Asian wealth magazine autumn 2013 edition

THE LUXURY BUSINESS MAGAZINE FOR ASIAN ENTREPRENEURS

Vol. 2

Issue 3

Autumn 2013

SECRET UNVEILED SECRETSALES BROTHERS, ONLINE AND ON TREND

GEETA SIDHUROBB

THE REAL DEAL OF DETOX

NINA AMIN THE DOYENNE OF DIVERSITY

Also in this issue

My business:

Navdeep Singh Bansal

10 of the best: Corporate gifts ● Bollywood means business ● Charity – Educate for Life ● The Panamera experience ●

KPMG Asian Festival Dinner Issue £4.99

AW_CoverAutumn2013withAds.indd 1

16/10/2013 10:33

AA full p

AW_CoverAutumn2013withAds.indd 2

16/10/2013 10:33

SectionA_p1-31.indd 1

16/10/2013 14:15

SectionA_p1-31.indd 2

16/10/2013 14:15

SectionA_p1-31.indd 3

16/10/2013 14:15

Contacts PUBLISHER Kalpesh Patel Kp@media-36.com T: +44 (0)20 8406 8992 EDITOR Jo Shorthouse jo@media-36.com Design & Art Direction Christine Sullivan Photography Sanjay Jogia Phil Bourne Digital Marketing Manager Nemash Patel Cover Nish and Sach Kukadia (SecretSales.com) Photography Eyejogia.com

Asian Wealth Magazine is the UK’s first and only luxury business magazine for Asian entrepreneurs, business leaders and professionals.

Published quarterly and distributed nationally, AWM caters for a generation filled with high-flying, motivated and inspirational professionals who pride themselves in being creative and able to enjoy life and it’s pleasures in and out of the office.

Each issue comprises of profile interviews, Q&As with British Asian entrepreneurs from up and comers to high-net-worth successful business individuals.

Each issue is also packed with thought provoking business related articles, current affairs and dedicated sections for luxury travel, automotive, event previews and reviews.

Enjoy.

AWM is published by

© Asian Wealth Media Ltd Suite 4B, 43 Berkeley Square Mayfair, London W1J 5FJ United Kingdom ISSN 2051-9230

Editorial Contributors Ashanti Omkar Joe Minihane Melissa Stewart Shaz Memon Aneesh Popat Nima Suchak Pinnacle Advisory Services The Sethi Partnership Farida Gibbs Varun Sharma TiE UK Advertising Abby Ghafoor ag@media-36.com T: +44 (0)7748 983 331 Ash Krishnan ak@media-36.com T: +44 (0)7852 415 625 www.AsianWealthMag.co.uk

AWM – Official Publication for:

All Rights Reserved No copy without the written consent of the publishers first given, can be lent, resold, hired out or otherwise disposed of in a mutilated condtion or in any unauthorised cover, by way of trade, or affixed to or as any part of a publication or advertising, literary or pictorial matter whatsoever. Asian Wealth Media publications are fully protected by copyright and nothing may be printed wholly or in part without permission. Every possible effort has been made to ensure the information contained in this publication is accurate at the time of going to press and neither the publishers nor any of the authors, editors, contributors or advertisers can accept responsibility for any errors or omissions, however caused. No responsibility for loss or damage occasioned to any person acting, or refraining from action, as a result of the material in this publication can be accepted by the editors, authors, the publisher or any of the contributors or sponsors.

4

SectionA_p1-31.indd 4

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:15

Editor’sLetter

BRITAIN, STILL THE LAND OF INVENTION? THE UNITED KINGDOM HAS PRODUCED COUNTLESS WORLD-CHANGING, AND WORLD-BEATING, INVENTIONS. When you log in to your emails every day, think about Sir Tim BernersLee, who invented the world wide web, and then gave it away for free.

When you switch on the TV to watch the 10 O’clock news, think of Scotsman John Logie Baird, who invented the television. The next time you are prescribed penicillin, you have another great Scotsman, Sir Alexander Fleming, to thank for getting you back on your feet.

British invention and a keen sense of innovation touches every part of our day-to-day lives, the food we eat is plentiful because of British advances in agriculture, and our streets are safer because a clever man called Sir Alec Jeffreys created DNA finger printing. We have been able to travel huge distances because of the invention of the steam engine, which opened up great swathes of the UK countryside and connected our major cities, allowing us to trade and build businesses throughout the industrial revolution and beyond.

The microchip, the lawn mower, the rubber band, marmite, and pretty much any game played competitively today (including baseball) were invented on British soil.

Which is why it makes me so sad to see Britain miss out on the Global Innovators list, created by Thomson Reuters. The UK does not feature once, not once, in the list, which is dominated by America (45 out of the 100 places go to the US, with 3M taking top spot), Japan and France. The report said Britain’s absence reflected low spending on research and development and concentration on services and finance. Finance and services are, of course, extremely important to our trade and industry as a leading light in global business, but surely there is room for more innovation on British shores? The list is ranked by companies that have applied for 100 or more patents in the last year, with Unilever, the last ranked British company, appearing in 2011.

According to Thomson Reuters’ research, over the past 12 months, the top 100 innovators collectively generated $4.5 trillion in revenue, added more than 266,000 jobs and invested $223 billion in research and development, outspending the constituents of the S&P 500 in R&D by 8.8%.

Although the chancellor George Osborne coined the phrase “march of the makers” when the UK government introduced the Patent Box, a scheme which aims to reward innovative UK businesses by offering companies lower tax rates on worldwide profits made from products with qualifying patents, is it enough to foster innovation on British shores? HMRC predicts that the scheme will provide £1.1 billion in tax relief by 2019.

All credit to the government for addressing the issue, but looking at the kinds of figures that Thomson Reuters talks about, isn’t it time for Britain to be serious about becoming a nation of doers once more?

Editor of Asian Wealth Magazine

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 5

5

16/10/2013 14:15

10745 P 911 50NatAdDPS 297x420AsianWMagHR.pdf

1

10/06/2013

11:06

50 years of Porsche 911.

Our legacy has already been written.

But our future is open to you.

Visit www.porsche.co.uk or call 08457 911 911.

SectionA_p1-31.indd 6

16/10/2013 14:15

SectionA_p1-31.indd 7

16/10/2013 14:15

CONTENTS

10 10 Faith & Fortune AWM meets Navdeep Singh Bansal, the brain behind the Sikh Awards.

16 Secret Unveiled At first glance, the formula behind the secretsales.com business seems simple: sell high-end fashion brands at lower prices. However, the story behind this success story is not as straightforward as it may seem.

25 Know it, Show it Our resident digital media guru, Shaz Memon talks about how Infographics have taken the marketing world by storm.

27 Publisher’s Diary 30 Educate for Life Jo Shorthouse meets the founders of a small education charity that are doing big things in Rajasthan.

8

SectionA_p1-31.indd 8

16 33 Company Profile: Punjab National Bank With over 78 million customers, Punjab National Bank is one of the largest banks in India, and is now up and coming in the UK. 34 Keeping Business in the Boardroom Working with family can be a stressful business, but it doesn’t always have to be, AWM finds out.

37 Business NEWS News and business developments from around the globe.

44 operating a business, filing annual accounts tends to be met with a sense of relief once completed.

44 The Real Deal of Nosh Detox Since Geeta Sidhu-Robb lost her millionaire lifestyle and set up a health and wellbeing brand Nosh Detox she’s built a hugely successful business selling juices and offering nutrition advice.

49 Wonder Women!

AWM’s wonder woman columnist Farida Gibbs talks about green shoots appearing.

40 Fortune Footsteps The Chocolatier tells us about his business’ journey and principle of never compromising on quality.

51 Transfer of Ownership Transfer of ownership for business buyers and sellers made simple. The Sethi Partnership, offers a slice of advice to both sides of a business sale.

43 The Bookkeeper Financial statements – File & Forget . . .? Like many issues when

54 Bollywood Means Business Indian cinema, and Bollywood specifically, represents a cultural bridge to the

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:15

VOL2 ISSUE 3

61 South Asian diaspora, to generations past. AWM investigates just how this booming industry has impacted the British economy.

61 What Aishwarya Did Next At this year’s Royal Ascot, AWM editor Jo Shorthouse snatched 10 minutes with international screen goddess, Aishwarya Rai Bachchan, to talk about business, branding and Bollywood.

64 Fly High, Travel Fast, Work Better As big business becomes bigger, faster and with little regard for location or time zone, could private jet travel be a viable choice for your organisation?

70 PBTP: Nina Amin AWM talks to Nina Amin, head of Asian Markets at KPMG about accounting dreams and receiving an MBE.

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 9

70

105

73 Banham Concierge – At Your Service AWM looks at a news service from the Banham Group. The concierge service, made to make life that little bit easier for the time-poor individual.

them to one of these gorgeous corporate gifts.

77 Entrepreneurial Ambitions In his second column, TiE UK president Dr Sanjeev Ahuja discusses converting individual ambitions to economic growth and prosperity for a nation.

92 Holiday Like A Greek God With the latest political ranglings going on, Greece may not spring to mind as the first place to look when booking luxury travel. However, Varun Sharma says this island’s newest high-class resort is worth a second glance.

79 Front Page Test Whether businesses and individuals are paying their ‘fair share’ has become a widely discussed and emotive issue.

Would your business pass the front page test?

82 Ten of the Best – Corporate Gifts Show your clients just how valuable they are to your business by treating

87 The Panamera Experience AWM delves into the Porsche Panamera experience.

99 Corporate Entertaining with Chivas When it comes to entertaining corporate clients, it’s important to observe three simple ideals – generosity, brotherhood and luxury.

105 Events Reviews 112 Upcoming Events

9

16/10/2013 14:15

faith

&

FORTUNE Nima Suchak meets Navdeep Singh Bansal, the brain behind the Sikh Awards.

Photographs by PhilBourne.com Location – Grange St Paul’s Hotel

A

DIRECTORy OF SIKH BUSINESSES HAD NEVER BEFORE ExISTED in the UK when Navdeep Singh Bansal, 40, decided to put together the Sikh Directory in 2006. Listing every Sikh-owned business in the UK, the directory opened up a treasure trove of Sikhs in the community, and inspired Navdeep to also establish The Sikh Awards to recognize the contribution of Sikhs, and later, the Sikh100, to profile the most powerful and influential Sikhs worldwide.

Navdeep was an estate agent in London when he first began working on setting up The Sikh Directory. Taking more than three years to put together, Navdeep had to research which companies were owned by Sikhs, and was networking and meeting Sikh business owners all over the country. Companies, both big and small, offered their support and the directory was well received.

“The Sikh Directory was initially supposed to be a secondary business, but as soon as I launched the first edition, it just took off to a degree where I had to be working on it full time,” recalls Navdeep.

With a list of over 2000 businesses on his database, a UK Sikh networking event seemed like a good fit to accompany this growing business. “I never thought I would do an awards ceremony. I’ve always been involved in sales and marketing. The support I received from the businesses in the directory and the Sikh community is what enabled me to go forward with the awards,” he says.

“Before launching a new venture I always consult with various business leaders and ask them what else could be done to help the community. I wanted to get all the businesses and the Sikh community together, but as I started organising the event, people were recommending others who should be recognised for their achievements.”

SectionA_p1-31.indd 10

16/10/2013 14:16

SectionA_p1-31.indd 11

16/10/2013 14:16

Providing tailored finance solutions

Products and Services: Private Equity Structured Trade & Commodity Finance Investment & Asset management Corporate Finance Global Commodity Finance Venture Capital

LONDON I KENYA I CHINA I HONG KONG I GABON I MOSCOW GHANA I MALAWI I MADRID I KINGDOM OF SAUDI ARABIA

www.dvk-group.com Contact: DVK Group Ltd, Green Park House, 15 Stratton Street, London, W1J 8LQ E: info@dvk-group.com W: www.dvk-group.com 12

SectionA_p1-31.indd 12

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:16

“The Sikh Awards has recognised

some amazing people

with amazing talents and experiences” The world’s first Sikh Awards was thus launched by Navdeep in October 2010, a ceremony recognising the contribution of Sikhs in every aspect of life, including business, sport, entertainment, charity, the media, service and education.

The British and international media were excited by the awards, and very soon, Navdeep was being contacted by people all over the world wanting to nominate Sikhs who excel from far and wide. The following year, The Sikh Awards turned international, celebrating Sikh achievers from different countries. Nominees for the awards were also invited to celebrate Vaisakhi at 10 Downing Street.

In its third year, steel magnate Lakshmi Mittal attended and received the special recognition award, now this year, its fourth year, the level of nominees continues to be exceptional, says Navdeep.

As well as those who excel and achieve unique success in the Sikh community, the awards also profile faith leaders and representatives from other faiths.

“The Sikh Awards has recognised some amazing people with remarkable talents and accomplishments,” says Navdeep. “We are delighted that Sikhs and non-Sikhs alike have embraced the positivity of this awards ceremony and the winners’ achievements, in all walks of life, speak for themselves.”

“B

ecause the nominations are submitted online, by anyone wishing to nominate, we find some unique people who haven’t previously been recognised,” he adds.

“When they share their stories, they really encourage and inspire all generations, which is the main ethos behind the awards.”

Navdeep has gone on to launch the Sikh 100 – a list profiling the most powerful, influential and contemporary Sikhs in the world.

Featuring prominent figures such as Indian Prime Minister Manmohan Singh, Montek Singh Ahluwalia and Prakash Singh Badal, the Sikh 100 celebrates those who excel in their chosen field, and, more importantly, those who serve their community. “In Sikhism, practitioners are encouraged to do seva, (selfless voluntary service), which is a key principle in Sikhism, so we are able to bring to light people who give

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 13

something back to humanity.”

An inspired Sikh himself, Navdeep sought the blessings of spiritual leader Bhai Sahib Dr Mohinder Singh Ji KSG before he started The Sikh Directory. “He’s a powerful, influential and humble spiritual leader representing the Sikh community on a global scale. Bhai Sahib Ji has continued to mentor, guide and morally support me every step of the way, ensuring each venture is a success.”

Bhai Sahib Ji has helped Navdeep to include and promote the basics of Sikhism in the directory and maintain a faith-based thread in all three ventures. “If it wasn’t for him, I wouldn’t be where I am now, as there is a strong spiritual element in all I do, which is what makes these ventures unique.”

Navdeep finds that working with the blessings of a spiritual leader to promote such ventures for Sikhs, has helped him significantly in his own faith journey. “I am always humbled to meet such personalities, not only those from my own faith, but from other faiths who allow me to gain further knowledge and insight into theirs. This shows how everyone can work together, and celebrate the sacrifice and accomplishments of individuals who really make a difference.” www.TheSikh100.com

13

16/10/2013 14:16

SectionA_p1-31.indd 14

16/10/2013 14:16

SectionA_p1-31.indd 15

16/10/2013 14:16

U 16 10

SectionA_p1-31.indd 16

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:16

U

SECRET

nveiled At first glance, the formula behind the Secretsales business seems simple: sell high-end fashion brands at lower prices.

However, the story behind this business is not as straightforward as it may seem. Founders Sach and Nish Kukadia tell Ellie Parsons how they created a thriving fashion empire.

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 17

Photographs by Eyejogia.com Location: MayFair Hotel (London)

17 11

16/10/2013 14:16

“As SecretSales grew, we

were lucky to surround ourselves with experienced entrepreneurs”

18

SectionA_p1-31.indd 18

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:16

f

OR THE PAST SIx yEARS, BROTHERS SACH AND NISH KUKADIA HAVE BEEN running fashion and lifestyle website SecretSales.com, growing it from seven employees to over 100, amassing three million members, and making £30m in sales this year.

Clean-cut CEO Nish, 31, is the strategist and likes to wear blazers, shirts and jeans. Buying director Sach, 29, is the creative one, with a wardrobe full of silk ties, waistcoats and 70 pairs of shoes: his hair is a little longer and his social life is a little louder. “As personalities go, I’m definitely more extroverted. I enjoy networking and making new connections. Trying to be not just the face of SecretSales, but also building our brand positioning in the fashion industry.”

Both went to university in Manchester to study management and marketing, but later went in different directions. Sach travels to fashion shows including Milan, Paris, Berlin and New york and is in charge of product curation, merchandising, pricing and creative.

Nish, with a background in advertising, looks at marketing, technology and the financials of SecretSales. The difference between these brothers was evident from an early age, growing up in north-west London, two of four siblings. At that time, you’d expect to see “conservative” Nish in the library and Sach on the football pitch, captaining his team.

However disparate their personalities, their double-act works well for their business: SecretSales.com sells a mind-blowing one item every 25 seconds. Originally the Kukadias launched the business in 2007 when they recognised that UK internet shopping was taking off and yet no one was serving deal-hungry consumers with discounted, quality products online.

The brothers’ father had been a shareholder and director at Pepe Jeans “when it was just starting up and he managed Belgium, the Netherlands and Luxembourg,” explains Sach.

“We had a very fashion-forward upbringing,” he says. It was the younger brother that was involved in his father’s ventures, Nish confesses that “fashion wasn’t my forte”.

Nish wanted to go into advertising and marketing but Sach was interested in product and design, and he developed all the skill sets that complemented that side of the business. Sach elaborates: “Following Pepe, my father had an import and export business with a UK office focused on fashion. I worked there from around the age of 15, learning the trade and meeting with buyers recognised in their fields – those working for large clearance houses like TK Maxx. It was meeting their representatives and others that gave me the opportunity to learn about the market dynamics and the gap in the market for SecretSales” At the start, establishing relationships with brands was

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 19

19

16/10/2013 14:16

Big Bang Ferrari Limited Edition UK. UNICO column-wheel chronograph movement, 72-hour power reserve.

