issue 83 financial support and guidance across · pdf fileissue 83 financial support and...

shorelineissue 83

FiNANCiAL suPPORT AND GuiDANCe ACROss THe GLOBe | 2011

travel instyle perfect properties abroad story of a statesman

+

the

artfulinvestor

shoreline magazine issue 83 2

WelCome to this new edition of Shoreline magazine. summer may be nearly over but we can still dream of a late holiday. To whet your appetite, this issue will take you around the globe, from tree-houses in Thailand to the sands of the seychelles and a host of places in between.

We are continuing to evolve the magazine so we hope you like the new look, and find the mixture of news stories, features and advice enjoyable.

On page 14 we discuss the continuing buoyancy of the art market through, and in the aftermath, of the recession and on page 21 we talk to ex-diplomat Cecil Pilgrim who realised a lifelong ambition to retire to the Caribbean.

speaking of interesting characters, most of us have one or two in our family histories – but how much do we actually know about them? Author and genealogist Claudia Joseph has been studying the family trees of the stars for many years. Writing for Shoreline, she outlines how you can go back in time to find out more about the ancestors you never knew you had.

elsewhere in the magazine, you’ll find articles on protecting your investments, the latest developments in the airline industry, and education advice that can help your career literally take off.

And we’re planning to “go green”. You’ll see on page 32 that we’re developing an online edition of Shoreline. To make sure you don’t miss our exciting new digital offering please visit shoreline online at www.lloydstsb-offshore.com/shoreline and to be in with the chance to win an iPad 2, register for internet banking at www.lloydstsb-offshore.com/register

As always, we would love to hear your thoughts. enjoy the new issue and let us know what you think.

C O n T e n T s

14

07

35

This publication is produced on behalf of Lloyds TSB International by Editions Financial. The greatest care has been taken to ensure the accuracy of materials contained in this publication. This issue was prepared for publication in August 2011. Shoreline is a registered trademark of Lloyds TSB Bank plc. Printed on FSC chlorine-free paper.

Tony Wilcox Managing director

07 ProPerty Building an ideal HoMe is self-building the means to your own nirvana

or the blueprint for a property nightmare?

11 CUstomer ProFile a Man For all regions The colourful and successful life of

sir James r Mancham.

14 alternatiVe inVestments Treasures To love and To earn collecting art can be a wise investment if you

take an assiduous approach.

18 Family matters your oWn Princes and PauPers our future Queen has a skeleton in the family closet.

claudia Joseph advises how to unearth the dark – or delightful – secrets of your own forebears.

21 inVestments HoMe on THeir dreaM BeacH careful investment has delivered a dream life

to top diplomat cecil Pilgrim and his wife, cita.

24 WorKliFe THe World is your classrooM an MBa can be a passport to career success,

and business schools across the globe are learning the lessons of a flexible approach.

28 liFestyle cleared For Take oFF after a bumpy ride airlines are beginning

to raise their game.

essentials 03 noticeboard 32 crossword 34 Photo competition 35

Claudia Joseph is an author and genealogist who has completed a biography of kate Middleton.

alan Peaford is a pilot and aerospace journalist and currently publisher and editor of industry magazine arabian aerospace.

marianne Curphey is a freelance journalist contributing regularly to national and international publications.

COnTribuTOrs

[ regulars ]

[ features ]

18

WWW.llOYdsTsb-OffshOre.COm 3

e s s e n t i a l si n s i g h T / i n T e l l i g e n C e / f i n A n C e / l i f e s T Y l e

[ insight ] Polluters in Australia are to pay for their carbon emissions from July 2012 according to government plans.

Prime minister Julia gillard said polluters would pay a

yet-to-be-determined fixed price. “This is an essential economic reform, and it is the right thing

to do,” ms gillard told a news conference, describing climate change as a national threat – just weeks after Queensland endured record floods.

Australia is the world’s biggest exporter of coal and has the highest per capita production of CO2 because of its reliance

on coal for 80 per cent of its electricity generated.

The plan, if passed by parliament, will place Australia among a small group of countries to put a national price on carbon dioxide, the main greenhouse gas blamed by scientists for causing global warming. >>

AmAzOn defOresTATiOn AT reCOrd lOW level 2,490

– the number of square miles of rainforest cleared

in a 12-month period

australia CoUnts the Cost oF Co2

[ intelligence ] Deforestation in the Amazon has fallen to the lowest level ever recorded, the Brazilian government has announced. Over a 12-month period 2,490 square miles of the world’s biggest rainforest was cleared, a fall of 14 per cent on the previous year.

The level of deforestation has declined steadily since 2004 with improved monitoring using satellites and tougher enforcement of laws on the ground.

In recent years cattle ranchers and loggers caught acting illegally have been fined, had their equipment seized and had bank loans cut off.

The beef and soy industries also voluntarily banned products from illegally deforested land and the country has pledged to reduce deforestation by 80 per cent by 2020.


e s s e n t i a l s

$58.2b

£64m

$738m

57m

australians hope to save in obesity

healthcare costs by implementing a junk

food levy.

what russia plans to spend in research to

make its case for mineral rights

in the arctic.

is the sum Beijing plans to provide as

loans for companies to develop green energy

projects over the next decade.

the number of regular cyclists in the usa. although

cars rule, an astonishing 27 per cent of the population

regularly ride a bicycle each year.

[ lifestyle ] Despite economic woes relating to its property market bubble, Dubai has maintained its position as a regional hub for contemporary art following the opening of the 5th Art Dubai, earlier this year.

Art Dubai has quickly become a leading centre for contemporary art from the Middle East region and welcomed almost 18,000 visitors in 2010. The fifth edition of Art Dubai brings together more than 80 galleries from the Middle East and around the globe. The event also encompasses an extensive programme of collateral events including the Abraaj Capital Art Prize, film screenings, talks and performances at Art Park, and art workshops for refugee and orphaned children.

More www.artdubai.ae/

5Th ArT dubAidubai celebrates

beer TO be ClAssified As AlCOhOl fOr firsT Time in

[ insight ] for the first time, beer is to be legally classified as an alcoholic drink in russia.

Technically classified as a foodstuff, an anomaly that has allowed producers to avoid restrictions on alcohol advertising and night-time sales, a new Kremlin-backed bill will abolish beer’s special status.

The new law would restrict beer sales at night, ban its sale

close to many public places and limit cans and bottles to a maximum size of 0.33 litres.

russia’s beer consumption has more than tripled in the past 15 years and is now the fourth biggest market in the world by net consumption after China and the united states. The Kremlin is concerned about alcoholism and under age drinking and estimates that russians consume

on average 32 pints of pure alcohol each year, more than double the World health Organisation’s recommended limit.

russian officials estimate that 500,000 people die for alcohol-related reasons every year, a state of affairs that has prompted President dmitry medvedev to declare the country’s drinking problem “a national disaster”.

32

Russians consume

an annual average of

pints of pure alcohol

russiA

el Anatsui, in the World but don’t Know the World, 2009, October gallery, london, Courtesy Capital d studio

gloBal FacTs

WWW.llOYdsTsb-OffshOre.COm 5

i n s i g h T / i n T e l l i g e n C e / f i n A n C e / l i f e s T Y l e

The AmeriCAn PeOPle need TO be reminded ThAT iT TOOK A lAW TO geT seATbelTs in The CArs. iT TOOK A lAW TO geT The mileAge uP frOm 12 TO 20 miles Per gAllOn. i thinK Clean Cars are too imPortant to be leFt to the aUtomobile indUstry. s. david FreeMan, eco Pioneer and engineer.

[ insight ]

to preserve city’s heritage [ insight ] One of venice’s most famous architectural and cultural icons, the rialto bridge fish market, has been saved from becoming a mere tourist attraction.

Activists of the growing residents’ association 40xvenezia, successfully battled to safeguard the future of one of the city’s best loved institutions, where locals have shopped for their food for 1,000 years.

The fish market was threatened by plans to expand docks for the cruise ships that moor near st mark’s square. This would have forced the rialto market’s main suppliers to leave venice for the mainland. it is not the first time local activists have campaigned to stop one of italy’s most iconic of cities becoming a mere tourist attraction. in 2009, activists rowed a coffin down the grand Canal when venice’s population sank below 60,000 from over 150,000 in the last century.

40xvenezia has vowed to continue its work, with pressure being applied to the local government to put brakes on the expansion of new hotels being opened on the island city and a deficit of local shops and affordable homes for the indigenous population.

More www.40xvenezia.it

[ intelligence ] US telecom giant Verizon has launched a new generation wireless network that delivers data as much as 10 times faster than 3G technology currently used by smartphones.

The “4G LTE” network debuting in 38 major metropolitan areas and at more than 60 US airports will be aimed at business “road warriors” who want super fast connections for laptop computers, according to Verizon.

Verizon worked with South Korean electronics firms LG and Pantech to design USB modems people can plug into laptop computers to connect to the LTE network.

“Our 4G LTE launch gives customers access to the fastest and most advanced mobile network in America and immediately reaches more than one-third of all Americans right where they live,” said Verizon chief executive Dan Mead.

Verizon expected smartphones synched to the 4G, short for “fourth generation,” network to be available by the middle of 2012.

The world’s second biggest economy, China, plans to roll out its own 4G mobile phone technology in 2014, according to state media. China Mobile, the world’s largest mobile phone operator, said that a number of Chinese and foreign telecom equipment makers would participate in the tests of its 4G candidate, including China’s ZTE Corp, Huawei Technologies, Nokia, Siemens and Ericsson.

More www.verizon.com www.chinamobileltd.com

WiTh ChinA in hOT PursuiT

4gus lAunChes

veNice Battles

>>


e s s e n t i a l s

[ finance ] europe’s largest electric vehicle (ev) car-sharing scheme is to be launched in Paris, following a deal between Autolib, bollore and Pininfarina.

italian luxury brand Pininfarina will produce the models on behalf of bollore, the company providing the electric vehicles for the Autolib scheme, allowing production of the vehicles at its factory in italy.

