Political risk, in its many manifestations, is one of the most salient concerns of international investors today. Not only are we living through unprecedented economic, social and political disruptions – amplified by the global pandemic – but the ramifications for political risk interferences with international investments are extensive.
With nationalistic tendencies resurgent in many countries around the world, and governments grappling to cope with the impact of COVID-19, wealth and business owners are acutely aware of the inherent risks of this ‘new world’. Such risks, however, are far from being confined to nationalisation or the direct expropriation of international investments.
Increasingly, international investors are facing materially different regulations and legal frameworks to those which originally informed – and perhaps even partially motivated – their investments. In the medium to long term, investors may also face risks relating to fundamentally altered legal and economic frameworks, as well as the potential transformation of tax regimes as governments look for new revenue sources to pay for their outlays.
Hosted by Philip A. Pirecki, business development lead for The Americas at Jersey Finance, and moderated by consultant Philip Marcovici, this Global Jersey session explored political risk and the potential implications for international investors and wealth owners around the globe.
A copy of the Global Jersey presentation slides can be found here.
Philip joined Jersey Finance to oversee business development in the Americas. Born in Jersey but based in New York, Philip has more than 20 years of professional experience in investment banking, investment management, consulting, auditing and accounting.
Philip is a financial industry and asset management executive, strategist and innovator, with more than 20 years of professional experience that includes investment banking, investment management, consulting, auditing and accounting.
Prior to joining Jersey Finance, Philip was a Partner and Director of Silver Sail Advisors LLP, a London based independent investment advisory firm focused on the global automotive and industrial sectors, with a particular emphasis on China. Before that, he was a Partner and COO at Silverstone Capital LLP, a hedge fund group based in London; an equity research analyst at UBS Investment Bank in New York; and a manager in forensic accounting and auditing at PricewaterhouseCoopers in New York and Seattle.
Philip is a graduate of the University of Southern California and spent six years in the United States Marine Corps.
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Philip Marcovici Consultant
Philip is retired from the practice of law and consults with governments, financial institutions and global families in relation to tax, wealth management and other matters. Philip is on the boards of several entities within the wealth management industry, as well as of entities within family succession and philanthropic structures. Philip is actively involved in teaching in the areas of taxation, wealth management and family governance. Philip is a member of the adjunct faculties of Singapore Management University and Nanyang Technological University in Singapore (NTU). Philip is also a member of the Advisory Committee of the Hong Kong University of Science and Technology’s Tanoto Center for Asian Family Business and Entrepreneurship Studies. Philip, among others, is involved in programmes under development by the Cambridge University Institute of Sustainability directed to global wealth and business owning families.
Hussein Haeri Partner and Co-Head of International Arbitration, Withers LLP
Hussein is a leading specialist in the field of international investment law and investment treaty arbitration and has served as counsel in over 20 investment treaty arbitrations between international investors and sovereign states. He has drafted model investment treaties and investment legislation for governments. He is a Solicitor Advocate of the Higher Courts of England and Wales, and previously practiced law in New York and Paris. Hussein is ranked in Who's Who Legal (Arbitration: Future Leaders) which notes that he "impresses market commentators with his 'combination of strong litigation skills with expert knowledge in public international law'." Legal 500 states that Hussein is "a standout operator", "very strong" and is "acknowledged for his leadership qualities".
Iraj Ispahani CEO, Ispahani Advisory Ltd
Iraj Ispahani is the CEO of Ispahani Advisory Ltd. and is based in London. Ispahani Advisory advises family businesses on business strategy, governance, people, and education. The firm operates internationally and specialises in working with family and private businesses, private foundations and wealth owners. Iraj also serves as a Group Director and Board Member of the Ispahani Group, a family business headquartered in Bangladesh which marked 200 years in 2020. Prior to joining the family business Iraj held global and regional leadership roles in banking at JP Morgan and organisational development at Korn/Ferry. He also co-founded Cantos an online corporate communications business in 2001. Iraj is Chair of the Shakespeare’s Globe Council and an independent Trustee of the Standard Chartered Foundation. Iraj is an Adviser to UNICEF in the United Kingdom and in Bangladesh and a Member of the UK Development Board of the International Committee of the Red Cross (ICRC).
Jacqueline Loh Director and Head of Private Wealth, Asia Hong Kong, Ogier
Jacqueline, who was named as one of the Top 10 Professionals in China and Hong Kong last year, works with Ogier's legal and corporate administration teams as a trusted advisor to HNWI and UHNWI clients in the Asian region. Jacqueline is a Member of Law Society of Upper Canada, Law Society of Hong Kong and Law Society of England and Wales and Member of The Society of Trust and Estate Practitioners (STEP). She is a former Chairman of STEP's Hong Kong branch and continues to have material involvement as Council Member. Jacqueline has numerous accolades to her name, including being named in The Citywealth 2018 IFC Power Women Top 200 and the Citywealth 2019 Top 10 Professionals in China and Hong Kong. Clients have described Jacqueline as "one of those rare professionals who understands both the tax structuring aspects and the fiduciary responsibilities of being a discretionary trustee", who offers "excellent and high quality advice".
Tom Le Feuvre Director - Global Markets and International Agreements, Government of Jersey
Tom was born and educated in Jersey, where his family has always lived. He read History and French at Durham University, gaining a First Class degree with Distinction. Tom joined Her Majesty’s Diplomatic Service in 2008 and initially worked on corporate strategy and Afghanistan-Pakistan relations, based in London. He was deployed overseas to Doha in January 2011 to manage the trade visits to Qatar of the Lord Mayor of London and the UK Prime Minister. He then spent a year on full-time Arabic language training in Jordan, before serving as First Secretary in the UK’s Syria Office in Beirut, Lebanon, from 2012-2014. In this role Tom coordinated UK relations with the Syrian opposition, led a joint diplomatic, humanitarian and military team delivering a €2million programme of conflict resolution, peacebuilding and early recovery activities, and supported the UK Mission to the United Nations in developing UN Security Council resolutions on Syria.