Before We All Break for Mince Pies: A Reflection on Private Capital

Before we all break for mince pies and take a rare pause at the end of the year, it feels like a good moment to take stock of what 2025 delivered for private capital industry.

For Highvern, and for our clients, 2025 has been a year of change. Anyone involved in servicing the Ultra High Net Worth community will be well aware of the UK’s decision to abolish the “Non-Dom” regime, making the concept of domicile largely irrelevant going forward. More than a hundred years of tax history swept away in one decisive move.

Unsurprisingly, much of the commentary that followed was gloomy. A narrative quickly took hold suggesting that London’s position as a global centre would inevitably be weakened, and that wealthy families would simply move elsewhere.

Our view is rather more upbeat. Some families will, of course, choose to spend more time in other jurisdictions – but London was never just about where people live. It remains one of the world’s most sophisticated advisory hubs, offering a depth of legal, tax, investment and fiduciary expertise that few places can match. For many international families, London continues to be where trusted relationships sit and where long-term decisions are shaped, even if day-to-day life is increasingly international.

The world continues to produce more wealthy families each year, and they face remarkably consistent questions:

• What does it mean to be wealthy today, and what responsibilities come with it?
• How can wealth creators ensure that the next generation is not defined – or constrained – by wealth?
• How can newly created wealth be preserved rather than quickly lost?
• And, perhaps most importantly, how can families be confident they can truly trust those who advise them?

Across the combined experience of our senior team, we have seen many families grapple with these issues. We also work alongside a broad network of expert professionals – in London and beyond – who bring judgement, perspective and critical thinking to what are rarely simple challenges.

Helping clients achieve their ambitions remains central to the Private Capital division of Highvern, and it is an ethos we see echoed across much of the private client industry. If this year has reminded us of anything, it is that while rules and structures may change, the need for trusted fiduciary and long-term thinking does not.

So, as 2025 draws to a close and 2026 approaches, we are grateful for wonderful clients, trusted intermediaries and highly experienced colleagues. We enter the new year having rebranded as Private Capital, reflecting the increasing sophistication of the families we work with, and supported by a new investor enabling us to offer an even broader range of solutions.

Change is good – embrace it and keep on enjoying our wonderful industry!

The warmest of festive greetings to you all – and he hope you’ve enjoyed this brief coffee-break reflection, mince pie optional.