The cars will be derived from the Pininfarina bluecar.Pininfarina said it would produce 4,000 of the vehicles, which have a top speed of around 130 km/h and a range of up to 250 kilometres. The Autolib system is set to go live later this year and is likely to be the world’s largest ev car-sharing scheme, modelled on the ground-breaking velib bikeshare scheme introduced in Paris in 2007. it will cost €12 monthly with a further hourly charge for the vehicles expected to be €5 for the first 30 mins, €4 for the next 30 and €6 for the third.

electric car rental schemes are increasingly popular in europe – in early 2011 zenCar launched in the belgian capital brussels, offering ev car rentals from €9 per month.

[ intelligence ] A scientific revolution sweeping India will place it within the firmament of major world economies.

At the annual Indian Science Congress in Kerala, the country’s top researchers and politicians vowed to make their nation more powerful in science and technology by doubling investment in research and development.

Prime minister, Manmohan Singh, made clear India’s plans for a technological future, which could put it in the same league as Japan and the US.

With most industrialised countries spending around 2 per cent of GDP on research and development, India has much to do, currently spending 0.8 per cent, placing it alongside South Africa and Brazil. By 2012 it hopes to ramp this up to 1.2 per cent, and 2 per cent – well ahead of China, on 1.5 per cent or the UK with 1.8 per cent. With India currently the world’s 11th largest economy and a GDP growth rate of 9 per cent, it is already wealthier than Australia and Spain and could outpace Russia, Canada and the UK in years to come.

Paristo go electric

india looks at science top spot

india is the 11th largest

economy

[ intelligence ] In a move designed to re-invigorate its property market, the United Arab Emirates federal government has announced a significant extension to visas for inward investors.

Foreign owners of property worth more than 1 million dirhams ($272,300) have been required to renew their visa every six months – the new rules introduce a three year, multiple entry visa.

Authorities hope that the extension will inject a much-needed boost into a struggling property market and predict a 20% increase in demand for property in Dubai and across the UAE.

Uae extends

[ finance ] global wealth has continued its recovery from the financial crisis, increasing by 8% ($9 trillion) in 2010, to a record $121.8 trillion, according to a study by The boston Consulting group.

The study, published in may, reports gains of around $20 trillion on 2009 figures, with wealth growing fastest in the Asia-Pacific region at a rate of just over 17%. (in Japan, however, growth slowed by 0.2%.) nations showing the largest individual gains were the us, China, uK, and india.

The number of global millionaire households also increased in 2010, by 12.2% to around 12.5 million. While the us boasted the most millionaire households (5.2 million), singapore had the highest concentration at 15.5%. singapore also had the fastest-growing number of millionaire households, with 170,000 - up nearly a third from 2009.

good health

global wealth in

property investor visa

singapore has the fastest-growing number of millionaire households

www.lloydstsb-offshore.com 7

Build or Buy aBroad

building on an

idealtelevision design programmes have made would-be architects of us all, agrees cathy hawKer. but is self-build always a success – or can it become a property nightmare? >>


Build or Buy aBroad

in these increasingly design-savvy times, building an overseas home of your own is an intoxicating dream. No more living with someone

else’s questionable taste or poor DIY skills: instead you choose the perfect location and create a unique home or investment vehicle.

Jonny and Beverley Rosen discovered both the pleasures and the pitfalls when they chose the hills above Italy’s Lake Como as the place to build their own home. In 2004 they bought 1.5 acres above Argegno on the sunny, western banks simply because they fell in love with the plot.

“It has picture perfect views over the lake to Lezzeno and across the Intelvi Valley,” explains Beverley. “We bought more land than we needed so we could ensure nothing was built in front to ruin our views.”

Their first problem was Italy’s infamous bureaucracy. “Everyone told us it takes a year to build a house, but that’s not true,” says Beverley. “It took us three years from start to finish because of the complex permissions required. These protect the area from overbuilding, but they do cause delays.”

The second problem was more unexpected. Beverley is a fluent Italian speaker, but her technical vocabulary was limited which she soon discovered could lead to misunderstandings.

However the house was completed in 2008 and the couple remain positive about the advantages of self-building.

“We’ve ended up with a bespoke 270 square metres, five-bedroom house and pool with lake views in a wonderful part of Italy,” says Jonny, a photographer. “Costs were two thirds of the price of buying an equivalent resale property and yet every tile and fitting is our personal choice. It was hard work keeping on top of the build and liaising with architects and craftsmen, but was it worth it? Undoubtedly, yes.”

Costs and timingsItalian architect Andrea Meirana, whose current projects include the restoration of St Mark’s Square in Venice, has worked for a number of overseas clients. The biggest problems, he says, are tying down costs and timings. “If buyers are not well organised and don’t involve a project manager and reputable architect from the start, costs will soon escalate and timescales expand.

“In Britain yes means yes, and no means no. In Italy, there’s often a gap between the two. Authorisations are complicated and there’s more than one way to submit approval requests. Experience is important.”

Self-building from a distance will always be a concern for buyers, even at the top end of the market. On the exclusive private island Jumby Bay off the coast of Antigua in the Caribbean, owners who choose to self-build typically visit once a month to check on progress. “The Caribbean is perceived as an area fraught with difficulties for self-building,” says the island’s Sales Director, Andrew Robson.

“Our owners are spending up to US$15m on a five-acre beachfront site

“Our architect understOOd Our visiOn and fulfilled Our dream”

self-build ‘Pros & Cons’

there are no authoritative figures for the numbers of self-build houses overseas, but the uK’s national self build association gives an idea of the popularity: it says 20,000 people built their own homes last year.

R uPsides FinanCial: Potential savings can be significant as you cut out the developer’s profit. Design: you can indulge your inner design guru with the satisfaction of getting a bespoke, unique home.loCation: and you can choose the perfect place to build it.

S doWnsidesHassle: every tile and fitting has to be chosen and co-ordinated. you may have to deal with various contractors and suppliers.over-runs: any building project runs the risk of not completing in the expected time.risk: with any off-plan project, it’s possible the reality doesn’t match the dream.

1/ self builders: beverley and Jonny rosen 2/ Jonny and beverley were able to specify everything they wanted, including the views

2/

1/


and they want to be very involved in the process. We have architects and contractors with high-spec experience and project managers always provide weekly reports.” Jumby BayOnly 56 houses can ever be built on Jumby Bay where home owners include Lord Sainsbury, author Ken Follett and financier Roland Franklin. And, with only seven plots remaining, buyers are choosing to rebuild existing houses. “Build costs at US$500 per square foot are relatively low in relation to plot values, so re-building can make financial sense. We’ve just sold a US$10m beachfront house which the owner plans to demolish and rebuild to create a US$14m home.”

Closer to the UK, the Spanish island of Mallorca is a popular destination for property buyers from across Europe. Its well-connected modern airport, classy marinas and international schools means it appeals as much to the business community as to sybaritic holidaymakers. Dominic Shapeero has been developing houses for wealthy buyers there for twelve years and is bullish about the possible savings to be made.

“Savings on a finished, landscaped self-build project are typically between 40 and 60 per cent,” he claims. “A self-build that cost €2m, for example, could realistically be worth €3.5m on the market.”

Shapeero’s fee structure doesn’t come cheap, but he passes discounted prices for craftsmen and builders directly on to the client without taking a commission. It’s all proof that an experienced project manager with local knowledge can pay dividends.

Shapeero is currently completing a four-bedroom finca (a rural property) with separate guest house set in six acres, valued at €3.5 million. “The competition at the top of the market is fierce and these properties are highly specified whether they are for a second home or a main residence,” he says.

Charles Weston-Baker, Head of Savills International Residential & Resorts Department, claims that current market conditions have seen a return

or maybe a thai

tree-hOuse?

“hiGh net WOrth BuYers Want a sense Of isOlatiOn WithOut BeinG inaccessiBle”

>>

for buyers who prefer to see completed property before they buy, there are plenty of enticing options. real estate agents are queuing up to sell all kinds of dreams – a restored moroccan riad or an alpine chalet; a stone mas in Provence or a south african safari lodge.

“at the top of the market, buying a home abroad is generally a lifestyle purchase and the most attractive destinations tend to be those with a track record of safety and stability,” says rob green of cluttons resorts.

“high net worth buyers want a sense of isolation without being inaccessible. barbados is an old favourite and mauritius, thailand and the seychelles are lifestyle destinations that offer an investment angle, too.”

it’s the extras that developers add that can

make all the difference. six senses hotel and spa operator sells private residences in exotic destinations including thailand and the maldives.

first-class concierge services, personal butlers and deluxe spas are standard but, at their soneva Kiri resort on the thai island of Koh Kood, owners can dine in a tree house overlooking the gulf of siam or enjoy a classic film in the outdoor floating cinema. houses at soneva Kiri cost from us$5,000,000 to us$8,000,000 through cluttons resorts.


Build or Buy aBroad

to traditional, core markets like the French Riviera, Quinta do Lago on the Algarve and Tuscany.

“People who’ve made money tend to be very aware of its value and they’re taking advantage of the slow market to buy,” he argues. “We’ve recently seen increased interest in Geneva for lakefront property, especially for top level buyers and often as a main residence. It’s a beautiful area,

easily accessible from across Europe and close to excellent skiing.”

For some, a city centre holiday home is a misnomer, but a well-chosen urban location can combine culture and easy access to glorious beaches or countryside, as well as providing an investment driven purchase.

Paris is a perennial favourite, with wealthy buyers snapping up

whether you’re dreaming of buying your own holiday home, investing in property abroad, switching your mortgage or considering equity release, the lloyds tsb international mortgage service could be the answer.

we have over 30 years experience in helping people to buy property abroad, and offer mortgages for people wanting to finance properties in great britain, france, spain, dubai, hong Kong, singapore, new Zealand, usa, canada and australia.

it’s an easy way to arrange an overseas mortgage at a competitive rate. our highly trained english speaking team keep the process simple, with all the paperwork in english too. and don’t just take our word for it; lloyds tsb international mortgage service won the 'best overseas mortgage lender 2010/2011’ at the your mortgage awards.

to find out how we could help, call +44 1624 657223 or visit www.lloydstsb-offshore.com/international-mortgages

M

buy your dream home

[ money matters ][ overseas property market ]

03 [ sydney ] with a privileged woollahra village address and brimming with Victorian period details

and contemporary style, this four bedroom property includes a private terrace garden and pool, with an alternate private entrance to a separate self-contained home office/guest cottage with garage. through savills australia.