Entirely manufactured by Hublot.

Case in titanium with black ceramic bezel. Interchangeable strap.

Limited edition of 50 pieces.

For a list of Hublot stockists in the UK, please telephone 0207 343 7200 or e-mail info@timeproducts.co.uk Hublot TV on: www.hublot.com

SectionA_p1-31.indd 20 Hublot_AsianWealth_FerUK_210x297.indd 1

16/10/2013 14:17 10.10.13 12:07

UK. ph ve. t.

rap.

13 12:07

tough, despite their father’s connections. SecretSales operates according to a consignment model whereby they don’t buy the products until they’ve sold them. Brands often produce more stock than necessary to maximise profitability – in case they receive more orders from their wholesale customers, for instance. Unsold stock is kept until the sales, or sold via outlets meaning loss of control of brand image. SecretSales’ offer was to help brands sell stock creatively, efficiently and at a mutually beneficial price.

The model works brilliantly well today but in the early days brands were reluctant to commit. “Asking for clearance stock was an uphill battle,” says Sach, “We had doors closed without even the possibility to pitch the concept,” he says. Only a year out of university and not having much luck getting suppliers on board in the UK, Sach went to source products from Italy where he found more takers. They knew that if they could just educate the big-name brands about their new-world digital philosophy, and importantly get their hands on stock, the business would take off. “Fashion brands almost always overproduce stock so if they sell a little bit more at full price that compensates for the mark-down losses they would have to make with any excess inventory. It will always be a part of their product lifecycle,” says Sach.

There were also doubts about an e-commerce site with a sign-in page and broadband speeds were very slow, which determined the quality of images that could be presented to customers online. Fortunately, Nish had some knowledge of the web from his experiences in advertising. “I was totally obsessed with the advertising industry, quality of creative and good communication. I ended up joining one of WPP’s agencies, MEC Global, and specialised in digital at a time when it was the ugly baby of the media family, because you’d just seen the dot.com bust and very few clients had the confidence to put money into it,” Nish recalls.

As time wore on, Nish started to see client spend shift online, as the medium started to deliver improved measurable conversions and purchases over TV or radio. Nish asked some developers to build them a registration-only website but was laughed at, and told ‘No e-commerce business functions by putting a password-protected stage before your product. No one’s going to sign up’. But they agreed to build the site anyway and 30,000 people did within the first month.

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 21

m

eanwhile, the brothers kept a close eye on the competition. “At the start of the business we watched ASOS’s Nick Robertson and Net-A-Porter’s Natalie Massenet, using their press announcements to learn from the challenges they overcame from hiring and warehousing through to funding,” says Nish. “As SecretSales grew, we were lucky to surround ourselves with experienced entrepreneurs who shared their own war stories. The underlying influence throughout has always been our parents, who taught us to be fearless and, by example, instilled a tremendous work ethic in us both.”

The business slowly developed and those in search of a deal kept returning for their online shopping fix. “There were very few fashion etailers at the time, but with the growing trend for online shopping we knew that being a pure play online business was the right direction for SecretSales,” says Sach. “Bricks and mortar was the backbone of the retail environment in the UK. So we were speculating on the opportunity and we knew it was going to be difficult in the early years but being a disruptive, exciting model we were able to hit our first year’s targets in the first three months.”

Just a glimpse around the recent statistics and the competitors shows how well online shopping is doing today. The clothing sector saw a 23% boost in online sales compared to last year. ASOS is looking at £1bn in annual sales. TK Maxx’s annual turnover in Europe is £2bn. Matchesfashion.com displays diamond earrings for £13,640. Online shopping has gone high-end and sites, including SecretSales, have upped their game and now contain editorial befitting a glossy magazine.

During the recession, SecretSales.com had been touted in the press as a smart choice to shop for “cash-strapped fashionistas” but as the economy turns a corner its image has moved on from that, with Louis Vuitton bags and Rolex watches selling out fast – it’s more Selfridges than Swindon Designer Outlet off the M4.

SecretSales.com currently has 600 brands with the sales continuously changing to keep things peppy.

In the Notting Hill office bright-lipstick-wearing girls are assembling mood boards of best-selling items and there’s a photo studio to ensure the merchandise is shot in a

21

16/10/2013 14:17

WELCOME TO THE PREMIUM LIFESTYLE

Banham Concierge offers premium lifestyle management, obtaining the unobtainable with discreet perfection.

Banham Concierge is an international consultancy with a global presence, which has quickly established itself as one of the leading concierge consultancies, providing distinct lifestyle management, business development and bespoke, luxury concierge services to its private and elite members.

10 PASCAL STREET, LONDON SW8 4SH | TEL: 020 7819 3765 admin@banhamconcierge.com | www.banhamconcierge.co.uk

BANHAM Concierge Asian SectionA_p1-31.indd 22 Wealth Magazine A4 Advert.indd 2

17/09/2013 16/10/2013 15:04 14:17

13 15:04

“We’re not just about

the deal of the day,

we’re about working with brands

for years to come” consistent way. The employees are a creative bunch, the chairman is ex-LVMH, the CTO headed up major software development for hedge funds, the CMO was previously Lastminute.com, the CFO came from Nicole Farhi, and the CCO was a director at Thomas Pink. The buying department is getting excited about the upcoming London Fashion Week, and the coders are busy doing … whatever coders do. Nish knows a surprising amount about it: “The most impressive thing we have about technology is our ability to push code live every day.

Whenever we have a new programmer joining us it’s mandatory for them to write live code on their first day. A lot of other companies operate on a sprint philosophy so they do a whole bunch of development and release it in one go, which limits your

flexibility to satisfy customer or commercial needs. At SecretSales we can rapidly iterate functionality improvements or launch tactical promotions to meet day-to-day trading requirements.”

Turnover soared from £2m in 2008 to £17m in 2012 and £30m is expected this year. Three years ago, the eBay Corporation and German private sales retailer Brands4Friends acquired stakes in the business and more recently SecretSales has gained £6.3m in investment from a syndicate made up of venture capital funds seeking opportunities in internet technologies.

The company is focused on the immense UK market, which is valued at over £5bn for excess inventory alone. “At this time it’s still very much a UK business for UK consumers,” says Nish. It’s perhaps refreshing that these entrepreneurs are staying local and adding to the British fashion industry. “It’s absolutely paramount that we develop long-term relationships with brands.

We’re not just about the deal of the day, we’re about working with brands for years to come,” says Sach.

A loyalty scheme is being rolled out, marketing is being ramped up, and with 60% of SecretSales’ traffic now coming through mobile and tablets, the hand-held experience is another priority.

Surviving in the world of fashion means not just remaining relevant but always being one step ahead of the trends, but is this exciting or exhausting for the founders?

“I think all the areas of the business are exciting. It could be major marketing partnerships, to the amazing creative that’s being produced or the loyalty scheme that could be transformational,” says Nish.

“Or,” says Sach, “working with some of the UK’s most exciting fashion talent such as Julian Hawkes.

The company’s chairman Sergio Dias says, “Nish and Sach have a perfect working relationship: their transparency, mix of skills and creative vision makes them a successful unit. They’ve hired a world-class team, delivered some outstanding results and the company has a very exciting future ahead of it.”

SecretSales.com

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 23

23

16/10/2013 14:17

We expect more from digital music.

Meridian’s award-winning resolution enhancement technologies now in a smart, portable form. Appreciate the purest sound from any computer for headphone or HiFi listening.

SectionA_p1-31.indd 24

meridian-audio.com

16/10/2013 14:17

Marketing

K N OW I T, S H OW I T Shaz Memon, MD of DigiMax Media explains how infographics have taken the marketing world by storm. Use them online to show what your business does in just a few motifs.

R

ECENT YEARS HAVE SEEN a breakthrough in presenting information on nearly everything anyone would ever

tered during computer, smartphone, and even vehicle GPS information searches, incredibly effective infographic visual data bytes seem to be everywhere, popping up as tasty little nuggets of statistical information that the mind gobbles up like a favourite snack. The secret of nearly automatic assimilation is the human mind, where visual flags, tags, and alerts are gathered as information shorthand to reference our world.

Infographics crashed into the marketing scene a few years ago, and has yet to crest or break on any shore. A seemingly

LONDON BUSINESSES ETHNICITY

want to know: Infographics. Encoun-

ASIAN WEALTH INCREASED BY 69% BETWEEN 1998 AND 2005 FOR THE REST OF THE POPULATION ACROSS THE UK, COMPARED TO JUST 23% FOR THE REST OF THE POPULATION

69% 23% 13% ASIAN

72% WHITE 5% BLACK

3% OTHER

obvious solution to our societal data overload, an infographic came into its own when research confirmed the following: ● Illustrated-text data is 300+% more ef-

produced a pressing need for palatable

designed graphic that triggers sharing,

fective as a communication medium than

data bytes that could be absorbed,

then – yes, your business can benefit from

all-text data

remembered, and trusted, as well as

infographics. The potential for reaching

● The brain processes symbols in 150

impact decision-making. The mad

a new, word-of-mouth audience instantly

milliseconds and attaches meaning within

scramble for effective solutions finally

via infographics sharing simply can’t be

100 milliseconds

evolved naturally through existing

ignored in today’s extremely fluid

● The brain assesses a visual scene in

networking systems such as

communication networks.

1/10th of a second

Facebook, Twitter, Google+, Pinterest,

● #infographics was tweeted nearly

● 90% of information transmitted to our

and LinkedIn.

57,000 times in a single month in 2012

brains is visual These statistics take on new meaning

Used with skill, infographics can define

● April 2011 - April 2012: infographic and

a website visitor’s path by using highly

infographics were searched on Google

when taking into account the amount of

targeted data that is easily shared by

over 550,000 times

new information people are trying to in-

the visitor through various networking

● Facebook has 850,000,000 unique

corporate into their daily lives. Visualised

channels. This ease of sharing is the most

visitors each month

information has increased on the internet,

important and valuable marketing aspect

● 77% of B2C and B2B companies

our primary point of information access

to your business.

acquired customers from Facebook

today, by over 10,000% since 2007.

The combination of a crushing flow

So, does your business need info-

● Pinterest has 13,000,000 users sharing

graphics? If you have data that informs

visuals and interests

of accessible information with a new

and engages potential consumers, that

● 70% of online consumers found items

borderline addiction to new information

is presented as an entertaining, well-

they purchased on Pinterest.

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 25

25

16/10/2013 14:17

Asian Wealth_Innovative SS_28Oct2013.pdf

1

10/9/2013

9:50:26 AM

C

M

Y

CM

MY

CY

CMY

K

SectionA_p1-31.indd 26

16/10/2013 14:17

a

Publisher’s Diary T THIS TIME OF THE yEAR, MOST PEOPLE WILL PROBABLy ASK THE SAME QUESTION I DO, where has the time gone? As 2013 slowly draws to a close I always feel it’s essential to reflect on the past year and decide whether you have achieved what you set out to do in January. Let’s be honest, most of us make New year resolutions but rarely stick to them. However, I’m a big believer that even making a resolution means you know what you want to achieve, so if throughout the year we play the game as it should be played you’ll be well on your way to achieving that objective.

FESTIVE CELEBRATIONS I’d like to wish all our readers a happy Diwali, Eid and in advance a Merry Christmas. Those who know me will know I’m a fanatic about Christmas, everything from it getting dark at 4pm to the celebrations night after night. When it comes to Christmas I’ll always be a kid at heart. So for those who share my passion, make Christmas this year a big one.

NOMINATED FOR MAGAZINE OF THE YEAR If you didn’t already know, AWM has been nominated for the ‘Magazine of the year’ award at this year’s Asian Media Awards. It’s a great feeling to be recognised at such an early stage of our life and also great to be placed in the same category as other publications who have been around for many years.

Without sounding like an acceptance speech, I’d like to sincerely thank all of our readers, subscribers, advertisers and most importantly the AWM team who work tirelessly to produce what I believe to be one of the most revolutionary publications for the Asian market in the UK. Thank you so much.

Obviously I’d like us to win, but still would also like to wish all the nominees best of luck and see you on the night.

JO’S WEDDING Big congratulations to our editor Jo and Steve who recently tied the knot in a lovely ceremony. Jo, what a lovely wedding it was and I wish you and Steve all the best for the future. I think it will be a while before I can look at Sambuca in the same light again.

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 27

SIKH AWARDS 2013 It gives me great pleasure to announce that AWM is now the official media partner for the SIKH Awards 2013.

The awards will be held at the Hilton Hotel (Park Lane – London) on 9th November.

If you haven’t already booked your ticket, then there is not much time left. Better get your skates on! For more information, please visit sikhawards.com MR YOGESH KANANI, WE SALUTE YOU It is with great sadness I inform you that the UK recently lost one of its entrepreneurial visionaries Mr yogesh Kanani. yogesh was the founder and managing director of the Asian Wedding Exhibition, one of the first exhibitions of its kind in the UK. I met yogesh many years ago and immediately I could see the drive, the passion and the vision of what he saw and wanted to achieve. Since his success, many other exhibition organisers have followed in the same footsteps and used the same business model. One thing we can never take away from yogesh is his vision and the fact that he set the bar.

Mr Kanani, we salute you.

Publisher of Asian Wealth Magazine

27 16/10/2013 14:17

SectionA_p1-31.indd 28

16/10/2013 14:17

SectionA_p1-31.indd 29

16/10/2013 14:17

EDUCATE

for life

Jo Shorthouse meets Ash Patel and Ed Forrest, co-founders of the charity Educate for Life that runs an exciting little school taking a fresh approach to rural development in Rajasthan.

I

T ALL STARTED WHEN THEy MET AT UNIVERSITy IN 2003. Both had visited India during their gap years and were independently inspired to build a school.

On Ed’s trip to India he visited Rajasthan and while there was taken by someone to see a rural school in the Thar desert near Jodhpur. He learned that it had cost only £1200 to build. On his gap year, Ash spent eight months teaching in a rural primary school and realised he had both a love and passion for education.

Though their inspiration came separately, the underlying motivation was the same: rural schools in India should be better and that the product of their own education should benefit others.

For a couple of years university life took over, but a joint trip to Uganda in 2005 galvanised them into action. While working in a children’s home in Kampala they realised that the regional World Food Program headquarters were held in the city. Guised as student reporters, they talked their way onto a food convoy

30

SectionA_p1-31.indd 30

traveling north to deliver famine relief in refugee camps near the border with what was then Sudan. “Seeing that, we understood it was time for us to act,” they recall. That night they sat in a bar in a nearby town and set about drafting out the guiding principles of a charity.

The idea now is what it was then; to build a handful of schools with the poorest communities, demonstrating how quality education is possible in remote or neglected areas. The

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:17

Charity

Main image: Mitti and goba (mud and cow dung) form the classroom walls; Inset: The twice-amonth mobile health clinic is supported by the Brahma Kumari hospital.

approach would celebrate local culture, knowledge and skill.

These schools would act as hubs of community development, working simultaneously on healthcare and gender equality, and act as resource centres for the entire community to learn and improve their opportunities, not just the children.

Though it was their experiences in Africa that spurred them on, they remained committed to India. Eight Indian states have more people living in poverty than the 26 poorest African nations combined. The following year they travelled there and set about building their flagship school, Hunar Ghar.

Since then, Educate for Life has focused its attention on a single village in the tribal belt of southern Rajasthan, 2km from the Gujarat border, where Hunar Ghar is situated. It’s a community of 300 subsistence farming households. Though they have a rich culture and history, healthcare in the area is abysmal, poor rains lead to low yields and families simply cannot support all the needs of their children; last year 16 children died from preventable or easily treatable illness. The lack of running water, electricity and good transport links only make it harder.

There is a clear need of systematic change in the way this community is supported.

A s i a n We a l t h M a g . c o . u k

SectionA_p1-31.indd 31

The story of how they started Hunar Ghar is almost as astonishing as their trip to Uganda. Ed spent the first six months living in the village while coordinating the design and construction of Hunar Ghar. Speaking no Hindi, he found an empty cattle shed to live in. A few days later, however someone from a neighbouring house insisted that he move in with them.

In those six months Ed learned Hindi, as well as the local village language and built the first four classrooms.

Hunar Ghar now has 198 children enrolled, 10 teachers, 10 support staff, and ambition. They will likely build a new secondary school in 2015-16. This new school will accept children from all local government primary schools as well as Hunar Ghar. In preparation for this, they are moving to raise standards in the government schools and prepare a system that will make the transition seamless for the children.

The plan is to systematically share this approach in a way that can be adapted and applied elsewhere. In doing so, they want to inspire others to see that rural Indian schools can and should be second to none.

To learn more about Educate for Life, or make a donation, contact educateforlife.org.uk

31

16/10/2013 14:17

THE HIGHEST STANDARDS AS STANDARD.

THE BMW 520d SE AUTO SALOON WITH DAKOTA LEATHER AND NAVIGATION FROM £299 PER MONTH*.

To find out more or to arrange a test drive†, contact Kevin Hewitt-Devine on 07769 333 505 or email kevinhewitt-devine@sytner.co.uk. Alternatively, contact Georgina Fisher on 07968 998 974 or email georginafisher@sytner.co.uk.

Sytner Canary Wharf

20 Canada Square, Upper Bank Street London E14 5NN 020 7718 5600 www.sytnercanarywharfbmw.co.uk

Sytner Chigwell

Langston Road, Loughton Essex IG10 3UE 020 8418 7600 www.sytnerchigwellbmw.co.uk

Sytner Harold Wood

A12 Colchester Road, Romford Essex RM3 0GX 01708 371 234 www.sytnerharoldwoodbmw.co.uk

BMW | MINI Business Partnership YOUR COMPANY BENEFITS.

