<br />
BANKS 1 — YOU 0<br />
A cunning move by private banks<br />
is leaving HNWs out of pocket<br />
RAGS TO RICHESSE<br />
François Pinault on his rise from<br />
lumber to luxury goods king<br />
HNW WEALTH<br />
MANAGER<br />
INDEX<br />
Issue 31<br />
£25<br />
<br />
SERVICE CHARGE<br />
Even though Spear's may no longer be Spear's Wealth<br />
Management Survey — we went on a diet to get<br />
leaner and meaner — helping our readers get the best<br />
out of wealth management is still core to what we do, and this<br />
issue has two pieces on the subject which will grab your<br />
attention.<br />
The first is about the rather kindly-sounding `wealth<br />
management advantage' (page 36). Don't be fooled: private<br />
banks are using their balance sheet and your lack of options<br />
to squeeze as much money out of you as possible. Because of<br />
today's tight loan climate, if you want to borr<a title="Spear's 31 page 1" href="http://viewer.zmags.com/publication/90efcdea?page=1"> BANKS 1 — YOU 0 A cunning move by private ba</a>
<a title="Spear's 31 page 2" href="http://viewer.zmags.com/publication/90efcdea?page=2"> </a>
<a title="Spear's 31 page 3" href="http://viewer.zmags.com/publication/90efcdea?page=3"> SERVICE CHARGE Even though Spear's may no longer</a>
<a title="Spear's 31 page 4" href="http://viewer.zmags.com/publication/90efcdea?page=4"> 2 SHAKE IT ALL ABOUT D avid Cameron'</a>
<a title="Spear's 31 page 5" href="http://viewer.zmags.com/publication/90efcdea?page=5"> </a>
<a title="Spear's 31 page 6" href="http://viewer.zmags.com/publication/90efcdea?page=6"> LEADERS CONTRIBUTORS FROM WILLIAM CASH EDITOR’S L</a>
<a title="Spear's 31 page 7" href="http://viewer.zmags.com/publication/90efcdea?page=7"> THE PRIME CENTRAL LONDON PROPERTY AGENCY </a>
<a title="Spear's 31 page 8" href="http://viewer.zmags.com/publication/90efcdea?page=8"> Most bottles from Chanel contain perfume: Christo</a>
<a title="Spear's 31 page 9" href="http://viewer.zmags.com/publication/90efcdea?page=9"> IN THE UK, THE TAXMAN COMETH There was a time</a>
<a title="Spear's 31 page 10" href="http://viewer.zmags.com/publication/90efcdea?page=10"> 74 Andrew Kojima... on working in a three- Miche</a>
<a title="Spear's 31 page 11" href="http://viewer.zmags.com/publication/90efcdea?page=11"> 2013</a>
<a title="Spear's 31 page 12" href="http://viewer.zmags.com/publication/90efcdea?page=12"> FROM WILLIAM CASH The Adam Room of the Lloyds o</a>
<a title="Spear's 31 page 13" href="http://viewer.zmags.com/publication/90efcdea?page=13"> DiTshecfoamvouesr189m7 pao</a>
<a title="Spear's 31 page 14" href="http://viewer.zmags.com/publication/90efcdea?page=14"> editor’S Letter FACTS FRO</a>
<a title="Spear's 31 page 15" href="http://viewer.zmags.com/publication/90efcdea?page=15"> SETTING STANDARDS IN THE HEART OF T</a>
<a title="Spear's 31 page 16" href="http://viewer.zmags.com/publication/90efcdea?page=16"> diary MOLLIE DENT-BROCKLEHURST The executive dir</a>
<a title="Spear's 31 page 17" href="http://viewer.zmags.com/publication/90efcdea?page=17"> Discover Nature, Discover Yourself </a>
<a title="Spear's 31 page 18" href="http://viewer.zmags.com/publication/90efcdea?page=18"> SEAL CLAPPING What connects Garrard (the jewel- l</a>
<a title="Spear's 31 page 19" href="http://viewer.zmags.com/publication/90efcdea?page=19"> John McDermott @johnpmcdermott There is a govt-sp</a>
<a title="Spear's 31 page 20" href="http://viewer.zmags.com/publication/90efcdea?page=20"> S most read 1) From Dia</a>
<a title="Spear's 31 page 21" href="http://viewer.zmags.com/publication/90efcdea?page=21"> QWhen you started the gallery twenty ye</a>
