UK-headquartered law firm Withers, which specialises in servicing the private-client market, will be opening its Singapore office in May as it attempts to tap into the growth of wealth and wealth-related services in the region.
The opening of Withers’ Singapore office, which is subject to regulatory approval, is its second in Asia after Hong Kong in 2008. It underscores the way Singapore has risen to prominence in the private-wealth stakes, particularly following the arrival of a large number of high networth individuals that have shunned U.S. and European banks after the 2008 financial crisis. There seems to be a growing need here for integrated legal advice on complex cross border tax matters from individuals, families, and their businesses.
Withers’ Singapore team will include Jay Krause, a U.S. qualified partner specialising in servicing private clients, trust companies and financial institutions. Krause, an expert on U.S. IRS initiatives such as the Foreign Account Tax Compliance Act (FATCA) and voluntary disclosure, will head the wealth planning team in Asia. He will be joined by Philip Munro, a UK and Hong Kong private-client tax, trust and estates practitioner.
“Even when we opened in Hong Kong, we knew it would only be a question of time before we set up in Singapore,” said Margaret Robertson, the firm's managing director, in a statement. “Having a presence in both locations, along with our offices in Europe and the U.S., enables us to deliver integrated advice both quickly and directly to clients across Asia. I forecast that our Singapore office will grow as quickly as our Hong Kong office.”
Since it opened in Hong Kong, Withers has been named as one of the top ten law firms to watch by ALB in 2010. It has also won the Matrimonial Law Firm of the year award at The Macallan ALB Hong Kong Law Awards in 2011. ALB
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