Official fuel consumption figures for the BMW 520d SE Auto Saloon: Urban 54.3mpg (5.2l/100km). Extra Urban 68.9mpg (4.1l/100km). Combined 62.8mpg (4.5l/100km). CO2 emissions 119g/km. *Plus deposit of £1,794.00. Offer available to business users only. Figures exclude VAT.

Based on a 36 month Contract Hire agreement for a BMW 520d SE Auto Saloon with a deposit of £1,794 plus VAT, a contract mileage of 30,000 miles and an excess mileage charge of 11.64 pence per mile plus VAT. Vehicle condition charges may apply at the end of your agreement. Subject to status and in the UK only (excl. the Channel Islands). Individuals must be 18 or over. A guarantee may be required. The amount of VAT you can reclaim depends on your business VAT status. Rentals may change if VAT rate changes during agreement. Hire provided by BMW Group Corporate Finance. BMW Group Corporate Finance is a trading style of Alphabet (GB) Limited, Europa House, Bartley Way, Hook, Hampshire, RG27 9UF. Offer expires 30 September 2013. † Test drive subject to applicant status and availability.

27564_bs194178_Q3_OOTQ_520d_Ad_A4-v2.indd 1 SectionB_32-69.indd 32

12/08/2013 15:25 10:07 16/10/2013

4 k

p

g

nce

013 10:07

company profile PUNJAB NATIONAL BANK With over 78 million customers and a network of over 6,000 branches, Punjab National Bank is one of the largest banks in India, and is now up and coming in the UK. Nima Suchak met the managing director, Bhupinder Singh, to talk about its growth plans.

P

UNJAB NATIONAL BANK WAS INCORPORATED IN THE UK on 13th April 2006, a day which also happened to be the Sikh Festival of Vaisakhi. Established in London, the Punjab National Bank has since grown from strength to strength in the UK, to become a competitive player in the banking sector. With the aim of providing commercial banking services and being an active vehicle in the realisation of Punjab National Bank India’s global aspirations, the bank has become a trusted Indian banking brand in retail and corporate banking in the UK and Europe.

Bhupinder Singh, managing director of Punjab National Bank (pictured) is responsible for deriving business for the bank and manages its overall conduct.

“We aim to be a bank for overseas companies moving to India,” he explains.

The bank initially started up with two offices in May, 200 – a corporate office in Moorgate, central London, and another branch office in Asian-dominated Southall. Bhupinder says: “In order to be in the top league amongst the Indian banks operating in the United Kingdom, we have already opened seven branches. These branches, as our most effective delivery channels, are opened in areas which are high in ethnic Indian population.

“We certainly believe that our presence in these areas will lead to good business and have an edge over the other high street banks for being the first choice amongst the ethnic residents. It’s a proud fact that PNBIL is the first Indian bank in the United Kingdom to launch a taxsaving product, i.e a Cash ISA.” The UK has a total population of about 63.2 million; of these more than 1.8 mil-

lion are classed as ethnic Indian. Over a period of 10 years, PNBIL aims to have around 5% of this Indian population banking with it.

Spreading its operations covering retail and corporate banking products and services, the parent bank has established a

economic activity starts picking up and the European economy stabilises, we plan to move into other parts of Europe and cater to the banking needs of the ethnic population settled in that part of the globe,” says Bhupinder.

In terms of its many services, Punjab National Bank offers deposit and lending products to corporate and retail clients.

Deposit products include demand deposits, term deposits, and Indian resident foreign currency deposit accounts. Retail deposits are accepted, including current, savings and term deposits in sterling, US dollars and Euros. The bank is currently in the initial process of opening deposit accounts online so customers do not need to actually visit the branches to open their accounts.

“As part of our remit to cater to the needs of our valuable customers, under the lending products category, we are currently offering bilateral loans, syndicated loans, trade finance, loans against SBLC, non-fund based limits, overdraft facility and retail loans,” says Bhupinder.

“We also facilitate remittances to any branch of PNB, free of cost and also to any other bank in India.”

For corporates, PNBIL offers business banking facilities, and extends credit for property development projects and also facilitates remittances abroad. “We have our operations centralised and the decision-making process is q uick and fair as it is done locally,” explains Bhupinder.

Punjab National Bank is certainly in an exciting place right now. With its growth and development, the bank is making a mark in the UK market.

“We believe that our prescence will lead to good business”

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 33

footprint in 10 overseas destinations with subsidiaries in Kazakhstan and Bhutan, and joint-venture representative offices in Norway, Australia, China, and Dubai.

“PNBIL has grown threefold,” he says.

“Our bank has grown, evolved, and diversified since its inception until now, in terms of customer base, deposit growth, loan portfolio, and profitability.”

The bank’s overseas future includes a wholly-owned subsidiary in Canada with a presence in the Maldives, South Africa, Bangladesh, Myanmar, Pakistan, Singapore, and Brazil. “Once the

pnbint.com

33

16/10/2013 15:25

w KEEPING BUSINESS IN THE

boardroom Working with family can be a stressful business, but it doesn’t always have to be, as Melissa Stewart finds out.

34

SectionB_32-69.indd 34

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:25

w

HEN STARTING OUT IN BUSINESS IT CAN PAy TO HAVE yOUR FAMIL N BOARD. you need people you can trust, who can pitch in, work long hours and give you the support you need to realise your vision.

However, as a business grows and you employ more people, it can be difficult to create a clear boundary between your work life and home life.

Likewise, if you own a business and decide to hire a family member, how do you ensure that you keep things professional – that you don’t let your emotional ties overrule your head when it comes to making business decisions?

“I think in any company you need to earn your place there – you shouldn’t just be handed a position because you’re related to the boss,” says Rupa Patel, 31, who works for Day Lewis – a network of over 150 pharmacies, founded by her father, Kirit, and uncle, JC, in 1 .

Rupa and her two brothers, Jay, 33, and Sam, 29, all work for Day Lewis and all have distinct roles within the business – upa in property management, Jay in pharmacy, and Sam in finance. However, it was never a given that they’d end up working for their father’s company. Indeed, all three went to university and pursued their own academic interests.

“I actually trained to be a dentist,” explains Rupa. “It was important for me and my brothers to establish ourselves as professionals in our own right, rather than just be handed careers on a golden platter. Our parents encouraged this.

They didn’t want us to feel any pressure to join the company.” upa officially joined Day Lewis in 2005, but had been working for the business on and off since childhood. She says ones of the secrets to success when it comes to working with family is to have clear structures in place.

“My father has worked hard in recent years to create a formalised business structure. Day Lewis employs a lot of people, most of which are non-family members, so it’s important that everyone has a defined role within the business and their own set of responsibilities.”

Integral to this business structure is

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 35

How to...

FIVE THINGS TO REMEMBER WHEN WORKING WITH FAMILY MEMBERS 1 Be honest. Be open about employing relatives. The last thing you want is to hide it and then for people to find out and accuse you of lying or favouritism.

2 Define roles. Make it clear from the outset what your relative’s role within the company is and what’s expected of them.

Give them clear objectives and make them accountable. This will prevent them from exploiting the family relationship, and show other employees that you’re treating your relative the same as everyone else.

3 Be professional. If you’re employing your son or daughter ask them to avoid calling you “Dad” or “Mum” at work. Get them to address you in the same manner as everyone else does.

4 Set boundaries. If you’re working with immediate family try to leave work at the door when you go home. Agree from the outset not to discuss business at family occasions.

5 Communicate. Don’t assume that just because someone is related to you, they know exactly what’s going on in your head.

Keep lines of communication open between all employees, so that everyone knows exactly where they stand.

ensuring that each of Kirit Patel’s three children are treated in exactly the same way as other employees. “He’s our dad, but at work he’s Kirit – we try to keep things professional. Dad does our annual personal development reviews, just as he does with the rest of the senior managers at Day Lewis,” says Rupa. “This not only helps us to maintain a boundary between our work lives and our social lives, but it shows everyone that there’s no nepotism. We’re all treated the same and there’s transparency.”

Another benefit to working with family is a sense of shared values and work ethic. “My family are really close – we live together in the same big house and we work together. We have the same strong work ethic and a common desire to give our best to everything we do. It gives a huge sense of security knowing that I’m working with people who have the same goals and values I do,” says Rupa.

Of course, working with family isn’t always 100% rosy – it can bring its challenges, too – especially when it comes to drawing a line between work and home life. “It can be hard when we’re all sitting round the dinner table not to bring work into the conversation,” says Rupa. “However, my mum is a great leveller. If things start to get a bit heated she tells us to park the work chat and talk about something else.”

It’s also important if you’re running a family business not to micro-manage your relatives, give them the space to make mistakes and learn from them, just as you would any other employee.

It can be tempting if you’re close to someone to want to protect them, but this can end up being smothering and unempowering.

“I was lucky because Dad recognised q uickly that in order to get the best from his children he needed to let us do our own thing,” says Rupa. “That’s not to say he’s not there for us when we need him, but he trusts us to do our roles and make our own decisions.

“I think that has been key to our personal development within the business and shows Dad that when the time comes for him to retire, he can be confident and assured that we’ll be experienced enough and strong enough to take over the day-to-day running of the family company.”

35

16/10/2013 15:25

SectionB_32-69.indd 36

16/10/2013 15:25

BUSINESS news Today's news for tomorrow's business

HEINEKEN CAPTURES KINGFISHER BUSINESS From October onwards, Heineken will brew Kingfisher Beer in the UK on its behalf, and handle all sales and distribution of the brand to selected national off-trade retail customers. The Dutch brand will also make packaged Kingfisher Beer available to its Star Pubs and Bars customers.

Kingfisher Beer Europe (KBE) will continue to take responsibility for overall brand strategy and development, marketing and promotion of the brand and support for its own directly supplied trade customers in the UK. The new arrangement comes at the end of KBE’s current UK agreement with the Kent brewery Shepherd Neame, with a phased transition of brewing and packaging to

Heineken UK. Damon Swarbrick, CEO of KBE said: “As India’s number one brand we are looking forward to working with Heineken to develop the significant opportunity that exists in the UK market. KBE will remain a standalone brand-focused business, responsible

“KBE will remain a standalone brand-focused business, responsible for the sales and marketing of the brand” for the sales and marketing of the brand, we have an exciting programme of consumer and customer initiatives, which we look forward to bringing to the market from Oct 2013.”

AN I FOR A BARGAIN? Goldgenie, a gold-plating and customisation brand, has launched Solid Gold Superstar – an 18 carat gold iPhone 5s, and the Ice model, which is covered in 364 diamonds.

According to the company, demand has been high in the Middle East, and in the UK, with Indian and Chinese customers also showing interest in the handsets, which sell for £48,000 and £68,000 respectively. Having launched the product for

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 37

pre-order at the end of August, the company has already had 300 orders for various custom finishes, including a 24 carat gold iPhone.

Goldgenie products have been stocked in Harrods and Selfridges, it has flown out to the Emmy Awards to goldplate phones for the A-list, it has gold-plated the Sultan of Brunei’s taps, and created a Sir Elton John gold-plated iPod in partnership with the Elton John AIDs foundation (making £48,000 for the foundation in the process).

37

16/10/2013 15:25

Inspired by a rich family heritage originating from the deserts of 7th century Rajasthan, Ajmere is an exciting new luxury fusion dessert brand which combines the very best of British and exotic Indian f lavours.

Our exclusive dessert concierge service allows our specialist patisserie chefs to handcraft elegant, mouth-watering and self-indulgent dessert experiences for the hospitality industry as well as your prestigious corporate events and special occasions.

Ajmere’s luxurious gourmet desserts will ensure a perfect sweet end to your truly memorable event.

Call us today or f ind us online:

020 7760 7619

/Ajmereltd

@Ajmereltd

www.Ajmere.co.uk info@ajmere.co.uk SectionB_32-69.indd 38

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:25

BUSINESS news social networking site Twitter plans to make $1bn by floating the company in its market debut. it currently has 218 million monthly users and 500 million tweets are sent a day. however, it made a loss of $69m in the first six months of 2013, on revenues of $254m. The company has never turned a profit. Around 85% of Twitter’s revenue last year came from advertising sales; the rest from licensing its data.

&

QUOTES anecdotes

If you’re going through hell, keep going. winston churchill BEING GOOD IN BUSINESS IS THE MOST FASCINATING KIND OF ART. MAKING MONEY IS ART AND WORKING IS ART AND GOOD BUSINESS IS THE BEST ART. Andy warhol

IMAGE: EYEJOGIA.COM

HAATHEE EXPANDS IN RIVERSIDE DEVELOPMENT UK property developers Haathee Group has furthered its stake in the Indian real estate business by purchasing 382 acres of land betweeen Vadadora and Anand on the banks of the Mahi River.

The company, owned by Meraj Alam and Sundip Patel, plans to develop a self-contained township, which will contain a golf course and training academy, entertainment and tourism activities and shops, alongside luxury residential properties.

The overall plan is likely to take in excess of seven to nine years, with the initial phase developed in three. The development will be a one-of-a-kind in the state of Gujarat, Haathee Group says, and it is currently working up with international brands, some of whom will be making their entry into India for the first time.

“Over the years we have seen many parcels of land, and often questioned if a site had all the attributes for the perfect location,” the property developer told AWM. “With this new project we feel we have now reached that point, due to its strategic location.

This is quite rare to find, as it is fronted with a 2km river frontage, which is totally unique. The project will allow for a huge amount of natural beauty to be on show which will add tremendous value to the overall project.”

Haathee Group is now looking for strategic investors and partners to share the same vision of this land development.

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 39

The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those which fail. napoleon hill OUR GOAL IS TO MAKE THE BEST DEVICES IN THE WORLD, NOT TO BE THE BIGGEST. steve jobs

Cannibals prefer those who have no spines. stanislaw Lem OPPORTUNITY DOES NOT KNOCK, IT PRESENTS ITSELF WHEN YOU BEAT DOWN THE DOOR. Kyle chandler

39

16/10/2013 15:25

BUSINESS news

fortune FOOTSTEPS

LEBARA GETS LEISURELY Telecoms giant Lebara has made the leap into the travel industry, by investing in its first hotel, a 200-room hotel in Chennai, which will be managed by the Taj Group of Hotels.

Following its 10 year anniversary in 2011, Lebara has been planning to diversify into new opportunities, and this hotel is the first phase of the new expansion. Ratheesan Yoganathan, co-owner and chairman of the Lebara Group, feels that the launch of the hotel in India is an entry point for the Lebara Group and will “herald” Lebara’s expansion into the hospitality industry.

According to the World Travel and Tourism Council (WTTC), India’s travel and tourism industry outperformed the wider economy in 2012 and will further outpace other industries such as manufacturing.

ETIHAD TAKES OFF The Indian government has approved Etihad Airways’ plan to buy a 24% stake in India’s Jet Airways, worth £248m.

This is the first foreign investment in India’s airline sector since ownership restrictions were eased in 2012, and now foreign firms are allowed to own up to 49% of local airlines.

Because of this, Singapore Airlines and AirAsia have announced plans to enter India’s airline market, both announcing joint ventures with Indian conglomerate Tata Group.

It is thought that domestic air travel could triple in the next 10 years.

NEWS IN BRIEF According to latest data from the Professional Boards Forum (PBF), women made up 19% of FTSE 100 directors at the beginning of October, up from 17.4% in May this year and 12.5% three years ago.

The government says it wants 25% of FTSE 100 directors to be female by 2015. Since March, 25% of FTSE 100 board appointments have been women.

British trade and investment minister Lord Stephen Green launched the first bilateral business centre in India in September, bringing more and more British businesses and Indian businesses together. The UK aims to double its bilateral trade with India by 2015. The business centre will act as the hub for commercial and industrial opportunities in the north and central economic region of India.

The UK government is investing an extra £100m so that enterprise zones can complete key infrastructure projects and successfully compete for the new businesses which could create thousands of local jobs across the country. The money will fund projects such as road building and land clearance that will unlock areas previously idle, by turning them into prime economic sites that will bring home new businesses and help the local economies grow.

40

SectionB_32-69.indd 40

In his latest instalment, Aneesh Popat tells AWM about the advancements his chocolate-making business has made in the last three months.

When I started The Chocolatier I laid out a principle: Never compromise on quality in any aspect, from concept, to ingredients and execution. The goal was to be the best in the culinary world, and the acknowledgment of this would be supplying the leaders in that industry.

Today, it is with great pride that the company supplies Michelin starred restaurants, 5* hotels and department stores. The Chocolatier has also been commissioned by Penhaligon’s to create a chocolate for HRH Maharaja of Jodhpur, Rajasthan.

To succeed in my mission to create exciting and experimental chocolates it is fundamental to continue educating myself, and most recently I have been studying with The Hong Kong University in the science of gastronomy. Now, I endeavour to educate others, advance the research and development of chocolate, and to inspire people to move towards fine, ethical chocolate.

I absolutely love chocolate and more so I love people. It is integral that our methods of chocolate production must be fair and sustainable, otherwise how can we possibly enjoy the end product?

Ignorance may be bliss, but knowledge leads to greatness.

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:25

Future Markets, Future Growth What’s your International Strategy?

As many Western economies struggle with a fragile recovery the world is looking to the emerging economies for global growth.

With the opportunities including gaining advantages through leading technologies and high quality products and services at affordable prices, can you afford not to align your business strategy to a changing world order?