<a title="Spear's 31 page 22" href="http://viewer.zmags.com/publication/90efcdea?page=22"> SHOT BEFORE DAWN 1 2 1. </a>
<a title="Spear's 31 page 23" href="http://viewer.zmags.com/publication/90efcdea?page=23"> 11 11. Jemma Redgrave 12. Emma </a>
<a title="Spear's 31 page 24" href="http://viewer.zmags.com/publication/90efcdea?page=24"> THE GIVER AND THE GIFT SPREADING THE WORD Sophie</a>
<a title="Spear's 31 page 25" href="http://viewer.zmags.com/publication/90efcdea?page=25"> When a child JULIA LALLA-MAHARAJH dies, the </a>
<a title="Spear's 31 page 26" href="http://viewer.zmags.com/publication/90efcdea?page=26"> THE DISCRIMINATOR SPRING CHICKEN Alessand</a>
<a title="Spear's 31 page 27" href="http://viewer.zmags.com/publication/90efcdea?page=27"> rest. I do happily admit there are some overlappi</a>
<a title="Spear's 31 page 28" href="http://viewer.zmags.com/publication/90efcdea?page=28"> COUNTER CULTURE OSCAR BRAVO? Sam Leith would li</a>
<a title="Spear's 31 page 29" href="http://viewer.zmags.com/publication/90efcdea?page=29"> THE WORLD’S BEST HI-FI KJ WEST</a>
<a title="Spear's 31 page 30" href="http://viewer.zmags.com/publication/90efcdea?page=30"> PEP TALK A DEVELOPING STORY Investors from </a>
<a title="Spear's 31 page 31" href="http://viewer.zmags.com/publication/90efcdea?page=31"> IMAGE RIGHTS HE’S ONLY ROCKNROLL... ...but Edwa</a>
<a title="Spear's 31 page 32" href="http://viewer.zmags.com/publication/90efcdea?page=32"> VIEW FROM ST PAUL’S ON BORROWED DIME The last-m</a>
<a title="Spear's 31 page 33" href="http://viewer.zmags.com/publication/90efcdea?page=33"> THE LAW A PROBLEM SHARED? Globalisation and adv</a>
<a title="Spear's 31 page 34" href="http://viewer.zmags.com/publication/90efcdea?page=34"> Photograph by Luc Castel 32• March/April 2013</a>
<a title="Spear's 31 page 35" href="http://viewer.zmags.com/publication/90efcdea?page=35"> Above: François Pinault (here in front of a Dan F</a>
<a title="Spear's 31 page 36" href="http://viewer.zmags.com/publication/90efcdea?page=36"> work, although his improved fortune and new frien</a>
<a title="Spear's 31 page 37" href="http://viewer.zmags.com/publication/90efcdea?page=37"> When Pinault speaks, his blue eyes are very l</a>
<a title="Spear's 31 page 38" href="http://viewer.zmags.com/publication/90efcdea?page=38"> loan wolves When an HNW needs a loan, the only p</a>
<a title="Spear's 31 page 39" href="http://viewer.zmags.com/publication/90efcdea?page=39"> to Wade-Jones: `First, UHNW lending is an expensi</a>
<a title="Spear's 31 page 40" href="http://viewer.zmags.com/publication/90efcdea?page=40"> ESCAPIS T FANTASY Time for a new life under</a>
<a title="Spear's 31 page 41" href="http://viewer.zmags.com/publication/90efcdea?page=41"> from his yacht. His wife claims he may be hiding </a>
<a title="Spear's 31 page 42" href="http://viewer.zmags.com/publication/90efcdea?page=42"> PHILANTH-RUPEE India's wealthiest citizens may </a>
<a title="Spear's 31 page 43" href="http://viewer.zmags.com/publication/90efcdea?page=43"> T he purring antique wooden fans can coa</a>
<a title="Spear's 31 page 44" href="http://viewer.zmags.com/publication/90efcdea?page=44"> Illustration by Femke de Jong the excess of his</a>
<a title="Spear's 31 page 45" href="http://viewer.zmags.com/publication/90efcdea?page=45"> do,' she says. `It's starting to happen. There's </a>
<a title="Spear's 31 page 46" href="http://viewer.zmags.com/publication/90efcdea?page=46"> the game of risk Globalisation has brought with </a>
