Sporting News

Now that the (soccer) football World Cup is over, time to catch up on other sporting news.........

1) The marketing machine at Deutsche PWM made a big deal out poaching some HSBC wealth planners back in May. It was fed to an awful lot of news outlets: http://www.deutsche-bank.de/presse/en/content/press_releases_2010_5018.htm

I use poaching gingerly as most insiders will know of the recent exodus/shake-up of some very senior people at HSBC Trustee in both Hong Kong and Singapore.

Word is now that 1 of the 2 poachees has now left Deutsche. Ouch! Where's the press release on that one eh?? So Andrew T Chan has the distinction of being this years' first (that I know of...) Triple-Double trust person: 3 employers and 2 resignations/terminations in a year...actually in a couple of months. Plenty of time left to get the fourth job for the Gland Slam title.

To paraphrase Mark Smallwood: Succession planning and wealth management EMPLOYEES have increasingly become a key concern, particularly among EMPLOYERS in Asia.

Dig deep Mark and get that "passion to perform"....recruitment.....again.


2) George Steinbrenner is dead. George was the owner of the NY Yankees, one of the most economically powerful and recognisable sports franchises in the world. Throw in merchandising and broadcasting rights/revenue and George had a billion dollar estate according to Forbes. Since George was a businessman extraordinaire, he manage to save some $300-400M in US estate taxes for his heirs by dying at an opportune time: in a year without Estate Tax: http://trustprofessioninasia.blogspot.com/2010/01/2010-has-been-called-good-to-die.html


3) Catch me if you can......the fastest human Usain Bolt, the world record setting, Olympian 100m sprinter says he will not compete in the UK due to the potential to be taxed on a percentage of his worldwide income and not just on what he might make from participating in the UK track meet. In other words, he could end up paying more UK tax than what he actually made in the UK. Another example of how surreal fiscal policies can be.