To find out how KPMG can work with your business, please contact: robert.moore@kpmg.co.uk kpmg.co.uk

© 2011 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

SectionB_32-69.indd 41

16/10/2013 15:25

International payments?

We can save you money.

Currencies Direct has been helping individuals and businesses to save money on international payments for the past 17 years.

Our 3000 business customers value Currencies Direct because we offer:

We offer competitive exchange rates which impact positively on the profitability of your company whether you make or receive international payments.

• An easy-to-use online platform, iPayFX

• The best possible rates on all deliverable currencies • Spot and forward contracts

• Automated batch upload using MultiPay

We also provide solutions for more complex foreign exchange payment requirements and can help you to mitigate the risk of exchange rate fluctuations.

• Limit orders • A proactive dealer • Pertinent market information

asianwealth@currenciesdirect.com Head Office: 51 Moorgate, London, EC2R 6BH, UK

+44 (0) 20 7847 9480 currenciesdirect.com

UK

|

S PA I N

|

ASIAN WEALTH AD JUN SectionB_32-69.indd 42 13 v5.indd 1

PORTUGAL

|

FRANCE

|

SOUTH AFRICA

|

INDIA

|

USA

1996

17

years

2013

02/07/2013 16/10/2013 16:10 15:25

13 16:10

L

IKE MAN ISSUES WHEN OPERATING A BUSINESS, filing annual accounts tends to be met with a sense of relief once completed.

However, rather than just signing the accounts and filing them away, they should be looked on as an invaluable source of information into how your business is performing. The main components to look at on the P&L sheet can be summarised as: ● Look at turnover, are revenues up

or down compared to last year or forecasts? Simply being up isn’t always the best indicator, e.g. if sales are being made on credit, what is the repayment period, are debtors increasing? ● Look at cost of sales, what are the direct costs of making the sales? Is there scope to reduce these charges, have these risen year on year without consideration, and, as a result, has the need to raise prices been missed? ● Look at operating expenses, what

are the general costs of operating a business, e.g. insurance, utility costs, couriers etc?

There will always be scope to reduce costs, although it becomes a time vs benefit argument for many. ur clients are often surprised how much can be saved by re-negotiating rates with suppliers, who will be reluctant to lose customers as much as you may be averse to change and revised terms can often be agreed over a few emails/ phone calls.

The internet is a very powerful tool not only to find new ideas but also alternatives to current work practices, suppliers are keen to not only take on

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 43

Financial STATEMENTSfile FORGET...?

&

your business but will often ensure there is a seamless transfer so there is no business interruption for you. Over spend in areas can only be analysed from the financial statements so it pays to review more often than not.

Costs are grouped as necessary expenses but as with any budget and forecasting tool there should be discipline to review on an on-going basis, to ensure they are not getting out of control; are staff costs rising yet have revenues fallen? Are entertainment costs too high relative to budgets and anticipated costs? It is very good practice to look at the detailed numbers in the P&L and q uestion the costs.

As a rule of thumb and in the simplest form, compare your P&L costs from the current year to the previous year, if you can’t explain and justify an abnormal increase then you need to investigate further.

BALANCE SHEET This will provide you a snapshot of your business. As well as a useful cashflow indicator, it provides a means to check how efficiently you are running the business. The main components on the balance sheet to look out for are:

● Business assets, either fixed assets or current, items that are cash or will become cash. ● Debtors, where sales are made on credit, is the debtor figure acceptable i.e. are credit terms being adhered to by customers Is the bank balance sufficient to operate the business? This should ensure a cashflow forecast is in place. ● On the other side liabilities are recorded, those items that the business owes. Have sufficient liquid resources been allocated to meet these outflows

Chartered Certified accountants 43

16/10/2013 15:25

nosh detox THE REAL DEAL OF

Since Geeta Sidhu-Robb lost her millionaire lifestyle and set up the health and wellbeing brand Nosh Detox, she’s built a hugely successful business selling juices and offering nutrition advice. As Ellie Parsons discovers, she’s no typical South Kensington mum.

IN A CAFÉ IN SOUTH KENSINGTON A TALL, BLONDE, SCANDINAVIANL KING W MAN ENTE S and orders “a soya latte, no froth”. Immaculately dressed and made up, she begins flicking through estate agent leaflets advertising rooms to rent for £1,500 a week… on a Friday, mid-morning. Everyone else is eq ually as coiffed, looking relaxed from seemingly little or no work and regular trips to the nail bar. There is nothing like feeling this inadeq uate sat among the angels of the borough.

Around the corner from here is Geeta Sidhu-Robb’s house. She’s the founder of Nosh Detox and on walking into her home, cooking smells waft reassuringly from the kitchen as the cook prepares lunch for her staff. The jumble of objects in her living room, where she holds nutrition consultations and healing sessions, is eq ually calming.

Geeta’s real. At 46 she’s been through the mill and is not a living doll, which is what you want when divulging your secrets to a stranger. Celebrity clients come to her with their tales to tell, she receives a large amount of men suffering from severe stress and she claims she can even help women find their inner confidence to secure a position on the board of directors.

10

SectionB_32-69.indd 44

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:25

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 45

11

16/10/2013 15:25

00 12

44-79_AsianWealthSummer13.indd 56 SectionB_32-69.indd 46

A A ss ii aa nn W W ee aa ll tt hh M M aa gg .. cc oo .. uu kk

15/07/2013 16/10/2013 12:58 15:25

13 12:58

S

itting with her feet curled under her on the pink velvet chair, Geeta looks fresh-faced despite her ill son having kept her up half the night, as well as managing a team of 10, plus freelancers. She used to be a corporate lawyer with millions in the bank, a private jet and an £8m house. When she divorced, all that changed. “I ended up with three children under the age of seven and no visible form of maintenance. Being Asian it was hard too because my family were not very happy about it. I didn’t know what to do to support everyone but I didn’t want to work in an office and be away from my kids,” she says very openly.

So she looked at what other experience she had. When her son was young he suffered from eczema, asthma and anaphylaxis. Geeta, having failed to find symptom relief from the medical profession, developed her own methods for nutrition, alternative therapies and natural supplements to help him. She had trained for three years as a healer, learning about bush flower essences, and now drew on these skills to save the family from ruin. She took her husband to court but came away with nothing.

A new life began, albeit having to sleep on a friend’s floor for a while. Saying “necessity is the mother of invention”, she clicks her fingers reeling off the work she did during that time to survive, never saying ‘no’ to a job: she taught yoga and acted as a consultant (launching a pharmaceutical company in Saudi Arabia, and negotiating telecom licences in Africa) – before setting up Great Nosh in 2005 to provide healthy meals for schools. This business didn’t work out, but Geeta was ahead of her time and she’d caught onto the trend for wellbeing and health services early on. Nosh Detox grew out of this experience.

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 47

The company started with friends asking for her expertise and it blossomed from there. “My best friend had given birth to two children and said ‘There’s nothing I can do to lose weight.’

I said ‘That’s ridiculous, do these four things and you’ll lose weight instantly’ and she did. “It’s not about losing weight but about adding nutrients into your body,” she says.

In 2008 she created juice fasting, giving people a hit of nutrients that would see them through a good few hours before eating. Her raw superfood smoothies were the basis of the business and they were being delivered to the “soya latte, no froth” slender nymphs of this world way before we were all at our blenders sq uashing fruit and vegetables to make delicious green gunge.

Today Geeta’s juices are sold in Planet Organic and Wholefoods, made without any heat to preserve all the goodness in a commercial kitchen in Battersea. Her new range of coldpressed The Raw Fruity juices have recently been made available at Tesco and 124 Waitrose stores – a huge challenge that Geeta’s been gearing up to.

“A global health and lifestyle brand,” is where she sees her business heading and Nosh’s latest venture is The Infusion Clinic on Harley Street that administers vitamin drips. Geeta predicts there will be a blurring between science and holistic treatments in the industry generally. “I think that the divide between holistic and medical should disappear. The reason for our success is that people come to us when the doctors can’t help them anymore – we’ve cured chronic fatigue and you do it with simple things like giving people nutrients. People are so lacking in nutrients they’re starving to death. My vision is that we’re the place where health, lifestyle and wellbeing meets medicine under one umbrella,” she says.

Nosh Detox employs three nutritionists who look at lifestyle, holistic wellbeing and natural supplements. Over the years, Geeta’s built up a picture of what our modern lifestyles are doing to our bodies and strongly believes in good nutrition to

47

16/10/2013 15:25

ESTABLISHED QUALITY AND EXPERIENCE

Historically known for their superior products and services, Banham Group offer ultimate peace of mind by providing every client with versatile security solutions for your business, home, family and lifestyle.

With the demand for distinct quality, the well-established family company dedicates themselves to delivering premium lifestyle and security services using expert and customer-focused staff.

With nearly 90 years of experience, coupled with high standards of professional ethics, this makes Banham the leading provider of physical, electronic and private security.

10 PASCAL STREET, LONDON SW8 4SH | TEL: +44(0)20 7622 5151 sales@banham.com | www.banham.co.uk

SectionB_32-69.indd 48

16/10/2013 15:26

aid all kinds of things such as infertility, diabetes, polycystic ovaries and insulin resistance. “you never used to have chipped nails in a 20-year-old, you never had hair extensions until you were 50, you didn’t have menopause until you were in your late fifties. There are six-year-olds with diabetes, which is an epidemic,” I rant a bit, she says.

But Nosh Detox isn’t all about treating people physically, it’s also about clients’ mental states because Geeta recognises that emotions play a massive part in our wellbeing. The other aspect of what Geeta does is “freedom flow” sessions – what seems to be a kind of life coaching designed to empower people by releasing emotional blocks, allowing their energy to flow better. “What you do is help people deal with the physical and emotional changes to enable them to make this enormous leap forward in their life because that’s what I had to do.

because I’m working but if something goes wrong I’m here. That’s my first job.

I sound like an earth mother but I’m really not,” she says. “But it really matters to me.”

“I’ve had to understand the power of saying ‘I work from home’ and that’s OK because when I started people patronised me for it. I had to feel comfortable in my own skin,” she says. Today, her home offers a sanctuary to patients where they can feel at ease and it’s a powerhouse of invention where big plans are being set in motion.

In the basement her employees are all working hard under her watchful eye and there is still a start-up buzz. As the boss, Geeta’s aware not to turn into a “demanding bitch” while at the same time ambitiously pushing the business forward. One employee is designing the label for the new juice range at Waitrose. Geeta, a perfectionist like many

“ am a completely different

person than who i was 10 years ago when I had

millions in the bank ” I saw that I was never going back to live the way I lived. I had to change myself,” she says.

“I am a completely different person than who I was 10 years ago when I had millions in the bank. I have much less money but I am a very strong, powerful person but it’s not what you think about my power it’s about how I feel about my power. Women need to do that more.

We’re not empowered enough to feel the strength of who and why and where we are these days. Of my 10 closest female friends, eight support their families and we’re not bred for those lives. We’re brought up differently. I’m an Indian woman. I was brought up to be well-educated but shut up, smile and look good.”

This is the voice of experience talking.

Geeta’s philosophy is entirely homegrown and she’s still bringing up her children who are 10, 13 and 16. After her divorce, she chose to work from home to be close to them. “I ignore them

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 49

entrepreneurs, asks her to move the logo “up a notch, no down a notch” and the finishing touches are complete.

If there’s something to take away from Geeta’s perfectly imperfect life it is that it’s not how other people see us, but how we see ourselves. “We each have a unique fingerprint and message or key to unlock the universe,” she says.

“And therefore you matter and we’re all special because we’re uniq ue. The world wouldn’t function without us being here.

And the only thing health is, is the ability to enable that to be drawn out of us.”

Perhaps it’s a little cliché about unlocking the universe but there is some truth in it. Marianne Williamson, a spiritual teacher, said it best, says Geeta: “Our deepest fear is not that we’re inadeq uate.

Our deepest fear is that we’re powerful beyond measure.” noshdetox .com theinfusionclinic.co.uk

wonder WOMEN

Farida Gibbs, CEO of the IT consultancy Gibbs S3, is AWM’s latest columnist. Every issue, she will be bringing the female view to the latest business topics.

It never ceases to amaze me that women in business is on so many agendas. Women have so much to offer and they bring a sense of creativity and uniqueness to their vision.

A mixed leadership team of talented men and women is what’s needed to keep ideas thriving for economic stability. This ensures a balanced view of society reflected, and maintained, to guarantee we are keeping the pipeline to the next generation of talented entrepreneurs or business people, fuelled with inspiration role models.

Take the recent final of the BBC show The Apprentice, as an example.

We saw two intelligent and motivated women, eventual winner Leah Totten and Luisa Zissman, pushing boundaries and determined to succeed in their business. Although both of their companies, cosmetic procedures and a cupcake business respectively, could be seen as very female oriented ideas, it demonstrates that to succeed in business you just need to be passionate about whatever idea you are creating and developing.

Women are often significant contributors to household income.

It is not exactly rocket science to understand that optimising any flair a woman may have will boost the bottom line for any business or corporate.

49

16/10/2013 15:26

SectionB_32-69.indd 50

16/10/2013 15:26

Legal

Transfer of ownership FOR BUSINESS BUYERS AND SELLERS MADE SIMPLE Ritu Sethi, senior partner at The Sethi Partnership, offers a slice of advice to both sides of a business sale.

ADVICE TO BUYERS...

When a client has not taken sound legal advice before purchasing a business or a property there are likely to be many pitfalls they can fall into. Purchasing a business without carrying out the necessary due diligence, which is often the case at auctions, may lead the buyer to find themselves in a difficult position due to certain clauses in the contract they could not have read or fully understood.

Other common pitfalls in buying a business arise under “Transfer of Undertaking” regulations which govern employees. It is crucial to ensure all req uisite consultations are carried out and as the buyer; you have full disclosure of the position of each employee. Essential information regarding all employees should include: all disciplinary action, any grievances lodged, any proposed redundancies, any recruitment, and sight of every employee’s employment contract.

Always remember that lengthy and costly litigation to put matters right can almost always be avoided by seeking sound legal advice before jumping head first into any transaction.

When it comes to purchasing a business, negotiation is a key step to ensuring that you end up with the best possible deal and the most value for your money.

It will surprise you at what you can achieve by just asking!

Another pitfall to watch out for is restrictive covenant clauses. Depending on which type of business you are

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 51

purchasing it may be detrimental to your business if the seller decides to set up a competing business on your doorstep.

Buyers must ensure they reasonably restrict any potential threat posed by the seller.

ADVICE TO SELLERS...

It really is a buyer’s market at the moment, and there are many businesses for sale at very competitive rates. Many businesses sell not necessarily because they are not doing well or are unsuccessful, but because of a variety of other reasons such as retirement and migration.

Sellers must ensure that they pitch their business sale at the right price. With so many savvy business minds looking for a good deal it is essential to be competitive.

Sellers must also carry out their market research to see what the going rate is for

other businesses of eq ual stature.

Advertise your business with as many agencies as possible. Agents often say that if you are with too many people it looks like you are desperate to sell, but my view is, the more you advertise your business the more likely it is that someone will know that your business is for sale.

Thinking of buying or selling a business? C all The Sethi Partnership Solicitors to speak with an ex perienced member of its C ommercial C onv eyancing team on 0208 86 64 or alternativ ely, email info@ sethi.co.uk. www.sethi.co.uk

51

16/10/2013 15:26

Luxury Air Charter Specialists Is it our ultra modern aircraft with luxury interiors and stylish amenities? Maybe it’s the impeccable service our clients enjoy onboard? Or perhaps it’s knowing you can call us anytime and we’ll go out of our way to ensure your flight is exactly how you want it.

Whatever it is our clients enjoy about flying with Vertis Aviation, we’re committed to continuously providing an outstanding bespoke service using the most luxurious aircraft available. When it comes to luxury air charter, we’ve set the bar high.

London +44 (0) 20 7100 6028 Switzerland +41 (0) 41 727 2288 Email info@vertisaviation.com www.vertisaviation.com

SectionB_32-69.indd 52 Vertis-Asian-Wealth-DPS-AD-PRESS.indd All Pages

16/10/2013 15:26

Airbus Corporate Jet

NEW

Dassault Falcon 7X

SectionB_32-69.indd 53

Global Express XRS

NEW

Global Express

Global 6000

NEW

Airbus Corporate Jet

Global Express XRS

16/10/2013 27/08/2013 15:26 10:25

Bollywood MEANS BUSINESS Indian cinema is a cultural bridge for the South Asian diaspora, to generations past. Sentimentality aside, Ashanti Omkar investigates how this booming industry has impacted the UK economy, and how investors can get involved.

SectionB_32-69.indd 54

16/10/2013 15:26

I

NCREASINGLy, THE yOUNGER GENERATION OF BRITISH ASIANS FIND THAT THEIR CULTURAL IDENTITy is enhanced by entertainment within the cinema and music of the Indian subcontinent.

Mixed in among Hollywood blockbusters, one might easily find Bollywood classics such as Nayakan, Sholay and Dilwale Dulhania Le Jayenge on the DVD shelves of a typical Asian family household.

The huge success of the musical Bombay Dreams, by double Grammy and Oscar winner AR Rahman kicked off a new generation of British fascination about the Indian subcontinent, back in 2002. Over a decade on the UK, and global, love affair with cinema anchored in India continues, with mainstream films like Slumdog Millionaire, The Best Exotic Marigold Hotel and Life of Pi all reaping huge success in the UK, and world, cinema charts.