04 [ neW york ] Just off Park avenue, this four bedroom penthouse features oversized windows to

take advantage of spectacular all-round views and a terrace overlooking central Park. other features include custom wet bar, library, office and self-contained 1150sqft guest quarters with private entrance. the asking price is $16,9000,000 through Knight frank.

05 [ FrenCH alps ] chalet eglantier sits on the piste in the prime Pralong area of courchevel

1850 in the heart of france’s vast les trois Vallees ski area. the chalet has been recently refurbished to provide five en suite bedrooms, a pool and jacuzzi and a ski-in and ski-out location. €17,325,000 through savills international.

GlOBal selectiOn

apartments in the Marais or the Triangle d’Or around the designer boutiques of Avenue Montaigne. From there, the vineyards of Burgundy or the lavender fields of Provence are a swift TGV journey. Likewise New York, Venice and Barcelona have a loyal following while Marrakech and Lisbon have atmospheric history and culture combined with exciting, classy property offerings. ●

01 [ maldives ] be one of the first foreign owners to buy property in the maldives with these 14 over

water residences at soneva gili on the privately owned lankanfushi island, 20 minutes from male international airport by high speed boat. each home will have four bedrooms and generous staff accommodation. extras include access to the six senses hotel facilities and a large nature reserve. Prices start from us$6,000,000 on a 50-year leasehold and come with a gross five per cent rental guarantee. through cluttons resorts.

02 [ mallorCa ] in the sought after southwest corner of mallorca, this four-bedroom house in

sol de mallorca comes with a separate guest suite and staff accommodation. the well

established gardens are stocked with fruit trees and a lavish pool, and the interiors feature marble floors, top of the range security and music systems.

through engel & Volkers.

>>

mortgages are provided by lloyds tsb bank plc offices in hong Kong and singapore. this product and service is not available to residents or nationals of countries where not permitted by local laws or regulations. it is your responsibility to ensure you comply with relevant laws. the international mortgage service is not applicable to certain types of properties and is subject to us being able to obtain an independent valuation.

Please note that the service is principally designed for customers planning to purchase properties outside their country of residence. we can provide mortgages for owner occupation in hong Kong and singapore, but not in other countries. other restrictions related to property use may also apply and details are available upon request.

Please note that we would not normally provide financing for certain types of property such as serviced apartments, resorts, golf course properties, student accommodation or former local authority or public housing. your home is at risK if you do not KeeP uP rePayments on a mortgage or other loan secured on it.


profile

>>

A MAN for all regions

“a t over 70, I feel like a son of the world. And I love it!” There’s no hiding the infectious enthusiasm of Sir James Mancham, elder statesman

and serial entrepreneur. As the founding President of the Republic of

Seychelles, Sir James’s life has been as colourful as it’s been successful: in turns, a lawyer, a head of state, a businessman in forced exile and now a leading elder statesman in the Indian Ocean region. His journey hasn’t lacked excitement.

“I’ve always had a business gene,” he says. “That’s why, even when I was in exile from my beloved Seychelles, I never became a broken man. I was always able to maintain the standard of life I’d achieved as a political leader.”

He is fiercely proud of his “beloved Seychelles”, but it’s far from being an inward-looking devotion. “We’re all one,” he likes to say, “and part of the global village.” That was a wide perspective gained from an early age.

Political coups, cold war conspiracies, launching airlines and fighting for world peace – sIr JAmes r mANchAm has had front-line experience of them all, and more. Alan macAskill finds a man who loves his native seychelles, but is still hungry for international experiences.

shoreline magazine Issue 83 12

profile

The son of a local businessman, Sir James left the capital Victoria in 1957, when he took the five-week voyage via Mombasa and Cairo to study law in London. After being called to the bar at the Middle Temple, he moved to study at the University of Paris and then undertook international labour studies in Geneva.

Political activityOn returning to the islands, he took up general practice and became active in politics. His rise was inexorable – Chief Minister in 1966, Prime Minister and then President of the republic ten years later. “I recognised that the Seychelles was too small to afford to be insular,” he recalls. “We needed to open ourselves to the world.” So, he created the infrastructure for a tourism industry which prospered as the economy developed.

Despite a popular and successful tenure as the elected leader of the republic, Sir James’s government was deposed by a Soviet-supported coup led by France-Albert René while Mancham was in London attending a Commonwealth Heads of State Conference and the Queen’s Jubilee in 1977. He wasn’t to return home until after the end of the Cold War – 15 years later.

galaPagossir James helped promote eco-tourism.

“it was my father who told me to keep

your banker close, establish a reputation

and build trust.”

sIr JAmes mANchAm: A son

of the world who has enjoyed a colourful and

successful life.

Stranded in London, he recalls that his big problem was to maintain the standard of life he’d achieved as a political leader. Unlike other exiled heads of state, he was determined not to rely on the charity of others. “I could tell friends of my plight and ask for money, but I knew this wouldn’t last and I’d outstay my welcome.” That’s when his business gene kicked in.

“I knew my role had to be that of an entrepreneur. It was better to use my contacts to give people the opportunity to do business together.” That way, he earned commission fees for the deals he facilitated – “and kept my friendships.” He used the contacts with the powerful and the influential that he’d cultivated during his leadership tenure. “Knowing these people has enriched my life, particularly in the philosophical and intellectual sense. It’s provided many souvenirs in the cupboards of my memories.”

Business lifeAnd business came his way. He helped to establish a brewery on Grenada. He became president of Berlin European Airways. He acted as a public relations ambassador for Lars Eric Lindblad’s cruise tours – “Lars was the father of eco-tourism. He opened up Antarctica, the Galapagos and even the Seychelles before the airport was inaugurated.”

As a non-domicile in the UK, Sir James maintained the long banking relationship with Lloyds TSB that he’d first established back in 1959. “It was my father,” he remembers, “who told me to keep your banker close, establish a reputation and build trust.” He never forgot that and has a good relationship with Emma Quayle, Relationship Manager, who looks after his account. “I speak with her regularly on the phone and visit to discuss my finances whenever I’m in Europe.”

Reputation and loyalty have counted high with Sir James in his own career. Rather than turning his


seYChellessir James was founding President of his beloved homeland.

Paristhe city’s university was a place of study.

geneVasir James explored international labour studies in the swiss city.

back on his homeland, he stayed steadfast to its cause throughout his exile. When the Soviet Union collapsed, he returned to the Seychelles in 1992 to contest the election there. “My popularity rating remained high, even though 35 per cent of the people had left the country after the coup. In the elections I led the opposition with 42 per cent of the popular vote.”

Despite narrowly losing in the Presidential elections, Sir James remained in parliament until 2005. And since then has maintained a high profile mixing public service with entrepreneurship – he’s just launched a new magazine, The Voice of the Indian Ocean and the Arabian Sea.

He had found a different atmosphere in the country, one which persuaded him to project himself as an “apostle of national reconciliation” in an effort “to bring unity and harmony rather than preside over an angry kingdom of divided people.”

And now his boundless energies are focused on a wider canvas. He is president of the Global Peace Council of the Universal Peace Federation and was recently voted onto the committee of elders of the Common Market for Eastern and Southern Africa (COMISA). “The politician,” he has discovered, “is interested in power. He’s interested in the next election. The statesman is interested in the next generation. What the world requires at this time,” he insists, “is more statesmen.” ●

STop preSS: At the time of going to press we have learnt that sir James has just won the Gusi Peace Price award 2011 for statemanship and will collect it on the 24th November 2011 in manilla, the Philippines. this prestigious award is referred to as the Nobel Peace Price of Asia.

lonDonsir James’s base for 15 years until after the cold war.

grenaDaone venture saw sir James establish a brewery in Grenada.

24/7 banking aCCess our internet banking and Phonebank service helps you take care of your day-to-day banking, all year round, wherever you are.

ConCierge serViCe comprehensive phone based assistance for everything from travel and destination events information to car rental and hotel bookings worldwide.

WorlDWiDe familY traVel insuranCe* travel cover, wherever life takes you, for travel alone or as a family.

DisCounts anD offers up to 35% off your first year Priority Pass airport lounge access membership.

for further information visit www.lloydstsb-offshore.com/international-current-accounts or telephone +44 (0) 8705 301 641

* Terms and conditions apply – visit www.lloydstsb-offshore.com/International-current-accounts

Worldwide travel insurance is available to Premier International sterling account customers of Lloyds TSB Offshore Limited excluding US and Canadian residents.

M

fINANcIAl coNveNIeNce wherever you Are

[ money maTTerS ]


Despite the recession, there’s buoyant interest in art as an alternative investment. Journalist MARiANNe CuRPHeY examines the attractions and the pitfalls of balancing

profit and pleasure.

to love and to earn

Treasures

www.lloYDstsb-offsHoRe.CoM 15

InvestIng In art

>>

art can provide a double bonus – as a treasure to enjoy and an investment to grow. With interest rates at historic lows and

equities still uncomfortably volatile, it’s understandable that more people are attracted by the potentially substantial capital gains available with alternative assets such as art.

Demand for good works has remained high, despite the recession. A clear indication of this at the very top end of the market was the sale in May 2010 of Picasso’s Nude, Green Leaves and Bust for $106m (£70m) at Christie’s in New York, substantially more than the pre-sale estimate of $80m.

That set a new global record for an auctioned work of art, overtaking the previous record of $104.3m set

in February 2009 by Giacometti’s Walking Man 1 at Sotheby’s in London.

