This page was last edited on 4 January 2021, at 18:54 (UTC). Grosvenor staff give 'loyalty and commitment' He said: âThe Grosvenor Estate is a wonderful institution and it has been an honour to lead it during a period of change. The Grosvenor Estate encompasses all the activities of the Grosvenor family. The remaining trusts will be subject to 40% IHT on the death of the specific beneficiary. “In a discretionary trust you have a whole pick list of potential beneficiaries which the trustees can choose to appoint benefits to, but no individual beneficiaries can demand money. It has a global reach, now in 62 international cities, with offices in 14 of them, operated on behalf of its owners, the Duke of Westminster and his family. The estate’s trustees control the property business, via Grosvenor Group Limited; Wheatsheaf, a food and energy business, which runs the farms; a fine art collection and a series of cash investments; rural land holdings in Lancashire, Sutherland and Wales; and the family seat at Eaton Hall near Chester. Grosvenor in London: Richmond Street and Oxford Street East Grosvenor Estates is in an upscale neighbourhood of London, Ontario. The reason that the Grosvenor Estate, like many other family owned enterprises, holds assets via trusts is to ensure continuity of the collective ownership, administration and management of the estate across the generations. ... the installation of a new steel structure to form ⦠I can’t sell. Grosvenor Estate tackles Paradise Papers accusations with increased disclosure. Money can stay in the trust and cascade down generation to generation for up to 120 years and nobody pays inheritance tax on it.”. +44 (0) 20 7408 0988 customerenquiries@grosvenor.com Our office â70 Grosvenor Street London, W1K 3JP The Family Office is professionally managed to oversee a number of investments on behalf of the Grosvenor Estate. Our structure includes four regional Operating Companies and an Indirect Investment business. The 6th duke’s children will owe their fortune to rules that give generous concessions to the trusts used by Britain’s wealthiest families. The Grosvenor Estate history dates back as far as 1677, when Sir Thomas Grosvenor married Mary Davies. onshore) trusts, the beneficiaries of which are both current members of the Grosvenor family and future, as yet unborn, descendants. With death duties at 40%, the heirs could have been liable for a £3bn plus tax bill but the taxman is not expecting a huge windfall. In addition to the main UK-based trusts there are two small non-UK resident trusts which were established over 50 years ago to acquire some non-UK assets. Sir Thomas Grosvenor, Third Baronet (1655â1700) had Eaton Hall built by architect William Samwell, to replace an earlier moated Hall situated to the south of the new building 1677 Sir Thomas Grosvenor marries Mary Davies 1415 The Duke and Duchess of Westminster with their son, Hugh, who will inherit his father’s title and fortune. Some of these are funds managed by third parties which are commonly incorporated offshore, again largely to prevent the issue of double taxation. The late duke once said of his fortune: “Given the choice, I would rather not have been born wealthy but I never think of giving it up. onshore) trusts, the beneficiaries of which are both current members of the Grosvenor family and future, as yet unborn, descendants. Grosvenor and the rural estates employ about 1,000 staff – and the numbers are prominently advertised on their websites. Belgravia and Mayfair now have a global reputation, reflecting their position for centuries as being amongst the most desirable residential quarters of London. In April 2000, we adopted a corporate structure formed by a group of regional operating businesses and published our first full Annual Report and Accounts. Instead of a payment of 40% inheritance tax upon death, the majority of the trusts are of a type that pay a rate of 6% every 10 years. Our four regional Operating Companies (Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe) and our Indirect Investment business diversify the Groupâs property portfolio by geography, sector, activity, currency and management team. Grosvenor Britain & Ireland London â70 Grosvenor Street London, W1K 3JP England Tel. The Grosvenor familyâs enlightened approach - to maintain strong values and allow managers to manage - is reflected in our devolved structure. By 1970 Robert was the richest man in Britain. These London apartments feature spectacular landscaped gardens, old-world charm and modern features. ... Group, the largest part of the estate that controls the Mayfair and Belgravia estates in central London, and the structure of the estate, including Wheatsheaf Group and the Family Investment Office. Grosvenor Estate first branched out into international markets in the 1950s in Canada and Australia, then in the 1990s it moved into Asia-Pacific and continental Europe. We look for people who can help us deliver this in line with our values of integrity, respect and trust. Its net assets were £4.8bn as at 31 December 2016. The total assets under management by Grosvenor Group were worth £12.7bn at the end of 2016, compared with £13.1bn in 2015. Each of its parts has a distinct focus but share the same values and a common purpose of ⦠These trusts are also subject to the 10-yearly inheritance tax charge. GCM Grosvenor is a global investment and advisory firm headquartered in Chicago that specializes in hedge funds, private equity, real estate and infrastructure investments. It is one of the worldâs largest independent alternative asset management firms. The UK resident trusts are liable to pay income tax, capital gains tax and inheritance tax. Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe are each responsible for their own property strategies. We diversify Grosvenorâs property portfolio by backing specialist third-party management companies that are active in regions and sectors that complement the activities of our regional Operating Companies and are consistent with our principles of making a positive difference to society. Accordingly, and as one would expect, the assets left by the 6th Duke to his widow are exempt from inheritance tax. More recently, additional speculation has sought to focus on Grosvenor’s use of offshore trusts, investment vehicles and other investments. Since the death of Gerald, the 6th Duke of Westminster in August 2016, there have been articles in the press speculating as to the size of the estate inherited by his son, Hugh, now 7th Duke, attempting to describe the estate's ownership structure and commenting on the extent to which inheritance tax was paid following the death of the 6th Duke. Grosvenor specializes in turn-around situations where there is the opportunity to add value to an under performing asset. GCM Grosvenor manages real estate investments through a flexible investment platform to provide differentiated exposure to opportunistic middle market investments. 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