Annual box office ticket sales for UK are steadily growing, having risen from £3m in 1998 to £16m in 2006 (accounting for around 2% of the total UK box office). However, that figure has stagnated in the past few years, despite inflation, mainly due to the effects of T channels which show Bollywood films more freq uently, on channels such as Z ee, and Star Plus, which are among the UK’s top 20 most watched channels.

The attraction of British audiences is reciprocated by filmmakers, such as the

SectionB_32-69.indd 55

16/10/2013 15:26

12

SectionB_32-69.indd 56

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:26

UK will definitely late yash Chopra, who contribute more than its have found inspiration expected share to on British shores. UK the box office.” general manager for yash Hollywood studios Raj Films International, like Fox, Viacom and Navraj Panesar, explains: Disney have jumped “In our films, the city into the Indian cinema or the country play very market. Amrita Pandey, important roles, like in executive director of the successful, Jab Tak syndication, international Hai Jaan, where places distribution and Disney like Canary Wharf, were media distribution, woven into the script. believes that the UK Although the UK offers a is essential: “It is one great tax incentive, we’ve of the highest grossing always worked based on international markets the story’s req uirements.” for Indian movies. We It is these tax break that tailor our marketing and make the UK an attractive distribution strategy for place to make films each movie depending says Sunanda Murali on the scale of the film, Manohar, co-founder be it Kai Po he, Barfi of Mediaone, a British or Chennai Express. production company The UK has been that recently shot among the top three to Kochadaiiyaan 3D four international at Pinewood Studios. markets for Hindi “Tax breaks for foreign movies over the years. cinema, including Indian Cinema chains have origin films, has been seen Indian movies available in Britain for Kochadaiiyaan shot at the world-famous Pinewood Studios perform very well on an several years and has absolute box office, as well as on a per-screen average basis.” helped to further cement India and Britain’s trade relations,” Amrita also refers to independent films like Dhobi Ghat, she explains. “Film London is a key resource for international which show that the UK market is viable for independent and filmmakers looking to film in London, providing information regional language cinema: “The trend of independent and on filming in London, funding, talent and access to production specialty movies doing well at the box office in India is now requirements. Key criteria is that a certain percentage of the film emerging, and has made an impact at the UK box office. Delhi is shot in the UK, or incorporates UK talent and crew.”

Belly was a very successful release in the UK and we do believe ne such company benefitting from the UK’s love affair with the audience in the UK is opening up to new genres.”

Indian cinema is London-based EROS International, which has built up more than 3 years in the industry and became the first Indian media company to list on the Alternative Investment owever, UK success is not a sure thing for the Market (AIM), and it now plans to list on the New ork Stock distributors of niche Indian cinema. Mahesh amExchange. Pranab Kapadia, president of distribution at Eros anathan, chief operating officer of the production International is well aware of the importance of the UK market: and distribution company Reliance Entertainment, “It is a big and prestigious market for our films, and it always recalls that the UK market in the 2000s started declining for has been. The UK can contribute between 4-5% of the overall Bollywood films because of immigration slowdown to the worldwide gross for a film like eh Jawaani Hai Deewani. country. “Many films which were huge hits in India, like Bhaag Both our forthcoming releases, Raam Leela and Krrish 3, are Milkha Bhaag, which eliance Entertainment distributed in the tailor-made for overseas audiences and we believe that the UK, did disproportionately low UK grosses. Indian studios are

H

“The UK will definitely contribute more than its expected share to the box office”

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 57

57

16/10/2013 15:26

OVER 30 MILLION CHILDREN IN SOUTH ASIA DO NOT GO TO SCHOOL. MOST OF THEM ARE GIRLS.

Education is a priority for The British Asian Trust.

We help poor children, especially girls, go to school.

We do that by investing in local charities — like Educate Girls in Rajasthan, India — that are making the greatest impact on poverty in South Asia.

Our unique approach aims to encourage philanthropy amongst the British Asian community by:

Since 2008, Educate Girls has touched the lives of more than 37,000 girls. Through our portfolio of high-impact charities like Educate Girls, the Trust has reached out to more than 350,000 people in Bangladesh, India, Pakistan and Sri Lanka.

• Showcasing grassroots charities that do not have adequate visibility in the UK

Founded by British Asian business leaders at the suggestion of HRH The Prince of Wales, the Trust promotes effective giving that creates lasting change in South Asia.

• Combating scepticism in the important sector of charitable giving in South Asia

• Sharing the progress of donations through regular reports

Help us bring lasting change to South Asia.

“The British Asian Trust supports innovative and inspirational organizations and projects in South Asia and in the United Kingdom to address issues of long term sustainability.”

Visit www.britishasiantrust.org to learn more and donate online or call: +44 (0)20 7024 5646

PRESIDENT: HRH THE PRINCE OF WALES

THE BRITISH ASIAN TRUST IS A UK REGISTERED CHARITY (1127366)

BAT_ad_mar12_final.indd SectionB_32-69.indd 58 1

27/03/2012 15:26 10:46 16/10/2013

12 10:46

“The London Indian Film Festival

helped pluck a film like Lucia from relative obscuirity and gave it an

IMAGE: LONDON INDIAN FILM FESTIVAL

internationally visible platform” selective in releasing films in the UK. High marketing costs also stand as a deterrent, and many medium star cast films find it difficult to recover their marketing, distribution and production costs.”

It is exactly these kinds of smaller Bollywood films that not only struggle to be distributed, but to be made in the first place. Naman amachandran of Variety explains that the new wave of sourcing finance, crowdfunding (the collective effort of a group of individuals to pool money together to invest in a project or product) is on the rise in both the British and Indian independent sectors.

“The Kannadalanguage film Lucia was crowd-funded via British internet platform Distrify and many of the investors are Indians in the UK,” he explains.

British investors intrigued by the opportunity to become involved with the Asian entertainment industry will find it easier to become involved in UK-made films, which are financed privately, as opposed to Indian-made cinema which still adheres to the studio system run by companies such as Disney.

To become part of the UK Bollywood party, it really is all about being around the filmmakers and their key gatherings.

Film festivals like the London Indian Film Festival (LIFF) have taken prominence as Europe’s premiere platforms for cinema of the subcontinent, and film distribution in the UK can be directly linked to support from festivals such as this. Chris Hainsworth, the managing director of A Pictures is LIFF’s finance head “The festival has gone hand-in-hand with proving to the UK industry that there’s huge untapped commercial value in this space, whether the big film studios want to address it or not. We have successfully built a bridge to UK distribution.”

“The London Indian Film Festival (LIFF) helped pluck a film like Lucia from relative obscurity and gave it an internationally visible platform,” adds V ariety’s Naman. “The sold-out world

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 59

Above: Kannada-language film Lucia was crowd-funded; Left: Amrita Pandey, executive director of syndication, international distribution and Disney media distribution

premieres in London, and the conseq uent audience award, gave the film the impetus and exhibitors the courage to give Lucia an India-wide release, something rare for Kannada cinema.”

Films tend to be funded by knowing the right people and mingling in the right crowds – there are no set rules for this, and networking is the catalyst for success. Filmmakers are constantly looking for funding, and as with any business, especially in the creative industries, film funding comes as high risk.

Stars like Farhan Akhtar, who act, as well as co-produce a lot of their films, use a business mind like itesh Sidhwani to help find this balance, hence the great success of his film franchise of the recent Don and Don 2 from Excel Entertainment. The same has gone for Aamir Khan and Shahrukh Khan, who co-produce a lot of films they act in.

For any investor, each project must be considered for its own merits. Chennai Express was made with $11m, and made over 1 .4m in the overseas market, let alone in India. By the end of its run, it had made over $35m worldwide and reached new territories, such as Egypt. For Shahrukh Khan and Disney UTV, this was a huge coup, but once marketing and publicity budgets are factored in, total profit is not as high as it seems.

Apart from a rare filmmaker such as Gurinder hadha, who created the commercially successful Bride and Prejudice in 2004, a true British Bollywood film has yet to materialise with successful box office traction. However, with the right investment, you never know what is possible.

59

16/10/2013 15:26

Asian Wealth Ad Oct2013 V3_Layout 1 07/10/2013 17:33 Page 1

Award Winning.

Creative. Beautiful.

Made in London, desired Worldwide.

When we created Devnaa, we set out with a simple mission – to create the world’s finest Indian inspired confectionery. So far we’ve won multiple awards for our extraordinary chocolate and even won awards for our beautiful packaging. Our Belgian chocolate enrobed Indian sweets have been presented to A-list Bollywood stars and our chocolate tiffin boxes sent around the globe by multinational businesses for unique corporate gifts. We’ve catered for the most memorable weddings and developed recipe books that are loved by people worldwide, you could say we’re a game changer.

indian inspired confectionery

devnaa.com

SectionB_32-69.indd 60

16/10/2013 15:26

WHAT

Aishwarya IMAGES PROVIDED COURTESY OF LONGINES

DID NEXT

At this year’s Royal Ascot, AWM editor Jo Shorthouse snatched 10 minutes with international screen goddess, Aishwarya Rai Bachchan, to talk about business, branding and Bollywood.

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 61

EVER SINCE THE 21-yEAR-OLD ARCHITECTURE STUDENT Aishwarya ai was crowned Miss World on a warm South African night in 1994, she has captivated the hearts and minds of an international audience. As one of the world’s best known beauties (not only for her film work but also for her long list of endorsements for brands which include L’Oré al, Longines and De Beers diamonds) it might be easy to think that Aishwarya is just a pretty face.

Having married into the Bachchan Bollywood dynasty, and having a young

daughter to care for, one might be forgiven for thinking that this screen q ueen would have her hands full.

However, there is still a lot going on behind the scenes.

Have you thought about turning your on-screen success into success behind the scenes, maybe in a business role? Perhaps setting up your own modelling agency, or producing movies?

There are a lot of prospects and there has been a lot of discussion. I have always

61

16/10/2013 15:26

SectionB_32-69.indd 62

16/10/2013 15:26

“Three things

i can’t live without are time, love and integrity”

said that I am only committing to as much as I can at this point in my life.

And that’s why you have seen various aspects of my life phase themselves out.

I’m sure in the near future you will see me dabbling in a few businesses, but at this stage in my life they at the stage of being planned. you will know when they’re ready!

It must be difficult to fit your family life in with your career…

Exactly, and I have already so many brands that I’m endorsing, that I’m committed to. I have as well, my philanthropy – that’s ongoing. I am working with the Aishwarya Rai foundation and now I’m working with UNAIDS, at the United Nations, so there is a lot that I’m productively committing my time to.

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 63

QUICK FIRE QUESTIONS WHAT ARE THE THREE BRANDS YOU COULDN’T LIVE WITHOUT? I won’t get into titles of brands, but three things that I can’t live without are time, love and integrity.

WHAT IS THE BRAND YOU THINK IS THE MOST ICONIC? *laughs* You’re talking to me on a Longines platform!

DESCRIBE YOUR LIFE IN JUST ONE WORD: I couldn’t! My life is way more eventful than a single word, but if I had to… I would say blessed.

WHAT WOULD YOU LIKE YOUR LEGACY TO BE? Wow! I do not credit myself with anything more than any other human being in our race! But definitely you like to leave behind people believing that, that was a good human being. So I’d like people to think and feel that whose lives you have touched, you want them to experience having met a good human being.

You’re here at Royal Ascot as the Longines Ambassador of Elegance.

In your opinion what makes a luxury brand really desirable for a consumer?

I think anything that the consumer will be able to really connect with, and feel a personal sense of comfort, I think that’s extremely important in any kind of product or brand to stand the test of time.

Comfort is just such a huge factor for a consumer and I understand and relate to that.

And what do you think makes a good brand ambassador?

* laughs* you can’t be asking me that q uestion! For my part, when you’re here representing a brand it has to come from a place of integrity and that to me personally is a very important virtue to have when you do associate with a company to go on to represent them.

And does that put a lot of pressure on you, to become a brand? It seems, these days, that somebody with celebrity status is a walking billboard for brands.

No, I think that’s your choice. It’s yours and the brand’s choice. I think if it’s easy then it reflects itself, and if it is not then it shows, too. No, I’m not one to take on unnecessary pressures in life.

63

16/10/2013 15:26

t

HE VALUE OF CHARTERING A P I ATE JET IS A T PI F MU H DISCUSSION AND THE SECTOR IS FTEN MISUNDE ST D. Myths suggest those who regularly use charter flights to conduct their professional or private lives are ostentatious fat cats. The truth, however, is somewhat different. yes, the jet charter sector is of course used by ultra high-net-worth individuals including many heads of state, royalty (particularly from the Middle East) and successful celebrities.

These travellers certainly need privacy and discretion that only the domain of a private jet can offer. However, aside from the social elite, jet charter supports a wide variety of travellers beyond the classic stereotype.

The world is networked logistically in more ways than ever before, yet hub and spoke commercial aviation dominates the skies without providing all the necessary connections. While advanced technology supports video conferencing, according to the European Business

Aviation Association, 66% of corporate decision makers regard face-to-face meetings as critical to M A success.

There is nothing like sitting with your new business colleagues to really learn about them.

“Time is a finite commodity, it is impossible to make more of it, and we don’t know how much of it we have,” says arlo Montiani from UK-based operator and aircraft management company FlairJet. Four executives in a mid-sized Learjet can potentially visit

FLy high, TrAveL FAsT, worK BeTTer As big business becomes bigger, faster and with little regard for location or time zone, could private jet travel be a viable choice for your organisation?

64

SectionB_32-69.indd 64

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:26

How to... seven different European cities in two days. The initial fee may seem hefty, yet when you begin to think of the savings made on waiting time in airports, business class fees over a week’s worth of commercial flights, hotel nights for four people in top q uality hotels, and the fact that the executives are out of the office for just two days, as opposed to nearly two weeks, jet charter begins to make a lot more sense. Passengers can select point-to-point flights often arriving or departing much closer to their destina-

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 65

tion, and if they are going to be late the aircraft will wait.

Simple logistics often drive charter too. Our insatiable thirst for natural minerals, whether it be gas, oil or precious metals, is driving the latest rise in jet charter req uests. Energy provision req uires exploration in increasingly remote areas of the world, including Siberia, Greenland and a rapidly expanding array of African locations.

“Many of the destinations don’t have a commercial airport within easy reach,

and to maximise time, money, security and travel budget, a private charter is a logical move,” says Julian Burrell, managing director of Vertis Aviation UK. Africa, particularly, is growing rapidly and we are seeing an increased demand in ultra long jet charters from multinationals needing to easily access African countries lacking the req uired infrastructure for commercial travel. The international, or intercontinental, charter flights are often complemented by shorter internal legs, often on turbo-prop

65

16/10/2013 15:26

aircraft where passengers feel every bump and invariably are in cramped, champagne-free cabins,” continues Julian. Vertis designs charters for an elite client base that need to know they will have the ultimate discretion, along with the best in service.

Also, 80% of its clients utilise private jet for leisure, he explains. “Our clients use private jets extensively in their business life, they understand that time is too precious to waste on commercial flights with lengthy check-in requirements, risk of industrial secrets being overheard in first class compartments, and the inevitable lack of scheduled service between the desired destinations,” says Julian. For these same reasons they will use larger aircraft to take q uality time out with their families and friends, and are sometimes driven by other issues, for example they may have medical issues that req uire specialised eq uipment not available through regular private jet insurance.

Jets increasingly have wi-fi connectivity for mobiles and emails, combined with state-of-the-art in-flight entertainment which means that even while taking a break, these captains of

industry remain at the helm. One of the latest trends in private charter, and one that is growing particularly in Europe is the movement of pets along with the passenger. There has been a reduction in the amount of airlines carrying pets and those that can afford it will take the opportunity to fly their beloved animal with them. Fly Victor, a membership club that allows passengers to share a charter has developed the concept of “Furs class” and is witnessing a growing demand for family pets to travel with the passenger. Fly Victor even have specially made biscuits crafted for their furry fliers.

j

66

SectionB_32-69.indd 66

Jet charter in Europe has had a troubled time through the economic downturn, however August 2013 showed a small growth of 0.2%, the first increase for 22 months and EBAA hopes this is a positive sign for the future. Driven by emerging markets and security concerns, more and more regular travellers now consider it a potential option.

However, for first timers the process can be a little bewildering. “Its not quite like searching on the web to find the next flight that suits your needs,”

says FlairJet’s arlo, the flight is built around you. This means it is advisable to seek expert advice when looking for a reliable provider. The choice invariably comes down to three options: working directly with an operator, buying from a broker (effectively a sales and marketing business for any number of operators that handles the trip from beginning to end), or to “borrow” a friend’s jet for the day. However, without the right paperwork the charter may be illegal.

This can cause undue issues should an incident occur and leave the passenger, owner or operator with potential fines for illegal charter, loss of insurance for breach of contract, and potential loss of financing the asset if the illegal charter is proven.

“Some people search on the web and find us through our website, others are recommended to us by existing clients, and others will come to us through a broker,” says Paul Cremer commercial manager for Farnborough-based Gama Aviation, one of the UK’s most established aviation companies. “We listen to what our clients need and then tailor what we supply accordingly.” Regular charter clients will choose to book as

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:26

How to... “oUr cLienTs Use privATe jeTs exTensiveLy in Their BUsiness LiFe, They UndersTAnd ThAT Time is Too precioUs To wAsTe on commerciAL FLighTs”

s

req uired (adhoc) but like to use the same operator worldwide. “We have clients who regularly use us whether they are flying in the USA, Europe or the Middle East. Our “glocalised” network means they can know what to expect whether they depart in Denver or Dubai and arrive in London or the Lebanon,” says Paul.