Below this stratosphere, though, the economic slowdown has had an inevitable impact. “For a while it became a buyer’s market,” says Diana Graham, UK Manager of Quintessentially Art, an

elite art advisory service for clients keen to build collections. “High value works could be bought for

more reasonable prices as collectors were forced to sell. But there has still been demand for exceptional pieces, and prices have adjusted accordingly.”

Reedah El Saie, owner of London’s Mica Gallery specialising in Modern Islamic & Contemporary Art, agrees. The market is still buoyant, but collectors are negotiating harder on prices. “Some of the more established galleries representing mid-career superstar artists have seen a significant decrease in demand. But we’ve also noticed a growing interest in emerging artists because the work is usually very fresh and edgy – and extremely cost effective in investment terms.”

Not surprisingly, she’s excited by what she senses


InvestIng In art

ToP TasTes

sotheby’s sales reflect the international market and tastes:

London: old Masters, contemporary art

Hong Kong: Chinese art, Asian contemporary art

ZurIcH: swiss art

new YorK: Contemporary art, Asian art

ParIs: Contemporary art, old Masters, Asian art

amsterdam: old Masters, 19th century paintings, contemporary art

doHar: Middle eastern art

mILan: Decorative art, contemporary art, old Masters

Source: Sotheby’s

as an accelerating interest in emerging artists, especially for new collectors: “This art is usually very affordable at the ‘emerging’ stage and therefore represents a lower financial risk, with the distinct possibility of high returns over the long term, by which I mean five to 20 years.”

Her advice to new collector-investors is to be assiduous in following art indices, auction house prices, online market reports, art fairs, and the gallery networks of the selected. “They’re all integral to understanding how an emerging market evolves and grows.”

Diana Graham adds that the most important factor in starting a collection is to buy what you like. “I would always advise against buying something only for a profit. You’ll most likely have to live with the work on your wall for at least a couple of years, so gaining pleasure from it is still always the crux of a purchase.”

Beyond that, though, collectors should be clear about their motives: “are you matching the décor of your house, buying for investment, or collecting a particular niche of a market? Art advisers and consultants can help determine your interests and will already have strong relationships with galleries and dealers who have greater access to available works. They can also assist in planning the budget and time-frames of your collection.”

Like Reedah El Saie, she urges would-be collectors to immerse themselves in the market: “See as much

as you possibly can. Visit all the major exhibitions, commercial galleries and art fairs to get a real feel for what attracts you. Follow the auctions to see what sort of works go for sale, as well as what prices are estimated and achieved. Talk to dealers, art advisors, and other collectors familiar with the market. They’ll help you get started.”

Be voraciousAnd read voraciously. “There’s a wide range of magazines focusing on particular sectors of the art market. I find it helpful, as well, reading reviews of exhibitions so you can figure out whether you agree or disagree when you see the show. And get to know which galleries represent the art you’re interested in. Some host events with talks by artists and market analysts. Some offer courses providing information, background and research on the market and on collecting.”

As with investments in stocks and shares, it’s also important to take account of the “hidden costs” of art investing. Love of the item alone won’t guarantee a return. Once you’ve factored in storage, the cost of insurance, any currency exposure, brokerage and administrative charges and the selling costs, the potential profit may not be as great as you hoped.

Auction houses generally charge around 5-10 per cent commission to sell and between 10-15 per cent to buy, and those costs will affect your calculations. Insurance and accurate valuation are also vital. A collectible work of art, which you keep in your home, may breach the “single item” rule in your insurance policy.

DiANA GRAHAM, uK Manager, Quintessentially Art

1/ Art 42 basel: ugo Rondinone, Gladstone Gallery | New York 2/ Reclining lady with flowers, 1993 (oil on canvas) Al-Attar, suad (Contemporary Artist)

1/

2/

“I’d always advIse agaInst buyIng

only for a profIt. you’ll have to lIve wIth It on

your wall for at least a couple

of years.”

>>

www.lloYDstsb-offsHoRe.CoM 17

MARIANNE CURPHEY is a leading independent journalist specialising in investment and finance. She was former deputy editor at The Times and was city news editor for the Guardian and executive editor of the Guardian’s Money website.

You may find that, if you need to make a claim, you’re affected by the single article limit of £5,000, depending on the wording within your policy. And, with items worth more than £20,000, your insurer may request an independent valuation. If a single work of art is worth more than £50,000 you may need to think about better security measures for your home.

It is also sometimes advisable to consider owning art through a trust or other structure if you are planning to make a substantial investment in it. And then, there are tax implications to keep in mind. If and when you come to sell your art investment, there are a number of issues to consider in advance: if you are a UK resident but non-domiciled here, for example, you may be liable to UK Inheritance Tax on all your worldwide assets. Check with a tax expert for advice. ●

3/ I drew a circle to keep you out; you drew a circle to bring me in by Khaver idrees from Mica Gallery. 4/ Art 42 basel: bruno bischofberger, Zurich4/

3/

tHe InternatIonaL fIne art & antIque deaLers sHow, new YorK:October 21 – 27, 2011.one of the world’s most prestigious art and antique fairs. A world-class showcase that attracts leading international dealers with an impressive selection of works of art, from antiquities to contemporary art and everything in between.

art BaseL mIamI BeacH:December 1 – 4, 2011.Art basel Miami beach is the us sister event of switzerland’s Art basel, and has an exclusive selection of more than 250 leading art galleries from North America, latin America, europe, Asia and Africa and will exhibit 20th and 21st century artworks by over 2,000 artists.

TOP SHOWS

Purchasing art for its enjoyment or as a serious long-term investment is a very personal and possibly expensive decision which may require funding. lloyds tsb international can help you manage your funds and investments to help you achieve your financial goals whether they include saving for a Hockney, Holbein or a holiday home.

Come and talk to one of our international financial Advisers who can help you to invest your hard-earned wealth with care.

For more information call +44 01624 638000 or if you live in europe, call +350 200 50999, visit www.lloydstsb-offshore.com or speak to your relationship manager.

The value of shares or investments and the income from them can go down as well as up and cannot be guaranteed. This means that, on selling, investors may not get back the amount they originally invested.

M

ACHieve YouR GoAls

[ moneY matters ]

Author and genealogist CLAuDiA JOsePH was astonished to discover a jailbird haunting Prince William’s relationships. she explains how easy it’s become to have fun with family history.

yOur OWn

PrincePAUPERS&

WWW.LLOyDstsb-OffsHOre.COm 19

Ancestry

R eading a copy of the 1881 census record from the National Archives for Holloway Prison, I could barely believe my eyes. Listed there, among the 436 prisoners, was Edward

Glassborow, a 55-year-old former insurance company messenger – and the great-great-great grandfather of Her Royal Highness The Duchess of Cambridge.

That discovery was the high point of my research into her ancestry for my biography Kate: Princess in Waiting. And it proved that, if you delve deep enough into anyone’s family history, you’ll often discover some long-hidden secrets.

As a journalist and researcher, I‘ve always been interested in genealogy – tracing the ancestors of celebrities, reuniting adoptees with their birth parents or tracking down the descendants of historical figures.

Over the years, I’ve discovered that actress Kiera Knightley had an unknown uncle, who’d been adopted at birth. I found that supermodel Rosie Huntington-Whiteley has the genes of a British aristocrat and a Jewish bootmaker. I’ve reunited author Bernard Cornwell with his birth mother, found the birth family of Conservative party donor Stuart Wheeler and his supermodel daughter Jacquetta, and traced the history of Tony Blair’s house in London’s Connaught Square.

My biggest coup was finding the real identity of that determinedly anonymous and internationally renowned graffiti artist “Banksy” – and discovering he was a former English public schoolboy.

It’s now easier than ever to find out if you’re related to a prince, a pauper or, like Kate Middleton, a black sheep. Fascinating TV shows like Who Do You Think You Are? and the expansion of the world wide web, have both popularised and facilitated the search.

And they show that genealogy is far more than just a series of dates and names. You get a rich flavour of where you come from and it can be a link to home for those living abroad. With internet access, you can trace your family tree from anywhere in the world.

However old you are, begin by talking to your elderly relatives about your family history: once they’re gone, a wealth of information will go with them. But don’t take as gospel any family legends they tell you as they often become distorted over the years. And memories fade with age, so check all the information they give you.

Birth certificateWhether you’re adopted or know your birth parents, you should try and get your own birth certificate. It gives the names and ages of your parents, as a step back to the next generation. From their marriage and birth certificates, you’ll find the names and ages of your grandparents, to go back further still.

And, obviously, if you know your grandparents names and birth dates, you can skip straight to their certificates. >>iL

Lust

rAti

On

: Gar

y n

eill


Ancestry

Until recently, you had to go to the General Register Office in London or the General Register Office for Scotland, to search for birth, marriage and death certificates, dating back to 1837 in England and Wales and 1955 in Scotland. But nowadays, there are numerous subscription websites such as www.findmypast.com or www.ancestry.com or www.scotlandspeople.gov.uk where you can find and order certificates online.

If you don’t want to buy a subscription, you should try www.freeBMD.co.uk which is currently transcribing all birth, marriage and death certificates for England and Wales – but beware, as chunks are missing. You may have to search alternative spellings as they’ve been transcribed from original, and sometimes illegible, records.

Libraries and archivesMany city libraries or archives have the databases on microfiches, although, if you live abroad, the internet is your best tool. And don’t despair if you have international roots – as long as the birth, marriage or death was registered with the British consulate, certificates will be available on the same websites.

As you trace back, you’ll discover that certain occupations – medicine, for instance, or mining – run through families. And you’ll find that people lie about their ages, so don’t get disillusioned if something doesn’t quite fit. Sometimes there are huge gaps between the births, which could indicate a series of stillbirths. And don’t just assume the first person you find is the correct one – unless you have a unique name, you’ll find many births, marriages and deaths that could fit. Check that the details on the certificates match up before you move on to the next generation.

To fill in a family tree, there are a number of family history software programmes on the market, and many genealogical magazines give away CD samples. And remember, BMDs are not the only sources. Nowadays, there’s an extraordinary variety of records for amateur and experienced

sleuths – including incoming and outgoing passenger lists, which are useful for tracing immigrants or those leaving Britain.