<a title="Spear's 31 page 47" href="http://viewer.zmags.com/publication/90efcdea?page=47"> Challenge and Hidden Promise of Globalization as </a>
<a title="Spear's 31 page 48" href="http://viewer.zmags.com/publication/90efcdea?page=48"> NO ROOM AT THE INN? Barrist</a>
<a title="Spear's 31 page 49" href="http://viewer.zmags.com/publication/90efcdea?page=49"> annual reductions of £350 million per year wer</a>
<a title="Spear's 31 page 50" href="http://viewer.zmags.com/publication/90efcdea?page=50"> if they are no good then they simply won't get wo</a>
<a title="Spear's 31 page 51" href="http://viewer.zmags.com/publication/90efcdea?page=51"> Dayekh www.dayekh.com Simply The Most Beautiful</a>
<a title="Spear's 31 page 52" href="http://viewer.zmags.com/publication/90efcdea?page=52"> GENETIC MODIFICATIONS Businesses often owe their</a>
<a title="Spear's 31 page 53" href="http://viewer.zmags.com/publication/90efcdea?page=53"> family needs the success of the business to be th</a>
<a title="Spear's 31 page 54" href="http://viewer.zmags.com/publication/90efcdea?page=54"> somerset nous After reaching the top of the art </a>
<a title="Spear's 31 page 55" href="http://viewer.zmags.com/publication/90efcdea?page=55"> Clockwise from above: Sculptures by Josephsohn in</a>
<a title="Spear's 31 page 56" href="http://viewer.zmags.com/publication/90efcdea?page=56"> forward-thinking collectors, unconstrained, Wirth</a>
<a title="Spear's 31 page 57" href="http://viewer.zmags.com/publication/90efcdea?page=57"> people, too: `It's always been open for us. It wa</a>
<a title="Spear's 31 page 58" href="http://viewer.zmags.com/publication/90efcdea?page=58"> KLAUS AND CO Klaus Schwab hosts (and likes to be</a>
<a title="Spear's 31 page 59" href="http://viewer.zmags.com/publication/90efcdea?page=59"> Above left: Klaus Schwab's low-key friends this y</a>
<a title="Spear's 31 page 60" href="http://viewer.zmags.com/publication/90efcdea?page=60"> </a>
<a title="Spear's 31 page 61" href="http://viewer.zmags.com/publication/90efcdea?page=61"> HIGH NET WORTH WEALTH MANAGEMENT INDEX Whe</a>
<a title="Spear's 31 page 62" href="http://viewer.zmags.com/publication/90efcdea?page=62"> hnw wealth management Index TOP Top FI5VE</a>
<a title="Spear's 31 page 63" href="http://viewer.zmags.com/publication/90efcdea?page=63"> CLOSE BROTHERS CHRIS BOON Fly fishing on the Itc</a>
<a title="Spear's 31 page 64" href="http://viewer.zmags.com/publication/90efcdea?page=64"> hnw wealth management Index Top TOP RECOM</a>
<a title="Spear's 31 page 65" href="http://viewer.zmags.com/publication/90efcdea?page=65"> `The person a client talks to when they call is </a>
<a title="Spear's 31 page 66" href="http://viewer.zmags.com/publication/90efcdea?page=66"> hnw wealth management Index </a>
<a title="Spear's 31 page 67" href="http://viewer.zmags.com/publication/90efcdea?page=67"> hnw wealth management Index `All clie</a>
<a title="Spear's 31 page 68" href="http://viewer.zmags.com/publication/90efcdea?page=68"> hnw wealth management Index Top RECOMMEND</a>
<a title="Spear's 31 page 69" href="http://viewer.zmags.com/publication/90efcdea?page=69"> `We want clients to stick to stable inco</a>
<a title="Spear's 31 page 70" href="http://viewer.zmags.com/publication/90efcdea?page=70"> hnw wealth management Index </a>
<a title="Spear's 31 page 71" href="http://viewer.zmags.com/publication/90efcdea?page=71"> hnw wealth management Index `</a>
<a title="Spear's 31 page 72" href="http://viewer.zmags.com/publication/90efcdea?page=72"> BOOK REVIEWS EX LIBRIS FORMER PEOPLE: The Last D</a>
<a title="Spear's 31 page 73" href="http://viewer.zmags.com/publication/90efcdea?page=73"> To read more book reviews and to buy all the book</a>