“We provide consistency across the board and a number of clients appreciate this uniformity. Other clients elect to buy a specific block number of hours. Buying hours up front enables the client to better forecast spend on jet travel and makes his req uisition process much simpler as the hours are already approved and the fee is the same,” he explains. Gama Aviation provides a variety of block hour options and suggests that once a client is flying regularly there comes a time when purchasing a jet becomes desirable. “Its not unusual to see a client travel once ad hoc, understand the benefits and then come back on a regular basis or to buy block hours. Clients occasionally progress to purchase and so the cycle begins again. We manage their aircraft, so charter, maintain and manage crew on their behalf, the client can then use

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 67

the jet as they need but can also justify its costs through the income generated by charter – often they balance the cost which helps on their accounting bottom line,” continues Paul.

So if you have decided to fly privately what are the elements to consider?

“Make sure you do your homework, advises Paul. “All professional operators will hold an Air perators ertificate (AOC), without this the operator does not have legal permission to fly, is effectively uninsured and unlikely to be sticking to other regulations.” He adds that it is worth taking the time to ensure that the aircraft documentation is up-todate and the air worthiness certificate is current. “Any professional organisation will be happy to provide these guarantees, if they don’t it’s probably worth looking for another reputable advisor.”

Alex Berry, director of sales and marketing for global brokers Chapman Freeborn echoes the “glocalisation” aspect, saying that internationally there are very few providers who have true global coverage. Chapman Freeborn has over 30 offices worldwide and states that many clients feel comfortable with

one particular company so tend to stay loyal if the service, price and trust is established. With more than 800 operators in Europe, brokers are great at finding last minute deals and will take on the research to ensure that passengers are offered the right aircraft for their trip.

“We are beginning to see some signs of consolidation within the industry and a change of business model,” explains Alex. “Operators are beginning to focus on the aircraft operations as opposed to customer handling, leaving it to the broker. In fact, we sometimes have operators who are unable to fulfil a request with their own aircraft who come to us for help. We’ve created a Global Broker Program that enables us to fulfil the req uest and we share the net revenue.”

In the emerging markets, it stands to reason the market for jet charter is set to grow in the immediate future as business takes us further afield on a more regular basis. If your business req uires you to visit inhospitable places to seal the deal, and you are considering private travel, think about what your needs are and source the most reputable suppliers before entering the heady heights of the private charter market.

67

16/10/2013 15:26

68

SectionB_32-69.indd 68

A s i a n We a l t h M a g . c o . u k

16/10/2013 15:26

A s i a n We a l t h M a g . c o . u k

SectionB_32-69.indd 69

69

16/10/2013 15:26

PEOPLE BEHIND THE PROCESS

LIFE AUDIT

Nina Amin, head of Asian Markets at KPMG, dreamt of coming to London from Kenya, made it to the top in a man’s world and will be awarded an MBE in December for her services to the Asian businesses community. Who said accountancy is dull?

70

SectionC_70-112.indd 70

n 1975, a hopeful 17-yearold Nina Amin boarded a flight on her own bound for London from Kenya.

It would be the start of a hard career journey heading skyward. Nina was born in Mombasa, with its paradise beaches and small-town swagger, one of three sisters. Her mother took care of the family while her father worked in shipping, believing that a good education would give his girls the independence they’d need to support themselves.

Nina had heard about how wonderful London was from books and TV but unlike most girls who are drawn to the bright lights for glamour and glitz, she had her heart set on becoming a chartered

I

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:27

PBTP

“DIVERSITY MAKES ABSOLUTE

business sense,

IT’S NOT JUST A POLITICAL

correctness thing”

accountant. “The only reason I got here was because I had this dream about London. So I nagged my dad; since the age of 13 I was saying, ‘I want to go to London to be a chartered accountant’ and eventually I wore him down. I had never been outside of Kenya but I came here on a student visa and I just stayed,” she says.

After her A-Levels at Kilburn Polytechnic, Nina did what is today a thoroughly modern way to getting into business, she didn’t go to university but instead chose a foundation course and four years training in the industry. “As a foreign student the university fees were so high and I didn’t want to put my parents through the expense of it,” she says. It took countless letters and rejections before she was able to secure a training

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 71

contract with an accounting firm.

She was eventually accepted into a medium-sized, male-dominated firm in London’s West End. There, she cut her teeth in the world of business, and passed her final exams, the only trainee in her firm to do so.

She was congratulated yet reminded very quickly that she still had nearly six months to go before her training contract ended.

With the suspicion that she was being paid significantly less than her male counterparts, Nina left the company when her training contract finished, and joined Arthur Andersen to specialise in tax. “The only reason I got through was sheer determination and an absolute will to succeed,” she says.

Nina did not just want a high-flying career; she also wanted a family and combin-

ing the two meant making sacrifices. When her second child was born, the determined career woman took a four-year career break and then joined KPMG. Part of Nina’s job at KPMG involves supporting and advising professional women as they climb the ladder, the kind of advice she could have benefitted from in her early accountancy days. Today, the firm’s intake at graduate level is almost 50% women.

“There were many times when I wished I’d had someone to talk to, who could have provided some guidance. Someone to say, ‘These are the sort of challenges I faced, these are the mistakes I made, and therefore this is what you should do differently,” she recalls.

She was made Tax Partner in 2004 and KPMG challenged her to get closer to Asian markets. In response, Nina organised a Diwali dinner for 60. Her successful endeavours landed her a promotion to Head of Asian Markets and an MBE. The new position involves bringing Asian business to the UK and handling clients in areas such as oil and gas, technology, insurance, retail and manufacturing (any company outside the FTSE 250).

This year sees Nina hosting KPMG’s tenth Diwali dinner with more than 250 people attending, drumming up new business and showing cultural understanding from a company that appreciates the value of having staff from diverse backgrounds.

“We’re a people business and if we want the best from our people we’re not going to get it if everyone’s the same. Talent doesn’t recognise colour or race. Talent is talent,” says Nina.

“And while people do business because they want to make money and be successful, if you don’t understand the culture you’ll never be able to build a relationship and they will never give you the work. And that’s where having people from different backgrounds helps. Diversity makes absolute business sense, it’s not just a political correctness thing.”

Nina is once again traversing the skies, flying to India several times a year to meet Asians keen on using the UK as a base for their European HQs. At home, the economic downturn means more clients need KPMG’s financial advice and Nina’s task is to help keep businesses profitable and navigate them through the UK’s red tape. “The most rewarding thing about my job is meeting different people, understanding what their issues are and coming up with a solution,” she says.

When she’s not at her desk, Nina loves reading and is fascinated with British history so, for her, being awarded an MBE later this year by one of the royal family will be like tax remuneration day, only better by a long margin.

71

16/10/2013 14:27

SectionC_70-112.indd KJ Home Cinemat.indd 72 1

16/10/2013 12/07/2013 14:27 09:09

013 09:09

IN ASSOCIATION WITH BANHAM

AT YOUR

service

The Banham Concierge service offers a wide range of services from relocation to personal shopping, 24 hours a day.

1926 SAW THE BIRTH OF MANy A POWERFUL AND POPULAR PERSONALITy: Sir David Attenborough, Marilyn Monroe and Queen Elizabeth II. It also witnessed the birth of an altogether different but eq ually powerful entity, the security firm Banham. ver for the last eight decades this household name has been providing services such as its famous front door locks, intruder alarm systems and safes. Its motto “Another burglar foiled� says a lots for its all round attitude to securing homes across the UK. However, as any company worth its salt does, Banham has evolved to offer more sophisticated services, such as its technical surveillance counter measures to prevent industrial espionage and close protection. One of the more glamorous of its new services is its concierge service, made to make life that little bit easier for the time-poor individual.

Banham oncierge is premium lifestyle management that can obtain the unobtainable with discreet perfection.

All services are bespoke to the individual member, and it is understood that, as business is global and never stops, neither does it.

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 73

Since its launch, Banham oncierge has connected with a range of people and businesses, both nationally and globally, in order to create an exclusive network of clientele, all of whom demand the highest level and commitment. This, in turn, has created a plethora of powerful business and high-net-worth individuals that use the services of Banham oncierge.

HOW IT WORKS The Banham oncierge service is uniq ue and highly personalised to each client. Every Banham oncierge member is assigned their own personal account manager, who will be well versed and know the exact needs and preferences of that individual member.

This account manager will oversee the day-to-day requirements of the individual, and their business.

The company has a large network of global contacts, from every section of business and life, and therefore has access to every kind of service required, be it entertainment, travel management, personal security, crisis management, healthcare or recommended beauty therapies and treatments.

This network of contacts also includes experts in every field

73

16/10/2013 14:27

THE WORLDS MOST EXCLUSIVE PRIVATE MEMBERS CLUB FOR LUXURY BRANDS

MEMBER BENEFITS INCLUDE

ENDORSED ACCESS TO HNW PRIVATE CLIENTS INTERACTIVE BUSINESS PLAN

B2B AND B2C NETWORKING, SALES AND SHOWCASE EVENTS

JOINT COLLABORATIONS

BUSINESS SEMINARS

MEDIA SHARING

PRIVILEGE AND REWARD PROGRAMMES

GLOBAL MEMBERS LUXURY LIFESTYLE MAGAZINE

SOME OF OUR GLOBAL MEMBERS INCLUDE

WEBSITE : WWW.THELUXURYNETWORKINTERNATIONAL.COM

PHONE : 00 44 (0) 8456 588 777

TO APPLY FOR MEMBERSHIP PLEASE EMAIL : INFO@THELUXURYNETWORKINTERNATIONAL.COM GLOBAL LUXURY NETWORK FRANCHISES AVAILABLE

SectionC_70-112.indd 74

16/10/2013 14:27

CONCIERGE LIFESTYLE AND NETWORKING SERVICES AT A GLANCE ● Invitations to high profile events (VIP or personal interest) ● Personal introductions (social and business) ● Events management/special lifestyle management ● Private and corporate security/ close protection/armoured vehicles ● Technical surveillance Counter Measures and Due Diligence Services

and Banham has specialist sourcing in areas such as collectible art and fine jewellery, wines and champagnes, limited edition timepieces and fashion accessories. Presents for loved ones, business partners, or even oneself are only a phone call away.

Business is global and often so are those that lead it. With this in mind, Banham is fully equipped to handle all aspects of relocation. It is able to secure sought after properties, assist with the hiring and training of professional and domestic staff, and help to build a contact network of like-minded people in a new social scene.

And whether the oncierge member is networking on a small or large scale, at home or abroad, Banham has a unique events team geared up to producing corporate and private client events in more than 1 countries worldwide. oncierge clients can request help with personal or corporate events, ranging from an intimate dinner for two, to a gala evening.

THE PROMISE Banham promises to use its relationships and reputation with qualified and vetted suppliers and contacts, from luxury goods retailers, boutiq ue hotels to child care and household maintenance, to provide the best service. It will always keep the clients’ interests at heart while expert lifetime managers negotiate the best possible deal or arrangement.

The Banham brand has been protecting UK homes and businesses since 1926. Now it ensures the livelihoods of many of the UK’s top entrepreneurs are unencumbered by organisational duties, leaving them to do what they do best business. banhamconcierge.co.uk

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 75

● Corporate hospitality ● World-wide travel and private transport (e.g. cars, chauffeurs, chaperones) ● Bookings (hotels, restaurants, bars, members’ clubs...) ● Sourcing (gifts, ticketing, red carpet events, art, jewellery, wines and champagnes) ● Personal assistance (appointments,

meetings, domestic, medical) ● Personal styling ● Property portfolio ● Schools and education ● Financial services/introduction to private family offices/ financial advisers ● Home management services and interior design ● Personalised news bulletins

The Hurlingham Club, London 29th–30th October 2013 Register free at theluxurypropertyshow.com

A unique opportunity to view and buy from the finest collection of the world’s most luxurious properties

Featuring World Class Properties

The Luxury Property Show will be taking place within the stunning grounds of The Hurlingham Club and will be hosted

by TV Property Expert, Melissa Porter.

Whether you are interested in portfolio investment and private purchases or simply want to network with industry insiders, The Luxury Property Show will be the perfect destination, complete with VIP Lounge, Business Lounge, Interactive Seminars and the opportunity to have lunch at The Hurlingham Club.

Hos ted By Mel issa Porter

Held at The Hurlingham Club, London

Platinum Sponsor

Gold Sponsor

Silver Sponsor

Entry is limited. Register today to receive upcoming news and exclusive offers. www.theluxurypropertyshow.com

Silver Sponsor

Lounge Sponsor

Registration Sponsor

75

16/10/2013 14:27

‘ SectionC_70-112.indd 76

16/10/2013 14:28

TiEUK

Encouraging THE NEXT generation In his second column, TiE UK president Dr Sanjeev Ahuja discusses converting individual ambitions to economic growth and prosperity for a nation.

PHOTOGRAPH BY PHILBOURNE.COM

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 77

This realisation comes from observing countries like the US where policy has encouraged entrepreneurship to the point where today it has become part of the people’s DNA government policy nourishes that desire. The desire for entrepreneurship is also apparent across developing nations in Africa, Asia, and Latin America. It is obvious that those living in the luxury of robust economic contexts have, over generations, witnessed an erosion of the entrepreneurial spark and hunger to succeed, leaving deep rooted complacency and a sense of entitlement in its place. The US is a stark exception, but that can be easily explained due to inherent attraction of disproportionate windfalls through entrepreneurship and ubiq uitous opportunity to realise it in that country. eflecting on the philosophy of the 1 th century writer JeanJacques ousseau, TiE UK proposes that in the context of today’s economic realities, entrepreneurship must become part of our social contract. The UK should look not for acceptance, but appeal to the general will of the next generation, which is to take control of their own well-being.

The older, experienced generation must not seek self aggrandisement through helping our younger generation. ather we can bask in the resulting self-contentment while not needing or expecting anything back. This is our call to be simultaneously, absolutely, and selflessly committed to their collective interests.

In the next issue, we will cover attitudes, activity, and growth aspirations as key factors in encouraging entrepreneurship, and what should be the essentials of a holistic government policy.

‘‘

‘‘

THE WORLD HAS WITNESSED A WAVE OF GLOBAL E N MI HANGE, accentuated by the longest recession in years. Though slow in coming, the overwhelming response has been both intuitive and obvious.

Governments scrambled to plug the hole’ to tighten regulatory oversight of banks and financial institutions, even as they increased liquidity in the markets to jumpstart the economy, revive a decimated job market, and regain control.

Aiming to alleviate a host of unpleasant side effects, among them a growing disquiet amongst the younger generation deprived of job opportunities, there has been a determined effort by the UK government to kindle renewed focus on entrepreneurship. This has resulted in numerous well-funded direct programmes, as well as publicprivate partnerships and visible efforts by volunteer organizations, such as TiE UK, to encourage start-ups and small enterprises. ommon sense suggests that entrepreneurship must play a significant part in the global response to counter the effects of this recession and arm the populace with the ability to better control its effects on them in the future. Is it then solely the state’s responsibility to look after the economic welfare of its people, or should the younger generation be encouraged to exercise some autonomy in taking back control of their own well-being For governments, it should not be about crafting elaborate laws to address an often inherently dichotomous political agenda, but rather accommodation of a few practical amendments to the existing laws, offering greater latitude and incentive for entrepreneurial initiative and innovative ventures.

uk.tie.org

77

16/10/2013 14:28

26

SectionC_70-112.indd 78

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:28

WOULD YOU PASS THE

front page test?

Whilst many people still believe that taxpayers should be allowed to mitigate their tax liabilities using legal and effective planning, whether businesses and individuals are paying their ‘fair share’ has become a widely discussed and emotive issue writes Nina Amin, tax partner at KPMG.

T

HE EVOLUTION OF THIS ON-GOING DEBATE HAS ULMINATED in the introduction of a General Anti-Abuse Rule (GAAR) which became law in July of this year.

The GAAR is intended to counteract tax advantages which arise from “abusive” tax arrangements which “cannot be regarded as a reasonable course of action”. Based on the draft legislation, relevant factors to be considered include the use of contrived steps, the exploiting of shortcomings or “loopholes” in the rules and whether their results are consistent with the intention of the legislation.

To help taxpayers understand the GAA better, HM published examples showing cases where they consider

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 79

how it should be applied. They include, for instance, a planning mechanism which relies on steps undertaken with no genuine economic purpose other than to create a loss for tax purposes but where there is no actual economic loss. In this example, HM would also argue that specific legislation is being used in a way in which was not intended when drafted. Helpfully, HM also provide examples of planning where the GAA would not be applied.

More recently, HM has published a leaflet entitled Tempted by Tax Av oidance to help identify the tell-tale signs of avoidance schemes and risks of signing up to so-called aggressive tax schemes.

The pamphlet warns that just because a scheme has been granted a Scheme eference Number (S N) under the Disclosure of Tax Avoidance Schemes

(D TAS) rules, it does not mean that HM has approved the scheme or that it can be relied upon. A scheme with an S N merely means that the promoter has complied with their legal obligation to tell HM about the scheme.

HM also has so-called “high-risk promoters” in their sights, announcing, in August, a six-week consultation seeking feedback on proposals to tackle the behaviour of high-risk promoters of avoidance schemes. High-risk promoters are broadly those that market schemes with a negligible chance of working technically or schemes that rely on “concealment” or “mis-description” of certain elements to deliver the advertised tax advantage. The proposals would give HM increased information powers in relation to high-risk promoters. They would also impose an obligation on

79

16/10/2013 14:28

We offer professional, independent, affordable services that focus on supporting businesses in London.