And, for ancestors who fought in the Great War or World War II, there are military records from around the world, including details of deserters, prisoners of war, casualties and medal winners.

Census returns are invaluable – as I found when I was tracing Kate Middleton’s family history. They show the names of everyone in the household, which can save time searching for individual siblings. From 1841 onwards, the census was conducted every ten years, so there are currently eight returns up to 1911 available on line. (The 1921 census isn’t released for another decade to comply with the Government’s 100-year privacy rule).

“It’S now EASIER thAn EvER to fInd oUt If yoU’RE RElAtEd

to A PRIncE, A PAUPER oR A blAck ShEEP. If yoU dElvE dEEP

EnoUgh, yoU’ll oftEn dIScovER SomE long-hIddEn SEcREtS.”

>>

Nearest and dearestYou can also find a lot from people’s wills which tend to name their nearest and dearest. The complete index, dating back to 1858, isn’t online and can only be viewed at the Principal Registry Office, in Holborn, central London, but most local District Probate registries have indexes covering the last 50 years. If not, you can request a search or copy of a will by post. (When you discover that someone has died intestate, you’ll see the importance of making your own will!)

But, above all, remember genealogy takes time and dedication and you may come up against a brick wall. If your search is complicated, it might be easier – and cheaper – to employ a professional to help you navigate the many obstacles. Either way, as I found with Kate Middleton’s jailbird ancestor, it’s certainly exciting finding out more about your family. ●

>>


investments

>>

top diplomat cecIl PIlGrIm finally retired to a caribbean beach.

Alan macAskill finds out exactly how he realised his dream.

“I t had not been my intention to become a beach bum” says the former High Commissioner, but he confesses “ I now enjoy it”

A veteran diplomat in Guyana’s Ministry of Foreign Affairs, Cecil Pilgrim’s 27-year career included senior postings in Jamaica, China and the Soviet Union before becoming Ambassador to Cuba where he became Dean of the Diplomatic Corps, and then to London where he became Senior Commonwealth High Commissioner to the UK.

Long before he retired in 1994, he now recalls, he and his wife Cita had spent a busy lifetime nursing that vivid dream of returning to happy evening years in the Caribbean, either in his adopted Guyana or in Barbados where he was born. “We’ve achieved our goals,” he says, “and now we’ve nothing but time and relaxation. In that sense, we’ve been successful.”

Dreams like this don’t come cheap, though. And it was made possible, he acknowledges, with the careful investment and measured advice from Lloyds TSB International which he and his wife have relied on for more than two decades, it has enabled them to acquire beach front interests and contributes to their retirement lifestyle.

homedreAm beAch

on theIr

shoreline magazine Issue 83 22

investments

>> Like many couples retiring on a fixed income, the security of their investments has been especially important to Cecil and Cita. “I admit we’ve been nervous investors over the past couple years with the way funds have performed,” he says. “But Lloyds has always provided us with a good service and it has a substantial reputation as a bank you can trust. That’s comforting.”

Their careers have sharpened their own sense of trust and discrimination. Cecil started out, he now jokes, as “one of those bad men” checking goods as a customs and excise officer before joining Guyana’s diplomatic service in 1967. He wasn’t averse to some “harmless carousing” as a young man, he remembers nostalgically, and admits to “early pretensions to being a fast bowler – indeed, my only remaining vice is cricket, to which I’m addicted.” News journalistCita herself was a broadcasting journalist for leading news agencies, but gave up her career when the

enjoy the potential of stock market related returns

It’s worth investigating structured deposits if you are looking to build your wealth in times of low interest rates and rising inflation. structured deposits aim to offer a return linked to the performance of individual stocks or stock market indices over the term of the deposit. dependent on their performance, any return will be reflected in the value of the structured deposit at maturity.

each structured deposit is available for a limited time and has a set closing date, but they may close early if fully subscribed.

structured deposits are designed to:

P repay capital at maturity

P offer a choice of sterling and, on occasions, other currencies such as us dollar and euro deposits.

structured deposits are released up to four times a year. they’re designed with the expertise of our market analysts specifically to help you complement your savings portfolio with exposure to stock market related investments.

If you withdraw your deposit before the structured deposit has reached maturity you may receive back considerably less than your original deposit and dependant on performance there is the potential of very little or no return above your original capital. lloyds tsb offshore limited is obliged to repay your capital in full on the repayment date. the deposits are not guaranteed by any third party.

for further information, contact your relationship manager.

“LLoyds has aLways provIded us wIth a good

servIce and It has a substantIaL

reputatIon as a bank you

can trust. that’s comfortIng.”

cita and cecil Pilgrim: leading a dream life


wherever you are in the world, a face-to-face financial review will help you assess your investment priorities.“A single product that suits everyone would be ideal,” agrees mark frier, manager, expatriate banking. “but the world isn’t like that. different customers have distinctive personal circumstances.”

what clients want, he argues, is professional evaluation tailored to their needs – their risk tolerances, time horizons for when they need the money or currency requirements. A regular review with a financial manager does just that: collates all the information that’s needed to make an expert recommendation.

“there are hundreds of permutations based on mixing and matching funds, various portfolios, savings accounts, currencies and third-party products,” he explains. “our regulated financial managers are trained to help you choose what’s best for you right now, but also to understand your future plans and suggest solutions to meet your goals.”

A prime objective of the review, for instance, might be to establish where clients see themselves spending their investment income. “currency speculation is one of the most risky investments,” argues mark, “but so many people don’t think about investing in the right currency. you’ll often want to invest in the currency you’ll be spending the money in, not the one you’re earning in. talking it through with a financial manager, you can avoid pitfalls like that.”

our financial experts are available in the following regions over the next three months: belgium, france, Ireland, netherlands, Portugal, spain, cyprus, switzerland, monaco, Israel, malta, united Kingdom, bahrain, oman, Qatar, Kuwait, mauritius, brazil, thailand, Indonesia, hong Kong and china.

The value of shares and the income from them can go down as well as up and cannot be guaranteed. Consequently, on selling, investors may not get back the amount they originally invested.

to find out more and book a review, speak to your relationship manager or call +44 (0) 1624 638000.

M

An exPert revIew neAr you

[ money matters ]

claire barker, International finance manager

which allows fairly regular contact with clients such as the Pilgrims.

For Cita and Cecil, it’s a welcome development. “We’ve recommended Claire and Lloyds TSB International to many friends who are looking to invest,” says Cita. “Because Claire is here regularly, it’s easier for them to see her at relatively short notice.”

And that helps ensure the right choice of investment vehicle for clients, Claire adds. “We review how much they want to invest, what they want to achieve and their risk appetite. You get far richer information to help them when we’re talking face-to-face. It’s much more conversational and less like a form-filling exercise.” ●

couple were posted to Cuba – it simply wasn’t politically compatible, she judged, for the Ambassador to be married to a working journalist. However, as a fluent Spanish speaker, she provided simultaneous translations for her husband. When he retired, she took a job as a translator and compliance officer with a Barbados based Venezuelan Offshore bank.

Both look back with affection on their 1979 posting to Cuba, while Cold War tensions were still evident in Communist Havana at the height of the Cold War. In spite of the political system. They led an enjoyable life there – “and, like all Caribbean people,” they discovered, “the Cubans like to enjoy themselves. It’s another West Indian territory – with an island climate!”

The mid 80s saw them swap that balmy weather for the temperate seasons of London where Cecil served for seven years as Guyana’s High Commissioner. He also had accreditations to France, the Netherlands, Yugoslavia and various United Nations organizations.

But there were compensations for the loss of guaranteed sunshine: “In London, Commonwealth High Commissioners are more special than other non-Commonwealth ambassadors,” Cecil recalls. “Her Majesty Queen Elizabeth was always very gracious to us and we have an old British connection.” “The queen is, of course the Head of the Commonwealth, and is an ardent supporter of it.” British connectionThat “British connection” also aptly describes the Pilgrims’ long-standing relationship with their bank. One characteristic that’s maintained that bond, says Cita, is the opportunity for regular face-to-face meetings with an International Financial Adviser from Lloyds.

“It’s helpful that they visit us here on the island regularly. No matter how advanced technology is these days, it makes such a difference when you can put a face to a name. You can’t beat a personal service like that. It provides you with no small comfort zone.”

International Financial Manager Claire Barker is in the Caribbean every six weeks,

The world is your

classroomAs economic conditions have hardened, the world’s top business schools have become more innovative with their programmes for executive advancement, reports dina medland.


www.lloydsTsb-offshore.com 25

Professional develoPment

T he world of business school education just got bigger – and smaller – at the same time.

It’s become painfully clear in the last two years that there’s no longer a ‘golden ticket’ to career advancement. Time was when an MBA degree from an excellent business school invariably opened doors to the world’s most lucrative professions. It still counts, but the competition just got tougher. The need for informed choice was never greater.

First off, it’s expensive: the average cost of an MBA is estimated at $80,000-$130,000 (£51,000-£82,803) for two years. The upside is that it’s still the world’s most widely recognised business degree, and its popularity continues to grow, especially in Asia.

One of its strengths is its increasing flexibility. There’s now a greater variety of courses, taught in a multitude of ways – from part-time to full-time student MBAs, Executive MBAs (EMBAs) undertaken while working, distance learning and co-ordinated global programmes between schools.

MBA degrees have been tweaked at all leading schools to make them more relevant. While applications for full-time MBAs have declined according to the Graduate Management Admission Council, part-time programmes are becoming more popular. Applications riseApplications for Executive MBA programmes, designed for people with substantial work experience, have risen by 59 per cent in the last year.

And the scope is broadening outside the MBA degree itself. Schools in Europe and the US have launched the so-called ‘pre-experience’ degree of ‘Masters in Management’ (MIM) for arts students keen to get a job in business. It’s proved popular, particularly among female students. London Business School’s

MIM intake (it costs £22,500), for instance, has risen by more than a third since its launch last year, with 39 nationalities taking part.