<a title="Spear's 31 page 74" href="http://viewer.zmags.com/publication/90efcdea?page=74"> PLEASURE DIVIDEND HEIGHTS OF OPULENCE Nick Foulk</a>
<a title="Spear's 31 page 75" href="http://viewer.zmags.com/publication/90efcdea?page=75"> </a>
<a title="Spear's 31 page 76" href="http://viewer.zmags.com/publication/90efcdea?page=76"> </a>
<a title="Spear's 31 page 77" href="http://viewer.zmags.com/publication/90efcdea?page=77"> PANIC STATIONS Thriving under pressure in Master</a>
<a title="Spear's 31 page 78" href="http://viewer.zmags.com/publication/90efcdea?page=78"> Hukezalie replies too snappily, `Yes, guy.' He ch</a>
<a title="Spear's 31 page 79" href="http://viewer.zmags.com/publication/90efcdea?page=79"> Above: Andrew Kojima (second from left) and his f</a>
<a title="Spear's 31 page 80" href="http://viewer.zmags.com/publication/90efcdea?page=80"> FOOD BOARHEMIAN RHAPSODY William Sitwell bristl</a>
<a title="Spear's 31 page 81" href="http://viewer.zmags.com/publication/90efcdea?page=81"> Above: ETM founders Ed and Tom Martin assess the </a>
<a title="Spear's 31 page 82" href="http://viewer.zmags.com/publication/90efcdea?page=82"> OFF THE EATEN TRACK The picture-perfect city of </a>
<a title="Spear's 31 page 83" href="http://viewer.zmags.com/publication/90efcdea?page=83"> Clockwise from top: Clam and lemongrass broth; cu</a>
<a title="Spear's 31 page 84" href="http://viewer.zmags.com/publication/90efcdea?page=84"> WINE NINETY DEGREES Marlon Abela assesses the w</a>
<a title="Spear's 31 page 85" href="http://viewer.zmags.com/publication/90efcdea?page=85"> quality. Esoteric and intellectual rather than fu</a>
<a title="Spear's 31 page 86" href="http://viewer.zmags.com/publication/90efcdea?page=86"> Brunello di Montalcino, Riserva, Soldera — </a>
<a title="Spear's 31 page 87" href="http://viewer.zmags.com/publication/90efcdea?page=87"> D-Brilliant Cuts™ invented by master Polisher Hed</a>
<a title="Spear's 31 page 88" href="http://viewer.zmags.com/publication/90efcdea?page=88"> BOUTIQUE WINES Under the ownership of Chanel, tw</a>
<a title="Spear's 31 page 89" href="http://viewer.zmags.com/publication/90efcdea?page=89"> good citizens of Margaux as well as responsible o</a>
<a title="Spear's 31 page 90" href="http://viewer.zmags.com/publication/90efcdea?page=90"> 88 NOUVEAU FOREST William Cash talks to Gerard </a>
<a title="Spear's 31 page 91" href="http://viewer.zmags.com/publication/90efcdea?page=91"> WEB ONLY spearswms.com food friday Sitwell s</a>
<a title="Spear's 31 page 92" href="http://viewer.zmags.com/publication/90efcdea?page=92"> K </a>
<a title="Spear's 31 page 93" href="http://viewer.zmags.com/publication/90efcdea?page=93"> The mall is home to both high-street and luxury b</a>
<a title="Spear's 31 page 94" href="http://viewer.zmags.com/publication/90efcdea?page=94"> ART FROM RUSSIA WITH LUCK Hot lust, cold hard ca</a>
<a title="Spear's 31 page 95" href="http://viewer.zmags.com/publication/90efcdea?page=95"> `Seeing these paintings in their original context</a>
<a title="Spear's 31 page 96" href="http://viewer.zmags.com/publication/90efcdea?page=96"> C GOING, ontemporary art went wild</a>
<a title="Spear's 31 page 97" href="http://viewer.zmags.com/publication/90efcdea?page=97"> Above: The crowds of bidders at Christie's are st</a>
<a title="Spear's 31 page 98" href="http://viewer.zmags.com/publication/90efcdea?page=98"> LET US SPRAY The word on the street is that gr</a>
<a title="Spear's 31 page 99" href="http://viewer.zmags.com/publication/90efcdea?page=99"> The Bayeux Tapestry, the most famous embroidery o</a>