Over 100 FREE networking events each year FREE legal and HR advice FREE business advice surgery FREE meeting space Discounts on a range of business products and services Plus our Special Interest Groups including our Asian Business Association (ABA) For more information please T: +44 (0)20 7203 1881, E: membersales@londonchamber.co.uk or visit londonchamber.co.uk/aba

SectionC_70-112.indd 80

16/10/2013 14:28

“The advice is to come forward voluntarily now and make use of one of the disclosure schemes”

users of such schemes to notify HM that they have used a particular high-risk promoter’s scheme.

Obviously the GAAR is very new and we have yet to see how the proposals on high-risk promoters will develop, but it is clear that HM has aggressive tax avoidance firmly in their sights and it is absolutely vital that high-net-worth individuals understand all risks when considering plans. Ultimately, if the planning fails the GAAR, or it fails in court, the likely result will be that the taxpayer will be left with tax, interest and penalties to pay having already paid substantial amounts in implementation fees to the promoter.

NOWHERE TO HIDE The UK government is forcing highnet-worth individuals to be more transparent about their personal tax arrangements. In March last year, HM published a document appropriately titled N o Safe Hav ens, which sets out its new strategy for tackling tax evasion and fraud by people who hide income and assets overseas. The new strategy involves stronger action, both at home and internationally. The specific government objectives are that ● there should be no jurisdictions where UK taxpayers feel safe to hide their income or assets from HM ● would-be offshore evaders realise that the balance of risk is against them and voluntarily pay the tax that is due ● those who do not come forward are detected and face vigorously enforced sanctions. entral to this strategy is reducing the opportunities to evade tax offshore by greater sharing of information between governments. This is a process which has already begun and continues.

In 200 , an agreement was concluded with Liechtenstein which provided for an information exchange agreement

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 81

and a disclosure facility to enable UK taxpayers to regularise their tax affairs.

In 2011, an agreement was made with Switzerland which provided for the effective taxation of UK residents with accounts held in Switzerland by a combination of taxes on both income and capital and the provision of information.

Last year the government signed an enhanced automatic exchange agreement with the USA, the first of its kind in the world.

The latest agreements are those signed earlier this year with the Isle of Man, Guernsey and Jersey. These provide for an enhanced reporting of information, a revised Double Tax Treaty and a disclosure facility. n April 2013 the UK government announced that it had agreed with France, Germany, Italy and Spain to develop and pilot a tax information exchange. The government is also looking to conclude agreements in future with other jurisdictions such as the ayman Islands. n 10 April 2013, Luxembourg announced that it would ease the secrecy surrounding its banks and would implement rules on the automatic exchange of bank account information with its European partners from 201 .

With these greatly increased flows of information comes a better likelihood of evaders getting caught. This is increased further by the extra staff, technology and analysis tools which HM is bringing to bear on this information.

HM want offshore evaders to come forward voluntarily and, where appropriate, use the new disclosure facilities to clear up their tax affairs.

These are not amnesties because taxpayers still have to pay the tax they owe plus interest and penalties, but they do provide an opportunity for UK residents to regularise their tax affairs on uniq ue and favourable terms. For example, the

penalties can be considerably lower than if an individual does not come forward voluntarily (10% as opposed to a maximum of 200%) and some tax liabilities for earlier years may fall away.

Those who do not take advantage of these opportunities and continue to evade tax will expose themselves to the strongest sanctions including the possibility of criminal investigation and the publishing of names of the most serious evaders.

In the light of this, many people with undeclared offshore assets will now want to review their position. The advice is very much to come forward voluntarily now and, where appropriate, make use of one of the disclosure schemes.

An appropriate disclosure can provide a resolution to long standing tax problems and provide finality for the past including immunity from prosecution. A settlement of the past enables future compliance and provides peace of mind.

THE FRONT PAGE TEST There is a world of difference between tax evasion, the “egregious” tax avoidance which will be counteracted by the GAAR, and effective tax planning.

However, the public focus on tax continues and often the lines between them are blurred in the media.

The impact of the GAA and the new agreements with overseas territories for greater transparency on personal tax affairs, will become clearer over time.

In the meantime, the ongoing developments in this area reaffirm the need for individuals to carefully consider any action they take in this area and bear in mind not only the technical effectiveness of any planning, but also the potential for public discussion of their tax arrangements, and any public reaction should their tax affairs appear on the front pages. kpmg.com

81

16/10/2013 14:28

Best 10 ASPINAL CONNAUGHT DOCUMENT CASE This exquisite handcrafted document case from Aspinal is made from the finest tan ostrich print Italian calf leather, and lined with monogrammed silk. Finished with Swissmade metal zips and with retractable handles, so you can carry it under your arm or as a briefcase – making it the ideal gift for busy business executives. Available from aspinaloflondon.com Price: £495

{

Corporate gifts

{

TEN OF THE BEST

Show your clients just how valuable they are to your business by treating them to one of these gorgeous corporate gifts…

FORTNUM & MASON LUXURY TEA HAMPER What better way to brighten up your client’s working day than with this exclusive Luxury Team Hamper from fine food connoisseurs Fortnum and Mason? The hamper includes a complete set of china for two, three heritage tea blends in decorative caddies, a tin of Piccadilly Biscuits, a jar of Golden Raspberry Preserve and, of course, the all-important tea strainer. Available from fortnumandmason.com Price: £350

82

SectionC_70-112.indd 82

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:28

LIMITED EDITION CHIVAS If your clients are partial to pondering business decisions over a fine dram, then a bottle of Chivas deluxe Scotch whisky could be just the ticket.

This limited edition bottle has been designed in collaboration with Patrick Grant, creative director and owner of bespoke tailors Norton & Sons of Savile Row. Available from waitrose.com Price: £27.49

DALVEY GRAND VOYAGER COMPASS If you’re looking for something original to give a client, with an added touch of class, then look no further than this Grand Voyager Compass by Scottish brand Dalvey. Its half-hunter-style fob case with glazed window and dramatic deep-engraved detailing make a powerful, yet classic, impression.

Available from dalvey.com Price: £75

AFTERNOON TEA AT THE RITZ What better way to treat your business associates than with the institution of an Afternoon Tea for Two experience at the world’s most famous five-star hotel?

Guests will enjoy a traditional English tea, including freshly cut sandwiches, scones with clotted cream, and a delectable selection of tea cakes and pastries.

Find out more at theritzlondon.com Priced from £45 per person

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 83

MERIDIAN EXPLORER USB The Meridian Explorer is a USB DAC (Digital-toAnalog Converter) like no other, allowing you to listen to your favourite music in hi-fidelity from your computer. Manufactured in Cambridgeshire, this portable DAC and is sleek and stylish. Best of all, it’s practical – as you no longer have to sacrifice sound quality for convenience when using a portable device. Available from meridian-audio.com/ explorer Price: £249

83

16/10/2013 14:28

12

SectionC_70-112.indd 84

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:28

Best 10

MONTBLANC HERITAGE FOUNTAIN PEN For over 100 years Montblanc has been the world’s foremost master craftsmen of writing instruments. This 1912 Fountain Pen from the Montblanc Heritage Collection both innovates with its new technology and celebrates the pioneering spirit of the early 20th century, making it the perfect gift for someone who takes an old-school pride in their business affairs.

Available from montblanc.com Price: £720

OTIS BATTERBEE LUXURY TRAVEL GIFT SET Frequent travellers will appreciate this gorgeous Luxury Travel Gift Set from British designer Otis Batterbee. Presented in a luxury gift box, this handcrafted set includes a travel pillow, classic envelope wash bag and lavender-filled eye mask all in Prince of Wales check.

Available from otisbatterbee.com Price: £165

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 85

HARROD’S TECHNOLOGY LUXURY PERSONALISATION SERVICE Gift your clients with the personal touch, plus an added bit of bling, by offering them the chance to have their technology encrusted with Swarovski crystals.

Available exclusively at Harrods, each crystal is handset by skilled craftsmen, providing a high sparkle whilst maintaining immense strength and protection of your device.

Available from harrods.com Priced: POA

DEVNAA CHRISTMAS HAMPER From the purveyors of the finest Indian-inspired chocolates in the UK, comes this luxury christmas hamper – full of delicious goodies for those with a sweet tooth. The hamper includes a Double Indian Sweets Tiffin, crammed with confectionary enrobed in chocolate.

All the products are suitable for vegetarians and alcohol-free.

Available from devnaa.com Price: £100

85

16/10/2013 14:28

SectionC_70-112.indd 86

AW 57-92.indd 67 80-100_AsianWealthSummer13.indd 96

16/10/2013 14:28

28/09/2012 13:14 01:29 15/07/2013

012 13:14 01:29 013

OnTheRoad

Panamera experience THE

AWM’s automotive expert spent the weekend driving the roads of London in the Porsche Panamera Diesel. Here, he gives us his opinion.

Photographs by Eyejogia.com Location: MayFair Hotel (London)

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 87

87

16/10/2013 14:28

by luxury in a subtle and tasteful way”

“You feel spoiled

SectionC_70-112.indd 88

16/10/2013 14:28

t

HE E’S A FAMILIA FEEL WHEN U LIMB INT THE ABIN of the new Panamera, even if four doors and luxury GTs are not what you’re used to from Porsche.

The first thing that struck me was that familiar low driving position amid the vast array of controls and instruments, including the trademark intersecting dials that suggests that you’re about to pilot something that has driver focus at its heart...that’s very Porsche indeed.

Second is the inimitable Germanic tactility, the slender yet robust controls at your fingertips that are in perfect proportion to the rest of the cabin. you can clearly see that 50 years of fine tuning and evolution of Porsche’s 11 has afforded the

SectionC_70-112.indd 89

OnTheRoad Panamera the benefit of that engineering pedigree not just on the surface, but under the skin too.

However, the next bit may not sound very Porsche-like it’s a Diesel. your disbelief is doubled when you hear how incredibly smooth and refined the 3.0-litre 6 engine is on ignition, the mild grumbling’ under the bonnet is more akin to a subdued petrol and the only two clues that it is indeed a Diesel are the modest 6000 PM redline on the centre dial, and the label inside the fuel filler cap that reminds you to only fill it up with the brown stuff. The 6 units 24 bhp may seem a little low for a car that weighs 1, 0kg but it’s the 0Nm of torque available from 1, 00rpm that defines the driving experience with its low and mid-range tractability. This delivers a linear surge of acceleration helped by an eight-speed automatic that is capable of near seamless changes not dissimilar to the best dual clutch systems out there and despite its brisk performance the Porsche has a

16/10/2013 14:28

One seat. 5 wheels.

Porsche Driver’s Selection Masterpieces.

Porsche Masterpieces are limited edition items designed and made with a no compromise approach to both development and quality. Whether it is an original 911 GT3 Cup spoiler that’s remodelled as wall shelving, or a Porsche 911 Sports Plus seat that is transformed into the one of the most commanding seats in the house.

Reengineering unique parts from our vehicles for a different purpose. By Porsche.

Discover more at www.porsche.co.uk/shop or visit your local Porsche Centre.

SectionC_70-112.indd 90

16/10/2013 14:28

theoretical 40-mile range from a 100-litre fuel tank It only takes a few corners, a straight or two and some (poor) British road surfaces to remind you that this is not just a luxury GT that has miles per gallon’ on its mind, but is in reality an incredibly agile and thoroughly enjoyable driver’s car despite its size, and the ride q uality so well resolved that the worst pock-marked roads in central London didn’t disturb the serenity inside the cabin when cruising. Nor did it unsettle the ride or composure of the car when you’re really pressing on. Add to this the fact that it rides on wide 20 inch wheels, shod with low profile rubber which on any other car would ruin the ride and dull the steering – not so in the Panamera. ou simply drop a gear using the shift-paddles on the steering wheel, aim the car at the apexes on your favourite B road with the perfectly proportioned steering wheel add a dash of throttle on the exit of the corner and the car responds with an urgency and accuracy that is both invigorating and reassuring.

On the straights, the turbocharged diesel unit will propel the Panamera from 0 – 60mph in 6. seconds, which is impressive given its weight, and will spin freely and smoothly reaching its peak torque before you’ve realised it, at which point you need to select the next gear to avoid a mild gruffness of the redline which is the third reminder that you are driving a diesel. If you have the gearbox set to auto mode, the car very kindly protects you from that reminder by shifting up before you reach the redline to keep the power delivery consistent and smooth.

The gearbox’s Sport’ button forces the box to hang on to gears for longer and sharpens the throttle responses and if allied to the optional Porsche Active Suspension Management (PASM) system fitted to our car, stiffens the suspension.

The steering is light at low speeds making manoeuvrability

in town enjoyable and simple, but feels heavier as you increase speed allowing you to consistently place the front of the car precisely and with confidence. The ability for the Panamera to change direction and handle like a car that’s much smaller is uncanny, and it flatters any driving style leaving those with basic driving skills feeling like a hero a real testament to Porsche’s dedication to producing cars focused on the driver and the driving experience.

t

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 91

The experience isn’t limited to the actual driving either the opulent cabin is a rather nice place to be, not just in its overall design and ergonomics, but in the way you feel when you’re in it. I don’t mean that it makes you feel imperious or pompous because of the kudos attached to the badge on the bonnet...far from it. ou feel spoiled by luxury in a subtle and tasteful way by the way you’re cocooned with how low you sit in the car, helped by a high transmission tunnel and the relatively slender dashboard, the prominent door sills, and the dark interior finish, a deep pile carpet and piano black inserts with aluminium trims on the dashboard.

This Porsche is specifically a 2 2 with deep rear seats, like those in the front seating your passengers below the line of the transmission tunnel, making for generous space in the rear and a snug fit for when you decide to demonstrate the depth of the Panamera’s abilities.

The build quality is everything you’d expect from Porsche from the way the controls are damped with their robust operation to the way the doors close with a satisfying thud. The climate control is particularly efficient, and the touch screen entertainment system, which combines a phone with a D player and a media centre, is simple and logical.

91

16/10/2013 14:28

H O L I DAY L I K E A

Greek God IN AMANZO’E

With the latest political ranglings going on, Greece may not spring to mind as the first place to look when booking luxury travel. However, Varun Sharma believes this island’s newest sumptuous resort is worth a second glance.

10

SectionC_70-112.indd 92

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:28

Travel

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 93

11

16/10/2013 14:28

12

SectionC_70-112.indd 94

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:28

THE HELI PTE FLIGHT F M Varun ATHENS’ INTE NATI NAL AI P T Sharma T THE AMAN ’E ES T – in a southwesterly direction to the tip of the Peloponnese peninsula – takes just 2 minutes. From the sky, one flies over dozens of mansions complete with crystal-blue swimming pools and allweather tennis courts, seaside villas with yachts at the end of private jetties and smart, luscious glass apartment buildings that glisten in the Greek sunshine.

From the sky, there is no sign of financial distress. From the sky, Greece looks like an affluent and prosperous country.

We know this not to be true – so it’s even more remarkable that Amanzo’e was planned, built and opened during the country’s most tumultuous period since World War Two. Since opening in August 2012, and set in 23 acres of prime

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 95

land close to the affluent seaside town of Porto Heli, Amanzo’e has swiftly risen to the top of the “Mediterranean Luxury Resort” rankings.

This is the developer, Aman esort’s, third adventure in Europe and the most high profile, because of its location. Aman partnered with Dolphin apital, an Athens-based investment firm, to produce a very “Greek” property.

Set on a hill overlooking the Aegean Sea, Amanzo’e boasts an Acropolis of its own – and features 2 exquisite columns – the cloak is that of a classically-designed Greek temple, the body underneath is Greece’s most luxurious resort.

Amanzo’e means “peaceful life” – an amalgamation of Sanskrit and Greek words and the resort lives up to its moniker.

With only 3 pavilions (suites) and a handful of private villas

95

16/10/2013 14:29

Ajala Spa Advert-Asian Wealth Mag.pdf 1 10/15/2013 4:24:10 PM

Awaken your senses and feel energised once more...

Ajala Spa is an urban sanctuary offering ancient traditional treatments from around the world within calm and serene surroundings.

C

M

Y

CM

MY

CY

CMY

K

Asian Wealth Magazine Special Reader Offer

20%

off any treatment

Please quote AWM13 when booking

T: 020 7074 1030 | E: info@ajalaspa.co.uk 10 Godliman Street, London EC4V 5AJ www.ajalaspa.com Valid until 30th November 2013, cannot not be used in conjunction with any other offer.

SectionC_70-112.indd 96

16/10/2013 14:29

IN ASSOCIATION WITH PREMIER

THINK PARADISE ON EARTH For some of the most luxurious escapes imaginable, think of the Indian Ocean islands: Maldives and Mauritius.

Uniquely placed, these islands are home to some of the friendliest people.

– all with plunge or swimming pools – privacy is guaranteed.

In truth, the locals would not care if Tom ruise or Will Smith were in-residence, they are extremely laid back and the only stars they worship are the ones in the sky.

From the Acropolis, you can see ten shades of blue in the sea and it is a five-minute drive to the resort’s own beach club on the Korakia Beach. Here you can engage in water sports, sit by the pool and do nothing, or jump onto one of the speed boats on offer to explore the neighbouring island of Spetses and Hydra.

I studied Ancient Greek at school and the area is filled with interest. The amazing theatre in Epidaurus, the beautiful old capital city of Greece – Nafplio, and the Fortress at Mycenae are all within an hour’s drive from the resort. Even if education is not your thing, Greece is the cradle of modern civilisation and the sites around Amanzo’e should be on your bucket list.

Greece is one of Europe’s top travel destinations, and yes, there are pockets of decent luxury accommodation but now with Amanzo’e, the country can boast one of the finest resorts on the continent.