And there are other innovations. Liz Riley Hargrove, Associate Dean for Admissions at Duke University’s Fuqua School in the US, suggests “you can live and work anywhere in the world while earning your MBA.” Its full-time Cross-Continent MBA enrolments rose by 42 per cent.

Access to multiple geographical study venues is becoming increasingly widespread. Asian business schools have quickly exploited growing business interest in emerging economies and are co-operating to get the >>

There is a greater variety of courses taught in a multitude of ways. Photo courtesy of insead/ matt stuart

chris daniels, an oxford mathematics graduate, spent five years as an officer in the Parachute regiment: “i decided to do an mbA because i wanted to go into business.”

Today, chris heads london 2012 Activation for lloyds banking Group’s wholesale division, covering business development, employee and client engagement with companies ranging from sole traders to multinationals.

After extensive research he chose a self-funded full-time two-year mbA at iese business school in barcelona. “i visited harvard and wharton, but they seemed to be pushing a us

business model and it wasn’t for me. i looked at iNseAd, but nine months seemed scarily short. imd i found a bit small and a bit too grown-up!

“i wanted a proper cultural experience, fun and a school that was one of the best in the world. iese in barcelona almost

selected itself.’ he had a little french but no spanish but found it was “less about learning language than about absorbing culture.”

other business schools have networks, he says, “but iese offers real friendships and a sense of family.”

his conclusion: “it’s enabled me to have a much more international career. There’s absolutely no question that it changed my life.”

“iT did chANGe my life” [ case study ]



A TAsTe of The world’s besT[ toP ten ]

01 [ london business school (uk) ] Founded 1964: 158 faculty from over 130 countries. executive

education for 8,000 executives a year with more than 1,800 degree students.

02 [ university of Pennsylvania: wharton ] The world’s first collegiate business school was founded in 1881. Faculty consists of 214 people with more than 9,000 executives

taking part in its programmes.

03 [ harvard business school ] Founded in 1908, the college boasts a faculty of 252, attracts

4,800 people to its executive education programme and enrols more than 900 MBA applicants.

04 [ stanford university Gsb ] The Graduate school of Business was founded in 1925 and attracts

750 MBA students annually. With a faculty of 106, including three Nobel Laureates it has 40 enrolment programmes.

05 [ insead ] Founded in 1957 iNseAD calls itself the ‘Business school of the World’ and has campuses

in Fountainebleau, singapore and Abu Dhabi, as well as a research centre in israel. Faculty totals 138 with 887 MBA students.

06 [ columbia business school ] established 1916, the school boasts a full-time faculty of 150,

and accepts 1,028 MBA students each year. The average age of students is 28 and 38 per cent are international.

07 [ ie business school ] The Madrid-based institution opened its doors in 1973. eighty nine per

cent of ie’s international MBA graduates find work within three months of completing the programme, with 5,600 annual participants in the school’s executive education programme.

08 [ mit sloan school of manaGement ] The school began in 1914 and has a faculty of 104, of which three are Nobel Laureates. There are 400 MBA placements each year and more

than 5,000 participants in its executive programme.

09 [ university of chicaGo – booth school of business (usa) ] Founded 1898,

second oldest business school in the world, based in Chicago. 3,140 students including PhDs.

10 [ hkust business school (china) ] established 1991 in strategic alliance with uCLA Anderson school of Management; 120 faculty from 15 countries, class intake

115; 92 per cent intake non-HK nationality.

The following business schools are considered by the financial Times as offering the best mbA programmes in the world

www.lloydsTsb-offshore.com 27


Dina MeDlanD is a specialist business journalist and broadcaster, having worked for the BBC, Financial Times and as a consultant for the london Business School.

best students. “The centre of gravity is slowly shifting from the developed to the developing world,” argues Deepak Chandra, Deputy Dean at the Indian School of Business, in Hyderabad. “So, we’ve developed non-degree executive education programmes working with both business schools and global companies.”

BRiC programmeISB’s topical ‘BRIC on BRICs’ open-enrolment programme is run with business schools in Brazil (FDC), Russia (Skolkovo) and China (Fudan).

Initiatives like this have generated a steady rise in the number of western students choosing Asian schools for their MBAs. Four leading schools have recently pooled admissions to attract students en bloc and then let them choose where they want to study – the HKUST Business School, Hong Kong, the Nanyang Business School in Singapore, the China Europe International Business School in Shanghai and the Indian School of Business.

Languages remain a big choice factor. But something else is just as important, insists Javier Munoz, Director of MBA admissions at Barcelona’s IESE. “Every morning, the first thing you do is to meet eight or nine people from very different countries – and you have to be able to negotiate with them.” Cultural osmosis is now clearly an essential part of the value of the business school experience, whether you get it in Barcelona, Shanghai, North Carolina or Hyderabad. ●

M

[ money matters ]

fiNANciNG your NexT movelloyds Tsb international can help you fund your next life adventure. whether it’s ensuring you have enough capital to fund a two-year mbA or just to make sure your investments will still be in good shape when you finish – we can help you on your journey. call now and set up a financial review. CurrenCies — if you’re likely to study or work in a new part of the world, you may want to avoid foreign exchange and currency fluctuations by using one of our euro, sterling or us dollar accounts. savings — whether you’re looking for instant access or competitive interest rates, we’ve got a savings account to suit you. Available in euro, sterling, us dollar and all other major currencies. investments — if your goal is to invest for you or your children’s future, our trained and experienced international financial managers can help devise a suitable investment programme to help you achieve your financial aspirations.

for more information, contact your relationship manager or call +44 (0) 1624 638000 or if you live in europe call +350 200 50999, visit www.lloydstsb-offshore.com

“EvEry morning, ThE firsT Thing you do is mEET

EighT or ninE pEoplE from vEry diffErEnT counTriEs –

and you havE To bE ablE To nEgoTiaTE wiTh ThEm.”

JAvier muNoZ director of mbA Admissions, iese, barcelona

>>

some say it can take up to two years to prep for entry to business school. but six months is a more realistic target, according to daniel callaghan, who helps student mbAs find the right courses and get into the most appropriate business schools.

either way, half the battle is taking the time and spending the money in travel to be thoroughly informed. daniel callaghan did his own mbA in 2009 and now runs www.mbaandco.com, a finalist in both the uK start-up Awards and the european business Plan of the year competition in 2009.

websites such as www.businessschooledge.com also take you through all the steps to apply

to schools in the us. And some schools, like fuqua at duke university in North carolina, have counsellors to help choose the programme and identify what you need to get in.

if your chosen school requires the GmAT test, it’s sensible to do trial tests online before taking the exam. All schools requiring the GmAT give a clear idea of what they expect for admission. “it’s a huge commitment of time,” advises chris daniels, iese mbA (see profile p25). “so, visit the places and get a feel for them before you even decide to apply.”

PrePPinG: leave nothing to chance


Air trAvel

mounting frustration and rising fares: those have been the common experiences of air travellers during a decade of crisis

for the world’s airlines. but, for the discriminating, argues Alan Peaford, some changes are coming good.

“E nough is enough!” The evident frustration of Giovanni Bisignani is understandable. As chief executive of IATA, the airlines’ trade body,

he heads an industry that’s lost nearly $50bn in the last decade and he’s the first to admit: “Urgent changes are needed.”

There will be scarcely a single passenger among the millions flying worldwide today who would disagree. The blows suffered by air travellers have been relentless: threats of terrorist attacks, SARS and bird flu epidemics, the disruption of an Icelandic volcano and disgruntled employees.

And, as if the global economic crisis hadn’t already savaged airline balance sheets enough, grounding some and forcing others to merge, governments have twisted the knife again with special passenger taxes in the name of environmental protection.

So, Signore Bisignani isn’t the only one who’s frustrated. For his passengers, air travel seems to have become simultaneously more expensive as operators struggle to build-back their profits, and more trying as flight numbers have been cut

and more people have been crowded into tighter spaces.

Yet the truth is that, behind this catalogue of woe, positive change is happening. And some of the change is of either immediate or potential benefit to seasoned travellers, particularly high net worth individuals who can afford to discriminate in their selection of routes and providers.

Some of the upsides seem the simplest. Take ticketing: airlines, along with the airport companies and some governments, are now working much more closely to make life easier by simplifying today’s hassle-bound business of flying for the passenger.

IATA has removed paper ticketing and some airlines and airports are now allowing passengers to pass through with barcode images emailed to their laptops and smart phones. And the increased use of biometrics is beginning to speed the clearance of queues at airport security. >>

clEarEd for

TakE off


Air trAvel

The day isn’t all that distant when passengers will be booking tickets from their mobile phones and using those emailed barcodes at airport kiosks to print a baggage tag that will track the luggage and keep the passenger informed of its progress. You’ll move far more quickly through the airport, using eye or fingerprint recognition technology at security points and at flight-gates.

Cabin facilities are being transformed, particularly for premium payers. In First and Business classes, significant investments in passenger comfort have been made by all long-haul operators, notably with seating that converts easily to lie-flat bedding. And, for all classes, new aircraft are being fitted with the latest in-flight entertainment giving far greater choice of films, games, TV shows and music. Technology roll-outConnectivity is getting bigger and faster. Airlines are gradually rolling out technology that enables passengers to use their own mobile phones to make calls and receive texts, to use wireless internet access or even download entertainment to their iPods. So, you’ll be able to keep in touch with work or friends through in-flight internet access.

There are advances, too, for those air travellers increasingly concerned about the environmental impact

of their journeys. A great deal of today’s popular concern about atmospheric pollution, the aerospace industry argues, is misconceived because it’s based on yesterday’s aircraft technologies.

New aircraft, such as the Airbus A380 and the Boeing 787 Dreamliner, says Ian Godden, chairman of the UK’s industry body ADS, are generations away from the noisy and fuel-guzzling aircraft of the last century.