<a title="Spear's 31 page 100" href="http://viewer.zmags.com/publication/90efcdea?page=100"> Service where I've done a series of murals on doc</a>
<a title="Spear's 31 page 101" href="http://viewer.zmags.com/publication/90efcdea?page=101"> EDITORIAL PROMOTION THE ART OF INSURANCE Discer</a>
<a title="Spear's 31 page 102" href="http://viewer.zmags.com/publication/90efcdea?page=102"> ART OF STONE He's painted everyone from the Quee</a>
<a title="Spear's 31 page 103" href="http://viewer.zmags.com/publication/90efcdea?page=103"> Opposite: Stone painted Nelson Mandela in 2008. B</a>
<a title="Spear's 31 page 104" href="http://viewer.zmags.com/publication/90efcdea?page=104"> Josh Spero feels on top of The World betwee</a>
<a title="Spear's 31 page 105" href="http://viewer.zmags.com/publication/90efcdea?page=105"> THE BERTH OF CIVILISATION no one on board put </a>
<a title="Spear's 31 page 106" href="http://viewer.zmags.com/publication/90efcdea?page=106"> Wednesday afternoon at Versailles under Louis X</a>
<a title="Spear's 31 page 107" href="http://viewer.zmags.com/publication/90efcdea?page=107"> Above, clockwise from top: The decorated streets </a>
<a title="Spear's 31 page 108" href="http://viewer.zmags.com/publication/90efcdea?page=108"> W e had stopped the 4x4 in </a>
<a title="Spear's 31 page 109" href="http://viewer.zmags.com/publication/90efcdea?page=109"> security vehicles everywhere, the high fences and</a>
<a title="Spear's 31 page 110" href="http://viewer.zmags.com/publication/90efcdea?page=110"> SPEAR’S YOUNG TURK AWARDS 2013 Spear's welcom</a>
<a title="Spear's 31 page 111" href="http://viewer.zmags.com/publication/90efcdea?page=111"> A privileged experience The elegance of Paradisus</a>
<a title="Spear's 31 page 112" href="http://viewer.zmags.com/publication/90efcdea?page=112"> 110• March/April 2013</a>
<a title="Spear's 31 page 113" href="http://viewer.zmags.com/publication/90efcdea?page=113"> Opposite, clockwise from top: The Eagle Speedster</a>
<a title="Spear's 31 page 114" href="http://viewer.zmags.com/publication/90efcdea?page=114"> bobber job man Motorbike-mad Henry Cole describes</a>
<a title="Spear's 31 page 115" href="http://viewer.zmags.com/publication/90efcdea?page=115"> and frame manufacturers, aspiring to create indiv</a>
<a title="Spear's 31 page 116" href="http://viewer.zmags.com/publication/90efcdea?page=116"> PROPERTY OVER HERE, OVER-SOLD As foreign buyers </a>
<a title="Spear's 31 page 117" href="http://viewer.zmags.com/publication/90efcdea?page=117"> Above: Savills are selling this four-bedroom hous</a>
<a title="Spear's 31 page 118" href="http://viewer.zmags.com/publication/90efcdea?page=118"> arcadIa gaMes At an Arcadia-themed Christmas lun</a>
<a title="Spear's 31 page 119" href="http://viewer.zmags.com/publication/90efcdea?page=119"> editorial promotion home comfortS Identifying a</a>
<a title="Spear's 31 page 120" href="http://viewer.zmags.com/publication/90efcdea?page=120"> COUNTRY WIRE LATELY FASHIONABLE Elegantly design</a>
<a title="Spear's 31 page 121" href="http://viewer.zmags.com/publication/90efcdea?page=121"> MID-ATLANTIC GIRL OLDER FOLK, NEWER MONEY Wha</a>
<a title="Spear's 31 page 122" href="http://viewer.zmags.com/publication/90efcdea?page=122"> AT THE SHARP END TIM ETCHELLS The co-founder of </a>
<a title="Spear's 31 page 123" href="http://viewer.zmags.com/publication/90efcdea?page=123"> 5(%25167(,1:$<,1 ,1/$,'0$548(75< 526(:22'$57&$6( </a>
<a title="Spear's 31 page 124" href="http://viewer.zmags.com/publication/90efcdea?page=124"> The Private, Private Bank Beco</a>