Penningtons Manches Cooper has launched its first private wealth practice outside the UK in Singapore and hires Rachel Yao to lead the team.
Yao, who will be the firm’s head of private wealth Asia, joins from Carey Olsen where she spent more than four years. She served as counsel and head of private wealth in Asia at the firm.
Clare Archer, head of private client and tax at Penningtons Manches Cooper, said the decision to launch a private wealth practice in Singapore stemmed from growing demand.
“The launch of our Singapore private wealth practice reflects both long-term strategic planning and growing client demand. We have seen a significant increase in the number of international families, entrepreneurs and family offices requiring sophisticated cross-border advice, particularly across Asia,” Archer told Asia Business Law Journal.
“Singapore has established itself as one of the world’s leading centres for wealth management, succession planning and family office activity and is therefore a natural location from which to expand our private wealth offering internationally.”
She said Yao would spearhead the firm’s private wealth offering in Singapore and Asia with support from the private client and tax team in the UK.
“Rachel stood out for her impressive combination of extensive experience, regional market knowledge and language capabilities … A further, unique strength is that she is the only private wealth lawyer who is admitted to practise in England and Wales, Singapore, China, the British Virgin Islands, the Cayman Islands and Bermuda,” Archer said.
Yao specialises in private wealth matters, including family wealth preservation, global asset allocation, trust establishment and restructuring, philanthropy, charitable structures and foundations.
She also has experience advising high-net-worth and ultra-high-net-worth individuals, families, family offices, professional trustees and private banks across the Asia-Pacific region on complex cross-border wealth structuring, succession planning, trusts and family governance matters.
