A London-based private client advisory firm is opening up its wealth management service to Americans living overseas.
Saranac Partners focuses on ultra-high net worth individuals and families and now offers wealth advisory, investment management, lending solution and tax reporting service for US expats.
The firm says it will help US persons plan and access specialist advisers for tax advice, estate and succession planning, and philanthropy.
This will ensure the very different tax regimes are taken into consideration in making any decision.
US expats have struggled in recent years to find appropriate investment and retirement planning solutions, following the introduction of the Foreign Account Tax Compliance Act (Fatca).
This saw foreign financial institutions opt to refuse to serve US citizens and greed card holders rather than deal with the onerous legislation and the Internal Revenue Service (IRS).
But several firms have upped their respective offerings for US expats in the past few months.
In March, Belgium-based Dunhill Financial partnered with Praemium to provide investment models built solely with US investments.
A month later, a US-compliant Sipp was added to Momentum Pensions’ range, with London-based wealth manager James Hambro & Partners unveiling an investment service for Americans and their families living in the UK in June.
Wide range of ‘competitive’ solutions
Saranac’s discretionary investment service combines in-house asset allocation with fund and security selection through ongoing oversight and risk management.
Specifically, the latest offering includes active management, asset allocation, bespoke construction, product selection and FX overlays.
An open-architecture lending platform allows US persons to access a wider range of competitive solutions compared to more traditional providers.
This includes portfolio leverage through liquidity and diversified assets, customised solutions through single stock positions and hedging strategies, real estate finance such as residential mortgages, specialist financing via corporate lending, bridging loans and private equity co-invest lending.