“The Airbus A380 is more fuel-efficient than a hybrid car, travelling 100 passenger kilometres in standard three-class configuration, using less than three litres of fuel, compared to a hybrid car which uses four litres. And they produce less perceived noise on take-off (82 decibels) than that experienced inside a London underground train (93 decibels).”

Changing hierarchyPerhaps the most intriguing long-term development, however, is in the gradually changing hierarchy of airport destinations. The trend is most evident on short-haul flights of less than three hours, where low cost carriers have begun to turn the market on its head. Irish airline Ryanair, for example, will fly from Bristol to Bergerac for a tenth of the cost of a ticket using the high speed train services – and in a tenth of the time.

Using secondary airports for point-to-point travel keeps the costs down – and steers passengers away from the major (older and often frustration-laden) airports such as Heathrow. This low-cost model hasn’t adapted directly to long-haul flights, but there has been a like-minded shift in the way journeys half way round-the-world are being made, all the same.

Dubai-based airline Emirates, for example, has been using its hub in the Arabian Gulf to link east-to-west to secondary airports – and at prices well below the normal fares of traditional legacy carriers. The Emirates strategy is being followed by other Gulf carriers to develop daily routes to and from secondary airports in the UK and Germany.

This means that passengers can get from Newcastle, say, or Glasgow to major cities in Australasia or the Far East with just a brief stopover in Dubai. It’s proving so popular that, in September, Emirates began using the new super-jumbo, the Airbus A380, for flights to Manchester.

“ThE airbus a380 is morE fuEl-EfficiEnT Than a hybrid car.”

Phot

os: N

ewsc

ast/

brit

ish

Airw

ays

>>


ALAN PEAFORD is a pilot and aerospace journalist with more than 20 years experience writing and editing top industry journals such as Flight International and Flight Daily News and is currently publisher and editor of leading Middle East industry magazine, Arabian Aerospace.

[ Air trAvel ]

toP fliGhts

each year, travel writers, travel companies and others in the industry vote for their favourite airlines:

etihad of the united Arab emirates is voted best long-haul Airline in the 2010 business travel Awards and the middle east’s leading Airline in the 2010 world travel Awards.

Qatar, emirates and singapore airlines regularly figure in the top ranks of these popularity polls.

Virgin atlantic scores well for its upper class and Premium economy offerings, and frequent flyer scheme.

British airways is improving its Premium economy cabin including the thales multi-channel in-flight entertainment system in about 25 boeing 777s – about a fifth of its long-haul fleet.

oman air and egypt air are reckoned to have the best on-board connectivity offers.

Bmi the lufthansa subsidiary is applauded for its generous frequent flyer systems, with upgrade certificates for its premium diamond club members. the scheme is being assimilated into the lufthansa miles and more programme next year.

As these journey configurations evolve, there will be winners and losers. The UK government’s embargo on additional runways in the south of England, for instance, will benefit those neighbouring nations busily investing to exploit air travel growth, warns the UK’s Board of Airline Representatives (BAR). “They’re already taking business away from the UK. It’s crazy that our politicians seem prepared to simply watch and let it happen,” says BAR’s chief executive, Mike Carrivick.

“British Airways has publicly indicated that lack of capacity at Heathrow may result in Madrid being developed as an alternative hub airport. And, on the other side of the world, Qantas has warned that it will be seeking new hubs in Europe because of the UK’s policy. Meanwhile, Dubai International continues to thrive as a competing hub airport.”

These are typical of the voices of injured national pride. They may have less resonance with hard-pressed passengers, however, if the long-term upside turns out to be more direct flights to and from regional airports nearer their home or workplace. ●

Phot

o co

urte

sy o

f the

dig

ital N

ews

Ag

ency

24/7 Banking access our internet banking and Phonebank service helps you take care of your day-to-day banking, all year round, wherever you are.

concierge serVice comprehensive phone based assistance for everything from travel and destination events information to car rental and hotel bookings worldwide.

worldwide family traVel insurance* travel cover, wherever life takes you, for travel alone or as a family.

discounts and offers up to 35% off your first year Priority Pass airport lounge access membership.

for further information visit www.lloydstsb-offshore.com/international-current-accountsor telephone +44 (0) 8705 301 641

* Terms and conditions apply – visit www.lloydstsb-offshore.com/International-current-accounts

Worldwide travel insurance is available to Premier International sterling account customers of Lloyds TSB Offshore Limited excluding US and Canadian residents.

M

fiNANciAl coNveNieNce wherever you Are

[ money mAtters ]


offshore internet banking

prize draw

PRiZe DRAW TeRMs AND CONDiTiONs

1. These terms and conditions govern the Offshore internet Banking iPad 2 free prize draw (the “Draw”).2. The Draw is open to customers, aged 18 or over, of Lloyds TsB Offshore Limited or Lloyds TsB Bank (Gibraltar) Limited (excluding employees of the Lloyds Banking Group), who are neither already registered for the Lloyds TsB internet Banking service (“internet Banking”) nor prohibited by laws of their jurisdiction from participating in the Draw. No purchase is necessary.3. There are ten (10) individual prizes, each comprised of one 16GB Wi-Fi iPad 2 tablet computer designed and developed by Apple inc., plus free delivery of the prize to the winner’s home address. each prize is non transferable and no cash alternative is available. We reserve the right to substitute any prize for another prize of equal or greater value. 4. The Draw will run from 16th september 2011 through to and including 21st October 2011 (the “Draw Period”). To be entered into the Draw for your chance to win a prize, you must:(a) during the Draw Period, successfully register for internet Banking via www.lloydstsb-offshore.com/register; and(b) satisfy all other provisions of these Draw terms and conditions.5. Only individuals who successfully register for internet Banking within the Draw Period will be entered into the Draw. entries are limited to one per customer. 6. it is your responsibility to ensure that:(a) the laws and regulations of your jurisdiction do not prohibit you from participating in the Draw; and(b) any tax liability, if any, in relation to a prize is accounted for by you to the appropriate tax authority. 7. The ten (10) winning entries will be drawn at random from all eligible entries on 21st October 2011 (the “Draw date”), and we will aim to contact winners by telephone or email within fourteen (14) working days of the Draw date. if we are unable to contact a winner within that time after reasonable efforts have been made, the prize will no longer be made available to that winner and a replacement winner will be drawn from all remaining eligible entries. The replacement winner will be notified by telephone or email within seven (7) working days of that further draw taking place. 8. in all matters concerning the award of prizes (including, whether or not you have satisfied the provisions of the Draw terms and conditions), our decision shall be final and conclusive and no correspondence will be entered into. The supply of a prize does not constitute a recommendation or an

endorsement by us of such product or of any other product of the manufacturer or supplying merchant.9. The names of winners and their county of residence (if in the uK) or country of residence (if outside the uK) will be available upon request by sending a stamped addressed envelope to either promoter at its respective address shown below. in the event you are selected as a winner, you consent to such details of yours being made available to others upon request.10. By entering into the Draw you agree and acknowledge that:(a) you will be deemed to have accepted and to be bound by these terms and conditions; (b) the making available or provision of a prize does not constitute the sale or supply of goods by us to you; (c) we provide no warranty, representation or assurance whatsoever as to, and exclude all liability in respect of, the prize; and(d) no warranty, condition, undertaking or term (whether statutory, express or implied) as to condition, satisfactory quality, performance, durability, fitness for purpose or otherwise is given or assumed by us in relation to the prize or the performance by any third parties of their obligations, activities or otherwise in respect of such prize (including, but not limited to, the provision or non provision of any product warranty, support services or otherwise) and all such warranties, conditions, undertakings and terms are hereby excluded to the maximum extent permitted by law.11. in particular you agree and acknowledge that we accept no responsibility and exclude all liability for, or resulting from, damage to systems or loss of data caused as a result of using a product made available as a prize. 12. These terms and conditions, in respect of the Draw as promoted by:(a) Lloyds TsB Offshore Limited, shall be governed by and construed in accordance with the laws of the isle of Man, and both you and Lloyds TsB Offshore Limited irrevocably agree to submit to the exclusive jurisdiction of the isle of Man courts in respect of any claim or matter arising under or in connection with such Draw or these terms or conditions; or(b) Lloyds TsB Bank (Gibraltar) Limited, shall be governed by and construed in accordance with the laws of Gibraltar, and both you and Lloyds TsB Bank (Gibraltar) Limited irrevocably agree to submit to the exclusive jurisdiction of the Gibraltar courts in respect of any claim or matter arising under or in connection with such Offer or these terms or conditions.13. The promoters are Lloyds TsB Offshore Limited, acting through its isle of Man branch, of PO Box 111, Peveril Buildings, Peveril square, Douglas, isle of Man iM99 1JJ, and Lloyds TsB Bank (Gibraltar) Limited of 323 Main street, Gibraltar (together referred to above as ‘we,’ ‘us’ or ‘our’).

By signing up as a first time user of Offshore internet Banking, you’ll be automatically entered into a prize draw to win one of ten iPad 2s. so if you’re not already registered for internet Banking, visit us at:

P www.lloydstsb-offshore.com/register

As part of Lloyds TsB international’s commitment to “go green”, we are planning to move shoreline online with regular e-mail newsletters and bulletins. You’ll be able to view an online edition of the magazine and access a bank of informative articles and additional resources to support and advise you wherever you are. We’ll also be updating shoreline on a regular basis, keeping you up to date with topical issues and developments.

Visit shoreline online at www.lloydstsb-offshore.com/shoreline

Coming soon: sHOReLiNe ONLiNe

Manage your offshore accounts anytime you want with our personal Offshore internet Banking service from

Lloyds TsB international. You can manage your accounts at your convenience 24/7 whether you’re at home or abroad.

sign UP For internet bankingsign up for Offshore internet Banking and enter our draw to win an iPad 2.

WWW.LLOYDsTsB-OFFsHORe.COM 33

lloyds tsb worldwide oFFiCes

We have offices in major cities around the world, where trained staff can help you with your banking and investment needs.

