From the squash court to the boardroom, Simon Denton has always played to win. With a career spanning over three decades—and a CV that reads like a greatest hits of international private client services—Simon has helped shape Sovereign’s global footprint, building bridges between onshore and offshore from Gibraltar to London. We chat to Simon to talk sport, strategy, and the surprising parallels between coaching a national team and leading a business.
- You must have seen the international tax planning, trustee, and corporate services industry change a great deal over the last 30 years. How do you think Sovereign has adapted, and where do you see the industry heading?
The founding subsidiary of our global Group, still remaining our HQ is Gibraltar. When Sovereign Gibraltar was established in 1987, the trend throughout the 1980s – and well into the 1990s – was to focus almost exclusively on offshore trustee and corporate services. Back then, we promoted our offering through fully staffed operations in key offshore centres such as Gibraltar, the Isle of Man and Grand Turk. It was also around this time that our Chairman and founder, Howard Bilton, moved from Gibraltar to launch what would become our sister headquarters in Hong Kong – a move that has played a major role in shaping Sovereign’s success story.
In the early 1990s we very much welcomed the regulation of our industry, which to some extent was underregulated prior to this period. We became one of the first trust companies to be regulated in Gibraltar, which actually caused a number of our competitors to close or be acquired due to costs and other challenges.
Sovereign enjoyed considerable expansion throughout the 1990s, with a focus on creating fully managed – and, where appropriate, regulated – client service centres in key jurisdictions such as the Bahamas, Guernsey and Singapore. However, in light of the OECD’s growing scrutiny and their increasingly critical stance towards offshore finance centres, we took the strategic decision to broaden our footprint into mid-shore and onshore jurisdictions. These were not only more commercially friendly but also less likely to come under OECD fire. More importantly, we recognised the value of offering both intermediaries and end clients a broader, more flexible range of jurisdictions for establishing trusts and corporate structures.
We went on to establish subsidiaries in the UAE, Bahrain, Cyprus, Malta, Mauritius, Switzerland which resulted in our Group becoming one of the largest, independent organisations offering global corporate client services complementing the international tax planning, asset and wealth protection needs of private clients whilst being able to address the international requirements of an SME and larger corporates.
Complementing the referenced services, we became rather expert, especially in Guernsey (thereafter Malta and Gibraltar) in establishing pension trustee services, highly relevant to international mobile families who could move their domestic pension fund into an international pension arrangement, enabling Sovereign to meet the growing demand of international retirement provisioning. This led us to become a leading light in the pension services industry, which perhaps was never a plan that we thought about when we first established some 38 years ago.
This expansion approach enabled clients of all kinds to be serviced globally whilst relying on services being offered within the vicinity of where they were actually resident. A welcomed approach compared with many other trustee companies only offering 2 or 3 offshore jurisdictions.
I physically moved from Gibraltar (offshore) where I started my career in 1990 relocating to the UK (onshore) to establish our London based subsidiaries.
- Working across multiple jurisdictions, what insights can you give us about managing complex international legislation, and how this can help guide clients?
Sovereign consequentially became a force to be reckoned with due to now having over 23 subsidiaries located in the world’s leading offshore, mid-shore and onshore financial centres – including Qatar, Saudi Arabia and South Africa. This global reach allows us to create onshore client arrangements complemented by mid-shore and/or offshore structures, and, where appropriate, trusts. The result? Structuring that is commercially viable, acceptable to third parties, and capable of delivering robust wealth and asset protection, compliant tax planning and, importantly, succession, estate duty and inheritance tax solutions.
- As someone with a unique blend of professional expertise and personal passions – sports mind coaching, international refereeing, squash and cycling – how do you think these experiences shape your leadership style and approach to problem-solving?
I personally would find it a disadvantage in not being able to rely on a non-working outlet and I can submit with actual conviction that my involvement in the world of sport has assisted me to shape and to be successful in the career that I have enjoyed for the past 4 decades. Enjoying multiple outlets is highly complementary to mental and physical health, for the latter, taking time out to participate in sports and at a decent level has majorly contributed to my success and the overall enjoyment sustained in my career to date.
My 2 children participate in high level rugby, cricket and basketball and I take personal satisfaction in giving back to their clubs that will hopefully cause them and their team mates to be better and successful persons, especially through their educational and future young lives.
The world of sport facilitates relationships and there is an intrinsic link between sport and business. I contend that without being involved in sport I will not be as commercially as competitive, would not go the extra mile for the Group I represent, the clients we serve and I would be less successful than I have been throughout my career.
In view of being a professional squash player when I turned 21, to also being appointed as a national coach, which culminated in connecting me with the industry that I have been a part of since 1997, remaining involved with sporting interests and associated outlets has given me the drive and determination to succeed in this industry and the same is very much on point in regard to leading from the front, especially being the MD of our UK subsidiaries, managing an eclectic and successful team.
- You’ve lectured and spoken at financial services conventions worldwide. What advice would you give to businesses looking to expand internationally or to private clients navigating global tax complexities?
Seek initial advice from chosen, known and trusted professionals.
Be realistic with budgets, plans of expansion and one’s objectives in moving elsewhere, whether this be as a family and/or a corporate.
Macro levels of choice are available compared with the past so there is a need to undertake conscientious and detailed research but make sure that Sovereign are approached to offer and share relevant client experiences, accumulated in servicing individuals, families and corporates for over 38 years. Our practical experience and expertise can quickly be placed at ones disposal, especially to appraise interested parties of the time frame, budget, potential areas of challenge, and to convey the benefits of a tailored strategy regardless of one’s situation.
- Sovereign is known for combining global reach with personalised service. What do you think makes the Group stand out, and how do you feel your team contributes to this success?
With old-fashioned values and a renewed focus on customer service Sovereign has earned the respect and recognition of practitioners, intermediaries and private clients globally. We continue to provide value for money, continue to adapt, evolve and ensure that every client, regardless of size, importance, ambition or wealth, is treated equally by staff and management, many of whom have enjoyed progressive careers with Sovereign from when we started 38 years ago.