THE HIGHS ● Just a short hop from the UK to Athens and then an even shorter skip to Amanzo’e ● o’e – the resident pooch – a glorious dog if ever there was one ● alming and peaceful atmosphere ● Superb spa ● Reassuringly expensive ● Tasty local and international cuisine ● Privacy guaranteed ● The locally produced olive oil – adds years to your life ● Faultless and genuine service ● The Acropolis – 200 metres above sea level THE LOWS ● Guilt ● The five minute car journey to the Beach lub ● The intense blood-boiling summer heat ● Not very family-friendly (unless in private villa) V arun Sharma is the host of I nside Lux ury Trav el – a telev ision show on the Trav el C hannel that focuses on high- end trav el.

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 97

T

HE MALDIVES, WITH DEEP BLUE SEAS and white sandy beaches, consists of 1,190 coral islands which encircle turquoise lagoons. About 200 islands are inhabited with sights and cultures to discover. The coral reefs are a major attraction of the islands and can be discovered by boat tours, snorkelling or diving. Our recommendation is the Taj Exotica Maldives, voted number two out of the “Top 100 Hotels & Resorts in the World” by Conde Nast Traveller Reader’s Awards 2012. This resort does not believe in selfserving buffets as they like to spoil their guests, every meal is á la carte and offers a range of delicious cuisines. Great for honeymooners.

Mauritius – known as the pearl of the Indian Ocean, offers perfect sunny weather most of the year. As well as the amazing lagoons and coral reefs there are sightseeing hotspots such as the bustling markets of the Goodlands, and for nature lovers, Casela Bird Park. Our recommendation is Lux Grande Gaube, a 5-star beach hotel with stunning ocean views and unparalleled natural beauty.

For any assistance please call the Brightsun Travel Tours team on 0208 819 0486.

Brightsun Travel offers a price match promise on worldwide flights and holidays so you will get the best deals.

97

16/10/2013 14:29

London’s Award-winning Independent Hotels

17 London locations 2000 luxury guest rooms and suites 2000 plus capacity in state-of-the-art conference and events spaces Awarded Best Small Hotel Company - Business Travel Awards 2013 T: +44 (0) 20 7233 7888 | E: reservations@grangehotels.com www.grangehotels.com @grangehotels

SectionC_70-112.indd Grange Hotels.indd 1 98

16/10/2013 14:29 10/15/2013 2:54:29 PM

2:54:29 PM

IN ASSOCIATION WITH CHIVAS REGAL

When it comes to entertaining corporate clients, it’s important to observe three simple ideals – generosity, brotherhood and luxury.

(corporate) THE ART OF

ENTERTAINING

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 99

99

16/10/2013 14:29

f

ROM FORMAL FINE DINING AND BLA K TIE ASI NS to relaxed conversations over cocktails – clients will look for, and appreciate, a generosity of spirit, a prestigious atmosphere and a feeling of fellowship that speaks of future good relationships both in and out of the boardroom which is why it is key to carefully select a brand that embodies these ideals, aligning their rich heritage and prestige with your own.

Since 1909, when it was launched as the world’s first luxury blend, hivas 2 -year-old has been the drink of choice for serious whisky aficionados. Not only is it incredibly rare to come across a 25-year-old blend, luxury blends are in fact designed to suit the taste of a wider range of people, ensuring complete satisfaction, no matter how discerning your client’s palates may be.

An incredibly smooth and velvety whisky with notes of peach, orange and almond, hivas 2 -year-old lends itself perfectly to fine dining food pairings in particular the vibrant and uniq ue flavours of Asian cuisine. The hivas paired tasting menu at Atul Kochhar’s legendary Benares restaurant, perfectly demonstrates the affinity between the flavours and will leave your clients feeling suitably satiated and hungry to know more about the versatile hivas blends. hivas 1 -year-old also fits into the luxury category alongside its elder counterpart, but it has a much richer flavour profile, with notes of dark chocolate, buttery toffee, coffee and dried fruits.

Wonderful as an after dinner digestif, hivas 1 is the perfect match for many uban cigars – the rich Speyside style whiskies harmonise beautifully with the powerful uban tobacco.

London is lucky to play host to several venues that evoke the halcyon days of relaxed corporate entertainment, including the luxury confines of Hawksmoor, Boisdale and Gaucho. As well as serving the finest steak in the capital, they all boast private dining rooms,

100

SectionC_70-112.indd 100

Chivas has been part of corporate entertaining since 1909

A s i a n We a l t h M a g . c o . u k

16/10/2013 14:29

IN ASSOCIATION WITH CHIVAS REGAL

RECIPES The classic Regal Roy is a highly sophisticated drink and is the ideal suggestion for any social occasion.

CHIVAS REGAL ROY ● CHIVAS 12-YEAR-OLD (25ML) ● MARTINI SWEET VERMOUTH (25ML) ● ANGOSTURA BITTERS (2 DASHES) Serve over ice in a martini glass and finish with an orange peel

fantastic cocktail bars, cigar terraces and, in Boisdale’s case, great live jazz.

But most importantly, they are home to enviable whisky collections that include hivas 12-, 1 - and 25-year-old. hivas 12-year-old is regarded universally as the premium choice for the Modern Gentleman’. A stylish choice, hivas 12 year-old-demonstrates a sense of discerning taste and trend. hivas 12-year-old Made for Gentlemen’ is an annual series of collaborations with modern craftsman who share the hivas passion for style, heritage and craftsmanship. For 2013, hivas

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 101

has collaborated with Patrick Grant, creative director and owner of bespoke tailors Norton & Sons of Savile Row, to design the second limited edition for the series. As sartorially elegant as the whisky it houses, the Patrick Grant Made for Gentlemen’ Limited Edition tin is the ideal corporate gifting option that reflects the stylish, successful and generous spirit of the giver.

Made for sharing, hivas 12-year-old gives you the opportunity to increase your wealth of experience with others through the shared pleasure you find in the dexterity, passion and heritage that goes into blending this unique whisky.

On the other hand, you could try using the Chivas 18-year-old to make Blood and Sand – a universal drink that’s perfect for everybody whether you’re male or female.

CHIVAS BLOOD AND SAND ● CHIVAS 18-YEAR OLD (25ML) ● FRESH ORANGE JUICE (25ML) ● CHERRY HERRING LIQUOR (25ML) ● ANTICA FORMULA (25ML) ● ORANGE ZEST Serve over ice in a martini glass

101

16/10/2013 14:29

Event Design | Decor | Production

MEVENTS.CO.UK

SectionC_70-112.indd 102

16/10/2013 14:29

Mistique Events is one of the UK’s leading creative event companies.

Specialising in event design, decor and production. Our services range from Lighting, draping, staging, AV displays to complete event management.

Our range of services are designed to tailor make special events from start to finish, meeting particular requirements and budgets without compromise.

From an intimate celebration to a themed banquet for thousands, we are passionate and dedicated to creating a truly unique experience that will take your breath away... in fact, the only limit is your imagination...

To arrange a meeting please contact our sales team on 0208 664 1133. Alternatively visit our interactive website at mevents.co.uk

SectionC_70-112.indd 103

16/10/2013 14:29

SectionC_70-112.indd 104

16/10/2013 14:29

1

Events 1 Nish Kotecha (ABA Chairman) with London Mayor Boris Johnson; 2 Lord Gulam Noon with Punam Kumar; 3 Guests arrive for registration; 4 Tony Singh, Tony Matharu, Peter Bishop; 5 Boris Johnson, Dr Rami Ranger, Deepak Kuntawala

2

LONDON CHAMBERS ASIAN BUSINESS ASSOCIATION DINNER WHEN: 10th September 2013 WHERE: Grange St Paul’s Hotel GUEST SPEAKER: Boris Johnson, Mayor of London.

The London Chamber of Commerce Asian Business Association (ABA) dinner brought together more than 300 guests to network and enjoy

the entertaining spiel of its keynote speaker, Boris Johnson, this past September. The annual dinner, attended by representatives from a range of industries, heard the views of the London Mayor on the character of Asian business and the contribution it makes, not only to London, but the whole of the UK.

4

3

PHOTOGRAPHS COURTESY OF DAMIANWALKER.COM

5

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 105

105

16/10/2013 14:29

ACCIDENTS CAN CHANGE LIVES – CHOOSE THE BEST SOLICITOR

Accidents can happen to anyone, at work, on the road or even when in hospital. When you suffer because of someone else’s negligence you need the right legal representation to help with your recovery and your claim for compensation. At Levenes Solicitors, our dedicated legal team headed by the award winning Mr Mitesh Patel Partner/ Solicitor can help you recover loss of earnings, medical expenses, care and assistance following an accident.

If you or someone you know has suffered a serious accident or injury contact us now, our nationwide presence means that we can visit you at your home and our database of specialist experts are at hand to provide key reports to assist your claim and ultimate recovery. We recover millions of pounds in compensation each year for our clients.

An accident is an something you cannot do anything about, but choosing the right solicitor to help you win your case, is in your hands. Call Now.

MITESH PATEL PARTNER Winner of: Best in Legal Services (British Indian Awards 2013) Lawyer of the Year (Asian Achievers Awards 2013) Email: mpatel@levenes.co.uk

SectionC_70-112.indd 106

www.levenes.co.uk Direct dial: 0208 826 1375

16/10/2013 14:29

Events

1 3

2 4

1 London Chambers team; 2 Boris Johnson addressing guests; 3 VIPs seated at the head table; 4 London Mayor, Boris Johnson with members of the ABA and London Chambers team; 5 Tarun Ghulati with guest; 6 Dr Rami Ranger with guests

5

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 107

6

107

16/10/2013 14:30

The Sethi Partnership Solicitors

‘Together we are in partnership with our clients’ Proprietor and Partner Ritu Sethi Author of “Having it all NOW” book on work life balance.

Services - Commercial & Residential

- All Immigration Matters

- Conveyancing & Leases

- Employment Law

- Matrimonial, Divorce, Childcare & Crime

- Business Start-Up advice

- Probate, Wills & Affairs of the Elderly

- Commercial Litigation & Landlord and Tenant matters

- Personal Injury & Medical Negligence The Barn House, 38 Meadow Way, Eastcote, Ruislip, HA4 8TB | T: 0208 866 6464 | E: info@sethi.co.uk

www.sethi.co.uk

SectionC_70-112.indd 108

16/10/2013 14:30

Events

PRATHAM UK GALA

PHOTOGRAPHS COURTESY OF PRATHAM UK

To celebrate 100 years of Indian cinema, and to raise funds for india’s largest NGO, Pratham, many from the Asian community attended the ARTiculate gala ball.

Attended by those in the arts, such as film director Gurinder Chadha and actress Preeya Kalidas, Bollywood designer Manish Malhotra’s special collection to commemorate 100 years of Indian cinema blew away the audience with the flamboyance in colour, pattern and design. The highlight of the night was the catwalk of leading Indian actresses Esha Gupta and Bipasha Basu.

Proceeds from ticket sales and an exclusive live auction will go towards the Pratham Institute, which focuses on providing young people with the employability skills needed to address India’s growing need for skilled manpower.

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 109

105 109

16/10/2013 14:30

LINKS LEGAL S O L I C I T O R S

LL

We’ve been helping thousands with the law, how can we help you?

ACCREDITED MEMBERS OF THE LAW SOCIETY’S CONVEYANCING QUALITY SCHEME 42 Redbridge Lane East, Ilford, Essex, IG4 5EX | Tel: 0208 551 0999 | Fax: 0208 551 2979 | Email: info@linkslegal.co.uk

WWW.LINKSLEGAL.CO.UK THE MARK OF EXCELLENCE FOR THE HOME BUYING PROCESS.

SectionC_70-112.indd 110

16/10/2013 14:30

Events

ASIAN MEDIA AWARDS The UK’s leading media professionals gathered as the full shortlist for the Asian Media Awards was revealed at London’s City Hall at the end of September.

Presenter and broadcaster Lisa Aziz hosted the night, she told the audience: “Asian media has come a long way, as have Asians in the media industry in the last two decades. With the growth in digital television, social media and the internet there are more Asians in the media industry at all levels than ever before.”

Also speaking on the night were judging panel members Sanjay Shabi of Mediacom and Shamim Chowdry of Al-Jazeerah.

Categories include awards for radio, TV, events, journalism, blogging, and magazines. AWM has made the shortlist in the Best Magazine category, wish us luck in the finals, which take place on October 31st in Manchester.

PHOTOGRAPHS: SATY SINGH – STUDIO 4 PHOTOGRAPHY; BIG DAY PHOTOGRAPHY

Far left: Gary Lineker with Juggy D; Left: Amar Singh (recipient of the MEDIA Award on the evening) with wife Anjana Gosai; Below: Baljit Rihal – Founder of the Asian Football Awards

ASIAN FOOTBALL AWARDS From England internationals, top-flight superstars and representatives from some of the world’s leading football clubs, to unsung heroes and grass roots legends, the 2013 Asian Football Awards, which took place at Wembley Stadium on the 8th of October, were all about celebrating the positive impact made by Asians within the UK football industry.

Former England international Gary Lineker said he thought there has to be a lot of talent in the Asian community that should be explored and encouraged.

A s i a n We a l t h M a g . c o . u k

SectionC_70-112.indd 111

111

16/10/2013 14:30

UpcomingEvents ADVERTISERS INDEX Ajala Spa

96

Ajmere

38

Asian Awards 2014

IBC

Banham Concierge

22

Banham Group

48

Bi-fold Door Factory

76

British Asian Trust

58

Cartier

2, 3

Chivas Regal

IFC, 1

Currencies Direct

42

Devnaa

60

Digimax

104

DVK

12

Eye Jogia Photography

86

Grange Hotels

98

Haathee Group

28, 29

Hublot

20

Khubsoorat Collection

68, 69

KJ West One

72

KPMG

41

Levenes Solicitors

106

Links Legal

110

London Chambers ABA

80

Luxury Network

74

Luxury Property Show

75

May Fair Hotel

14, 15

Meridian Audio

24

Mistique Events

102, 103

National Bank of Punjab

62

NDTV

36

Net Jets

26

Patek Philippe

OBC

Pinnacle Advisory Services

110

Porsche – Driver Experience

90

Porsche UK

6, 7

Premier (Bright Sun) Travel

94

Santoshi Designs

84

SecretSales.com

46

Sytner BMW

32

The Sethi Partnership

108

Trident Insurance

50

Unitech Group

56

Vertis Aviation

52, 53

SectionC_70-112.indd 112

● CITY HINDUS NETWORK AND UK-INDIA BUSINESS COUNCIL DIWALI DINNER Date: Friday 25th October 2013 Venue: House of Lords Dining Room The CHN and UKIBC will be hosting Diwali for the first time at the House of Lords, hosted

by Lord Dolar Popat and Jitesh Gadhia, Senior Managing Director at Blackstone, with 120 guests from both networks.

The focus of the event will be showcasing the CHN’s phenomenal growth over the past year and will be an opportunity for you to meet with senior Hindus in the City.

For more information: cityhindusnetwork.org.uk E: info@cityhindusnetwork. org.uk

● KPMG ANNUAL ASIAN FESTIVAL DINNER 2013

BY INVITATION ONLY Date: 29th October 2013 Venue: Jumeirah Carlton Tower (London) KPMG will celebrate its 10th Asian Festival Dinner in October. Guests will include over 200 of the most prominent members of the Asian Community in the UK coming together to celebrate Eid and Diwali. The dinner, which is a key event in the KPMG calendar, will take place in London.

● THE ASIAN WHO’S WHO AWARDS Date: 25th November 2013 Venue: The Dorchester (London) Since 1987, the Asian Who’s Who has chosen the ‘Asian of the Year’ award to recognise and honour the outstanding contribution by an individual to the Asian community. This coveted award has become well-established and respected amongst the community and the press. The award ceremony itself takes place at the annual book launch.

For more information: asianwhoswho.com T: (0)20 8550 3745

● THE SCOTTISH ASIAN BUSINESS AWARDS Date: (December 2013) Exact date TBC Venue: TBC The Scottish Asian Business Awards hosted by Oceanic Consulting, recognise the success and achievements of Scotland’s Asian business men and women. The event is now in its 8th year and has become a highlight of the Scottish Business calendar. It is attended by the biggest names in Scottish business and politics, this year will be no exception.

For more information: theasianbusinessawards.info/ scotland/

● THE SIKH AWARDS

● THE ASIAN AWARDS

Date: 9th November 2013 Venue: London Hilton (Park Lane) Brainchild of Navdeep Singh Bansal, founder of The Sikh Directory media organisation, the awards recognize the special contribution Sikhs have made worldwide in the fields of business, sport, entertainment, charity, media, service and education.

For more information: sikhawards.com E: info@sikhawards.com

Date: 4th April 2014 Venue: The Grosvenor House Hotel (London) Having previously celebrated the achievements of individuals of South Asian origin only, the event will now include nominees from across the Asian continent, considering those with origins in China, Japan, Korea, Malaysia, Indonesia, Singapore and other East Asian countries for the trophies.

For more information: theasianawards.com

16/10/2013 14:30

AA full page ad_Layout 1 20/08/2012 22:56 Page 1

APRIL 4, 2014

Join global and political leaders, sporting stars, music legends, business tycoons, television and film celebrities for the ultimate celebration of Asian excellence 3 287 3999 OR VISIT WWW.THEASIANAWARDS.COM For commercial opportunities email the Asian Awards team info@theasianawards.com AW_CoverAutumn2013withAds.indd 3

16/10/2013 10:33

AW_CoverAutumn2013withAds.indd 4

16/10/2013 10:33