’, which he co-presented with Naga Munchetty. He has interviewed chief executives, trade union leaders, stock market watchers and economists, along with individual workers and investors. He has also broadcast his own personalised reports on the stock market and investing.

Amidst the flow of main courses, drinks and pudding, Curry seamlessly brought attendees through the award categories, announcing each runner-up and winner with care and aplomb. Citywealth was also pleased to invite individuals from the evening’s sponsor companies to the stage to announce select award categories. Lawyer of the Year was announced by Joanne Morse, Deputy CEO of Summit Trust International. Joshua Rubenstein, Partner and National Chair Trusts & Estates at Katten Muchin Rosenman announced 3 categories: Institutional Private Client Asset Manager of the Year, Private Bank of the Year and Private Banker/Investment Manager of the Year. The final guest category announcement was done by Paul Pirie, CEO of TCI Finance.

With a post-dinner coffee in their system, guests were eager to socialise after Curry wrapped up the evening’s ceremony and soon filtered out into the foyer for further drinks. So began the portion of the evening where networking morphs into to the formation of friendships, an appropriate energy of revelry echoing through the venue.

Citywealth was thrilled to receive such enthusiastic, positive feedback from guests as they departed for their carriages and would like to thank all of our attendees for making another year of the Magic Circle Awards such a success.

Magic Circle Awards x Magic Breakfast

This year, Citywealth continued to strengthen its relationship with Magic Breakfast as our nominated charity partner for the MCAs.

Magic Breakfast is a charity that delivers free breakfasts to school children facing hunger every day.  A hungry child cannot concentrate, so could miss out on half a day of lessons every school day if not given anything nutritious to eat in the morning. Magic Breakfast work with schools to ensure that no child is too hungry to learn and thrive. Their partner schools usually open their doors a little early each morning to offer their students a free, nutritious magic breakfast and ensure they start their day the right way. 

We were honored to welcome Chief Executive of Magic Breakfast, Dr Lindsey MacDonald to speak to our guests during the dinner portion of the evening about the work that Magic Breakfast do, and how their generous donations to the raffle and silent auction will be utilised to help those less fortunate. After the awards were announced, Dr MacDonald returned to the stage to draw the raffle winners and affirmed that c£6,500 was raised over the course of the night to aid the incredible work that Magic Breakfast do.

Words from our winners

Following the event, Citywealth editor Ashleigh John spoke with a few of the evening’s winners about the future of the wealth management industry, their daily wins, and what they wish they had known from day one.

Introducing the interviewees:

Iwan Williams, Michelmores – Lawyer of the Year

Lucy Greenwood, The International Family Law Group – Family Lawyer of the Year

Nina Hoas, Pictet Wealth Management – Philanthropy Advisor of the Year

What do you foresee being the biggest change to the wealth management industry in the next 5-10 years?

Iwan Williams: “We are all aware of the anticipated ‘generational wealth transfer’, which is likely to take place against a backdrop of significant global pressures (as ever). It is going to be fascinating to see how the emergence of the Natural Capital economy plays a part in that, particularly if the desire to move towards ‘net zero’ becomes more defined by legislation. Corporate ESG is likely to play a key role in the development of what could be a huge global market, and there is significant scope for this to impact investment and estate and tax planning strategies across the private wealth sphere.”

Lucy Greenwood: “From a Family Law perspective, an increased awareness by family offices, wealth planners/managers and entrepreneurs of the significance and importance of planning for the possibility of divorce/dissolution or separation, whether there is an international or national dimension to their work. This might be through marital agreements (pre-marital or post-marital agreements), shareholders agreements, trusts, family charters, or a combination of some of, the above.”

Nina Hoas: “I guess the biggest change for many industries, wealth management included, will be the increasing integration of technology and automation. AI and machine learning will certainly play a significant role in efficiency but also in helping wealth managers to deliver more personalized and tailored services to their clients. Nevertheless, I believe that the human touch will continue to play a significant role, elevating roles of advisors that can understand human values, ambitions and priorities when looking at all perspectives around wealth – whether it be creating, investing, spending, governing and passing on wealth – and of course when giving. In our role at LGT Philanthropy Advisory we increasingly have conversations with clients that look at impact through all these elements around wealth.”

What is one part of your day-to-day work that brings you joy?

Iwan Williams: “We, as tax and wealth advisers, are at our best when we fit seamlessly as an essential part of the family’s ‘team’. That is only achieved by building trust, and a deep understanding of a family’s overall wishes and ambitions. It is fulfilling to be part of that team and to contribute to a family or businesses’ overall direction and ultimate success. The inter-generational nature of our work brings joy too – the ‘next generation’ are often brimming with ideas, innovation, and ambition, and I enjoy helping to frame those ideas and structure them property. Every day is a learning day!”

Lucy Greenwood: “When someone says, thank you for my help or advice, be it a colleague, client or other professional; or when I receive a referral from a former client or professional colleague with whom I have worked before, or has recommended me to them.”

Nina Hoas: “One (big) part of my day-to-day work that brings me joy is witnessing the impact of philanthropy on individuals and communities. Whether it’s seeing the positive outcomes of philanthropists coming together to support impactful initiatives or families being encouraged to give – or be more effective in engaging in transformational change. Being able to contribute to meaningful change is truly rewarding. It reminds me of the power of giving and the difference it can make in people’s lives, both those that give and those to whom support is given.”

What is something you wish you had known when starting out in your career that you would pass on to those aiming for the same level of success in theirs?

Iwan Williams: “Our practice is so broad. Clients operate in different sectors, specialisms, markets, and to advise them properly we need an understanding of the pressures they feel, and what is likely to guide their future process. Never close your mind to anything – take an interest in everything, as you may come across a client who needs you to know about it!”

Lucy Greenwood: “The importance of networking, and not being frightened to push yourself outside of your perceived, comfort zone.”

Nina Hoas: “One thing that has been very important to me has been building strong relationships and being generous in connecting others. Developing meaningful connections with colleagues, clients, and industry professionals can open doors, provide valuable insights, and create opportunities for collaboration and growth. Certain key people – some of whom I would have never guessed at the start of the relationships – have played an enormous role throughout my career, several times over and at different stages of my life. Investing time and effort into nurturing relationships have certainly been truly rewarding to me not only for career but also privately of course!”