Jersey Finance Outlines Global Wealth Trends to Lebanese Audience
The implications of exponential growth in global wealth and the increasing importance of corporate governance for family succession planning were amongst the themes discussed at Jersey Finance’s inaugural private wealth seminar in Beirut this week (9 October).
Held at the Phonecia Hotel and attended Her Majesty’s Ambassador to Lebanon, Chris Rampling MBE and more than 60 Lebanese and international wealth managers, advisers and family offices, the event was led by Faizal Bhana, Jersey Finance’s Director – Middle East and Africa, and explored some of the vital issues facing High Net Worth (HNW) families and businesses.
In particular, in a panel session entitled “Succession Planning and Governance for Family Businesses” panellists Carine Farran, Deputy Managing Senior Associate at Badri and Salim El Meouchi, and Nada El Sayed Zoghzoghy, Tax Leader at PwC Lebanon, discussed the increasingly sophisticated nature of the intergenerational transfer of wealth and the need for good corporate governance in an increasingly complex regulatory environment.
Faizal Bhana, Jersey Finance’s Director – Middle East and Africa, said: “Our first event in Beirut gave us a fantastic opportunity to explore some vital issues and discuss how Jersey can work with the private wealth community there to help them better plan for the future.
“We know from our own research that there is some real uncertainty across the region around the kind of structures needed to ensure smooth succession planning, with trillions expected to be passed between generations in the coming years against an increasingly complex regulatory, political and economic backdrop. What came across clearly at this event was that good corporate governance, robust and transparent regulatory regimes, a commitment to innovation, and specific expertise will all be vital in the coming years to support the global aspirations of Lebanese families and the needs of the next generation. Jersey is well placed to meet those needs.”