Evolving Wealth: Highvern’s Private Capital Roundtable on the Changing Needs of Global Families

Evolving Wealth: Highvern’s Private Capital Roundtable on the Changing Needs of Global Families

Global family wealth is more complex than ever. With $24 trillion invested in private markets (Source: EY Private Business Insight 2024) and rising international mobility, families are no longer simply wealth holders—they are operating like small institutions. Regulatory shifts, cross-border taxation, next-generation involvement, and emerging asset classes (like digital assets and AI-driven investments) are driving a need for more sophisticated, adaptable structures.

Highvern hosted a roundtable with twelve leading UK-based tax and estate planning advisers to explore these challenges. The discussion coincided with the firm’s transition from Private Wealth to Private Capital and its June 2025 combination with Permian, a leading Nordics Fund Administrator, creating a platform with international scale, with long-term family capital investment, and the ability to support families with highly tailored solutions.

“Private Capital at Highvern goes beyond structural solutions,” said Naomi Rive, Group Head of Private Capital at Highvern, “It’s about stewardship, legacy, and multi-generational ambition – anchored in accountability and innovation.”

This roundtable highlighted how families, advisers, and private capital providers must evolve in tandem to meet new demands.

Cross-Border Succession: Navigating Complexity

The first discussion explored the growing intricacy of cross-border succession planning. Families today often span multiple jurisdictions, each with its own tax, legal, and cultural frameworks.

Beatrice Puoti, Partner, Stephenson Harwood highlighted the enduring appeal of Jersey and Guernsey as international structuring hubs, citing their regulatory clarity and global reputation. Catrin Harrison, Partner, Charles Russell Speechlys raised questions around life insurance within trusts, noting a shift toward investment-linked structures that may not always align with client intent.

Sarah Farrow, Partner, Private Client Services EY observed that governance within Family Investment Companies (FICs) can become strained when shareholdings involve spouses or ex-spouses, while Maya Buckland, Partner, Withersworldwide explained how the US-UK Estate and Gift Tax Treaty continue to shape inheritance planning for transatlantic families.

Laurence Morgan, Partner, Boodle Hatfield added that notwithstanding the recent tax changes in the UK, trusts still have a significant role in tax and estate planning for UK-connected clients and that there has also been some speculation around the transitional tax reliefs for existing trusts. Chris McLemore – Partner, McLemore Konschnik highlighted the opportunities presented by protected trust partnerships in the US, noting that while niche, they can offer highly effective estate planning tools for US-domiciled individuals.

Phineas Hirsch – Partner, Payne Hicks Beach reminded advisers that “severing domicile properly” is critical to avoid unintended tax exposure post-relocation – using California as an example of complex state-level rules.

Naomi shared a case involving a Middle Eastern client whose religious requirements shaped jurisdictional decisions and ultimately inspired significant philanthropic giving. “Education around permissible structures,” she said, “can lead to more values-driven outcomes.”

Takeaway: Early engagement, values-driven conversations, and jurisdictional awareness are critical to crafting succession plans that are resilient and aligned with family goals.

Balancing Financial Ambition, Tax, and Residency

Moderated by Katie Douglas, Client Director Private Capital at Highvern the second topic examined how global families balance their financial ambitions with residency choices and tax liabilities.

Katie observed that family offices have transformed dramatically in recent years, with cross-border asset ownership and global investment strategies now the norm. “Families are thinking like institutions,” she noted, “but they still need personalised, human-level structuring.”

Phineas pointed to the rise of multi-family office frameworks, where trustee collaboration and governance quality define long-term success. Joseph Brothers Partner, Withersworldwide added that while sophisticated European family offices now pursue non-US investments, smaller offices are still developing awareness of tax-efficient structures.

Maya addressed the tax implications of GP-to-LP transfers, stressing the need for real-time oversight of partnership activity. Catrin urged families to “plan for flexibility”—anticipating future relocation, generational change, and evolving child involvement.

Discussion also turned to Protected Cell Companies (PCCs). Katie noted their increasing traction in Jersey, while Ed Powles Partner, Maurice Turnor Gardner provided a UK perspective: they are internationally viable but can be complex under certain UK anti-avoidance rules. Beatrice encouraged innovation but warned that “execution matters more than novelty—poorly implemented PCCs risk becoming the next fad.”

Takeaway: Successful structuring balances ambition with governance, flexibility, and jurisdictional compliance, while always keeping family values and future growth in mind.

Family Governance and Avoiding Conflict

The third session, led by Richard Joynt, Head of Family Office at Highvern focused on the rise of family governance as families become more institutional in structure but more personal in complexity.

Richard highlighted that many family offices lack in-house tax or legal expertise, creating governance blind spots. “Frameworks often reflect the founder’s generation,” he noted, “but younger members may prioritise autonomy over collective decision-making.”

Catrin cautioned that not all entities labelled as “family offices” meet the structural or fiduciary standards of one, while Monika Byrska, Partner, Howard Kennedy advocated for formal governance processes to prevent misunderstandings from escalating into disputes.

Beatrice shared an example of a hastily formed trust that lacked transparency, leading to long-term planning issues. “Bringing the next generation into the conversation early,” she said, “is essential for sustainability.”

Bryony Cove, Partner, Farrer & Co reinforced this point, noting that even highly educated families are vulnerable to emotional strain following a loss or divorce. “Communication,” she said, “is the most underestimated element of wealth preservation.”

Charlotte Howard, Senior Counsel, Macfarlanes reflected on a multi-generational family business that assumed unity would endure naturally – only to find generational transitions tested that belief. “Harmony,” she observed, “requires design, not assumption.”

Takeaway: Proactive governance and open dialogue are essential to ensure that structures endure, family values are respected, and wealth serves its intended purpose across generations.

As the discussion drew to a close, Ed quoted the French proverb, “pour vivre heureux, vivons caches” if you want to live well, live discreetly – underscoring the enduring importance of privacy in family affairs.

Families, fiduciaries and advisors must evolve together, combining technical expertise with emotional intelligence to safeguard legacies. Highvern’s transition from Private Wealth to Private Capital reflects this shift: providing families with both the scale of an institutional platform and the discretion, flexibility, and stewardship necessary to meet the complex demands of the modern world. “Our clients have evolved – and so must we,” Naomi concluded.