Penningtons Manches Cooper is launching its first private wealth practice outside the UK, led by incoming Singapore-based partner and Head of Private Wealth (Asia) Rachel Yao.
Her appointment, subject to standard regulatory approval, marks a significant step in the firm's private wealth group strategy, expanding its capabilities in one of the world's most important and fastest-growing private wealth centres.
Rachel joins from Carey Olsen, where she led the firm's trusts and private wealth practice in Asia. She brings extensive experience advising high net worth and ultra-high net worth individuals, families, family offices, professional trustees and private banks across the Asia-Pacific region on complex cross-border wealth structuring, succession planning, trusts, philanthropy and family governance matters.
Prior to joining Carey Olsen, Rachel spent nine years with Taylor Wessing in Shanghai and London offices, where she led the firm's international private wealth practice in Greater China.
Rachel advises on a wide range of private wealth matters, including family wealth preservation, global asset allocation, trust establishment and restructuring, philanthropy, charitable structures and foundations. She is particularly known for co-ordinating sophisticated multi-jurisdictional advice for internationally mobile families and business owners.
She is recognised as the only native Chinese Mandarin-speaking trusts and private wealth lawyer based in Singapore who specialises in offshore law. Her client base includes prominent entrepreneurial families and business owners from mainland China, Hong Kong, Taiwan and across Southeast Asia.
Rachel serves on the Committee of the Singapore branch of the Society of Trust and Estate Practitioners (STEP). She is admitted to practise as solicitor in England and Wales, the British Virgin Islands, the Cayman Islands and the People's Republic of China, and is a Registered Associate in Bermuda and a registered foreign lawyer in Singapore.
Clare Archer, head of private client and tax at Penningtons Manches Cooper, commented:
"Rachel's arrival is a landmark moment for our private wealth practice and for our Singapore office. We have been looking for the right person to lead and grow our private wealth offering in Asia, and Rachel brings exactly the combination of technical excellence, market profile, international experience and entrepreneurial ambition that we were seeking.
"Singapore continues to establish itself as one of the world's leading centres for cross-border wealth management and succession planning. Rachel's exceptional reputation and connections across Asia will enable us to support a growing number of high net worth and ultra-high net worth clients while further strengthening the international reach of our firm."
Rachel said: "I am delighted to be joining Penningtons Manches Cooper at such an exciting time in its international growth journey. The firm's strong reputation for advising private clients, families and businesses on complex cross-border matters makes it an excellent platform from which to build a leading private wealth practice in Singapore.
"Demand for sophisticated private wealth advice across Asia continues to grow as families increasingly focus on succession, governance, philanthropy and global wealth planning. I look forward to working with colleagues across the firm to help clients navigate these opportunities and challenges, while building a practice that serves both existing and future generations of wealth creators."