For general account enquiries, please contact the Offshore Phonebank teamtel: 08457 449900 or +44 (0) 8705 449900 from outside the uK.To request your Offshore Phonebank registration pack please call 08705 329802 or +44 (0) 8705 329802

InternatIonal offIces

1. CAPe TOWN (Representative Office)tel: +27 (0) 21 674 1144email: [email protected]

2. CHiNA (Representative Office)tel: +(86) 21 5306 8798email: [email protected]

3. DuBAitel: (+9714) 342 2000email: [email protected]

4. GiBRALTARtel: (+350) 200 50999email: [email protected]

5. HONG KONG (Representative Office)tel: (+852) 2810 0356email: [email protected]

6. isLe OF MANtel: +44 (0) 1624 638000email: [email protected]

7. JOHANNesBuRG (Representative Office)tel: +27 (0) 11 783 4350email: [email protected]

8. LONDONtel: 0800 876 6555email: [email protected]

9. LOs ANGeLes (Representative Office)tel: +1 (213) 443 4094email: [email protected]

10. siNGAPORetel: (+65) 6534 1191email: imslloydstsb.com.sg

11. TORONTO (Representative Office)tel: (+416) 642 5613email: [email protected]

wHere TO FiNd US

OFFsHORe PHONeBANK

7

6

1

11

10

9

5

4

8

3 2

SOLUTION P ACROSS1 Throw a wobbly8 Locks9 Resigns10 Dime11 Pawnshop14 ease in15 isogon17 Bachelor18 Owls21 enjoyed23 enter24 smash and grab

SOLUTION S DOWN1 Tiled2 Rock music3 Wasp4 Warsaw5 Business6 Log7 Ashpan12 High water13 Wide eyes14 emblem16 Hoodia19 scrub20 Lead22 Jam

THe HiDDeN WORD is

mortgage

TWO-iN-ONe CROssWORD


TWO-iN-ONe CROssWORDWhen you have filled in the answers, the letters in the grey squares spell out a word found within shoreline magazine

© Brainwarp If you have any queries, phone 01925 765878 Puzzle ref: SBC35or email [email protected]

Two-in-One CrosswordBoth sets of clues lead to the same solution

©Brainwarp

M

O G

A

R

T

G

E

1 2 3 4 5 6

7

8 9

10 11 12

13

14 15

16

17 18 19

20

21 22 23

24

When you have filled in the answers, the letters inthe grey squares spell out a word found withinShoreline magazine.

13

QUICK CLUES P ACROSS

1 Have a fit of hysterics (5,1,6)8 Bolts (5)9 Gives notice (7)10 Ten cents (4)11 source of money for property (8)14 Nudge into place (4,2)15 solid with identical sides (6)17 single male (8)18 Night hunters (4)21 Took pleasure in (7)23 Penetrate (5)24 Theft from jeweller (5,3,4)

CRYPTIC CLUES P ACROSS

1 Throw a tantrum with cast of jelly (5,1,6)8 Hair-raising boats? (5)9 Gives up string dipped in the sap of trees (7)10 A thousand die holding very little money (4)11 Place to pledge that crustaceans lack right to

dance (8)14 Fit for a turbulent seine (4,2)15 i lead a Goons parody; that’s the regular

object (6)17 Composer reverses role, being unmarried (8)18 Headless fowls are still birds (4)21 Delighted Ned and Joey all over the place (7)23 infiltrate alien terror (5)24 Robbery with violence employs arms and handbags (5,3,4)

CRYPTIC CLUES S DOWN

1 Led it up before being made into a splashback (5)

2 Rhythmic sound made by ore-crusher (4,5)

3 Point to snake, it has venomous tail (4)

4 Conflict observed in Poland (6)

5 uses trash bins in trade (8)

6 & 22 sticking point over record of impromptu session (3)

7 Has nap fitfully when under fire (6)

12 Top drink served when the tide’s in (4,5)

13 innocent appearance given by Women’s institute on river? - Yes! (4,4)

14 send up setter twice about pound symbol (6)

16 succulent cap on one article (6)

19 Clean bush (5)

20 Metal comes first (4)

22 see 6

QUICK CLUES S DOWN

1 Covered in ceramic (5)2 The Rolling stones’ sound (4,5)3 insect (4)4 european capital (6)5 Firm (8)6 Timber (3)7 Cinders container (6)12 it leaves a tide mark (4,5)13 innocent look (4,4)14 Logo (6)16 south African plant (6)19 Rub out (5)

20 Graphite (4)

22 Preserve (3)

CR

Oss

WO

RD

: Bra

inw

arp

wOrd play

ANSWERS ; PAGE 33>

WWW.LLOYDsTsB-OFFsHORe.COM 35

XXXX XXXXX XXXXXXX

PHOTOGRAPHY COMPeTiTiON winnersin issue 82 of shoreline, we asked you to share some of your favourite views. Congratulations to Henryk Polensky and shirley and Donald Betts, who have won £100 Amazon vouchers. Many thanks to everyone who entered.

1st 2nd

Mountain range in Nepal. Taken by Henryk Polensky, sweden.

pHOTOgrapHy cOmpeTiTiON

Wreck of square rigged sailing ship ‘Lady elizabeth’ viewed from stanley Harbour on a mid-summer’s evening. Taken by Donald

and shirley Betts, Falkland islands.

ANSWERS ; PAGE 33

issued by Lloyds TsB Offshore Limited and Lloyds TsB Bank (Gibraltar) LimitedLloyds TsB Offshore Limited. Registered Office: PO Box 160, 25 New street, st. Helier,

Jersey Je4 8RG. Registered in Jersey, number 4029. Regulated by the Jersey Financial services Commission.

Lloyds TsB Offshore Limited is a participant in the Jersey Banking Depositor Compensation scheme. The scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the scheme and banking groups covered are available on the states of Jersey website (www.gov.je) or on request.

The isle of Man branch of Lloyds TsB Offshore Limited is licensed by the isle of Man Financial supervision Commission and registered with the insurance and Pensions Authority in respect of General Business. Business Address: PO Box 111, Peveril Buildings, Peveril square, Douglas, isle of Man iM99 1JJ.

The isle of Man branch of Lloyds TsB Offshore Limited is a member of the Depositors’ Compensation scheme as set out in the Compensation of Depositors Regulations 2010, as amended.

The Guernsey branch of Lloyds TsB Offshore Limited is licensed to conduct banking, investment and insurance business by the Guernsey Financial services Commission under the Banking supervision (Bailiwick of Guernsey) Law 1994, the Protection of investors (Bailiwick of Guernsey) Law 1987 and the insurance Managers and insurance intermediaries (Bailiwick of Guernsey) Law 2002. Business Address: PO Box 53, 1 smith street, st Peter Port, Guernsey, GY1 4BD.

The Guernsey branch of Lloyds TsB Offshore Limited is a participant in the Guernsey Banking Deposit Compensation scheme. The scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Details are available from: Website: www.dcs.gg Telephone: +44 (0)1481 722756 Post: P.O. Box 128, st Peter Port, Guernsey GY1 3HQ.

Lloyds TsB Offshore Limited is a Jersey registered company that is a wholly owned subsidiary of Lloyds TsB Bank plc. Lloyds TsB Bank plc is incorporated in the united Kingdom, regulated by the uK Financial services Authority and is part of the Lloyds Banking Group. Lloyds TsB Offshore Limited places funds with Lloyds TsB Bank plc. Prospective depositors should satisfy themselves as to the financial standing of Lloyds TsB Offshore Limited and its parent based upon publicly available information. The paid up capital and reserves of Lloyds TsB Offshore Limited are £709m as at 31st December 2010. An abridged version of Lloyds TsB Offshore Limited’s latest annual financial statements is available on our website at www.lloydstsboffshore.com

Lloyds TsB Bank (Gibraltar) Limited. Registered office: 323 Main street, Gibraltar. Registered in Gibraltar, no 99982. Regulated and authorised by the Gibraltar Financial services Commission for the conduct of banking, investment and insurance mediation business.

Lloyds TsB Bank (Gibraltar) Limited is a participant in the Gibraltar Deposit Guarantee scheme established under the Deposit Guarantee scheme Act, 1997 and a participant in

the Gibraltar investor Compensation scheme. Details of these schemes are available on request.

Please note that, in relation to banking services which we provide, you might not be eligible for compensation under a deposit protection guarantee scheme available in your country of residence. if in doubt, contact your local banking regulator, visit their website or seek independent advice.

Lloyds TsB Offshore Holdings Limited has registered the business name of Lloyds TsB international in Jersey and the isle of Man and has licensed it to Lloyds TsB Offshore Limited and Lloyds TsB Offshore Fund Managers Limited and each of the funds that it manages.

Lloyds TsB Bank (Gibraltar) Limited has registered the business name of Lloyds TsB international in Gibraltar.

structured Deposits referred to on Page 22 of the magazine have been approved by Lloyds TsB Private Banking Limited. Registered Office: 25 Gresham street, London eC2V 7HN. Registered in england and Wales, no. 2019697. Authorised and regulated by the Financial services Authority.

Lloyds TsB Offshore Limited is not and is not required to be, authorised under the Financial services and Markets Act 2000 of the united Kingdom and therefore is not subject to the rules and regulations of the Financial services Compensation scheme made under that Act for the protection of depositors and investors.

Complaints involving the isle of Man branch of Lloyds TsB Offshore Limited that it cannot settle should be referred to the Financial services Ombudsman scheme for the isle of Man.

When you speak to us on the phone, some calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Legislation or regulations in your home jurisdiction may prohibit you from entering into such a transaction with us. We reserve the right to make final determination on whether you are eligible for any products or services. Residents or Nationals of certain jurisdictions may be subject to exchange controls and should seek independent advice before entering into any transactions with us.

Messages sent by email may not be secure and may be intercepted by third parties. Please do not use email to send us communications which contain confidential information as we require these communications to be in writing. if you disregard this warning, you agree that you do so at your own risk and that you will not hold the Bank responsible for any loss that you suffer as a result.

OB4203 / 09 11

issue 83 financial support and guidance across · pdf fileissue 83 financial support and...

Documents