The appointment, by a professional Deputy, of an asset manager with whom the Deputy had a direct financial relationship was voidable because of an actual conflict of interest (Irwin Mitchell Trust Corp v PW)

Article summary

Private Client analysis: Irwin Mitchell’s trust corporation are appointed as Deputy in a substantial number of cases. In a significant proportion of those Deputyships they have appointed as asset manager, Irwin Mitchell Asset Manager (‘IMAM’). IMAM is within the Irwin Mitchell group. The funds under management by IMAM exceed £1bn. It is likely that other law firms and investment advisers have adopted similar practices, appointing asset managers owned by them or with whom they have a direct financial relationship. The court considered whether, in the case of PW, the appointment gave rise to an actual conflict of interest and whether the process by which IMAM was appointed avoided that conflict of interest. It also considered whether the practice of appointing connected asset managers had become approved by the Court or the Office of Public Guardian...