"Summed up as efficiency with a personal touch."Legal 500 2018
"Always provides a professional and joined-up approach to client services."Legal 500 2017
"The team exhibits strength and depth of knowledge, and overall they demonstrate an excellent understanding of the full range of non-contentious trust matters."Chambers 2019
International Private Client
Our dedicated international private client practice provides specialist trust, foundation and related corporate law advice to individual and institutional clients and is recognised by the major legal directories as being a top tier practice. International law firms and accountancy practices consistently choose to work with us on cross border projects that require specific legal advice in regards to the jurisdictions in which we operate.
The expert members of the team are able to advise and assist with the entire lifecycle of the private wealth structure from formation onwards. We specialise in delivering a flexible and agile approach reinforced with solid service and consistent quality to meet our clients' specific requirements. Our expertise not only encapsulates non-contentious and advisory work but together with our contentious team we are able to provide our clients with a seamless service to help with all eventualities that they may encounter.
The team’s client base includes trustees, fiduciaries, family offices, settlors, beneficiaries and their advisers. All our clients benefit from our specialist expertise and ability to provide creative solutions set against the backdrop of an ever changing environment whether it’s in the provision of regulatory assistance to a professional trustee or working with a family office on the migration of a foundation.
We have a proven track record in advising in the increasingly important area of private wealth philanthropy. Using our pragmatic approach underpinned with expert knowledge we advise many clients from high net worth individuals to trustees and intermediaries on the most appropriate structures to enable their pursuit of philanthropic giving.
Our expertise includes:
- Trust and ancillary deeds
- Guernsey and Jersey foundations
- Family offices
- Private trust companies
- Charitable and non-charitable purpose trusts
- Trust disputes
- Legal opinions
- Family partnerships
- Conflicts of law
- Corporate advice to underlying structures
They have a very strong reputation and a lot of experience. They are one of the go-to firms, with the broadest range of experience in trust matters. They are an obvious choice.Chambers 2017
Top-class service throughout the firm, they go the extra mile.Chambers 2018
Always provides a professional and joined-up approach to client services.Legal 500 2017
Two new pieces of Cayman Islands ("Cayman") legislation have introduced important new obligations for trustees of Cayman trusts and Cayman trust companies. There are new obligations on trustees to keep records on those connected with the trust (including se...
The Guernsey Financial Services Commission has released important guidance for private trust companies and licensed fiduciaries who administer them. The clarity and simplicity of licensing exemptions will be welcomed news for local industry and those lookin...
The new Cayman Islands Trusts (Amendment) Law 2019 will bring welcome amendments to enhance the existing Cayman regime under the Trusts Law (2018 Revision) (‘Trusts Law’). It has been passed and will come into force on 14 June 2019.
The guidance notes on Jersey's international savings plans ("ISPs"), which were published by the Comptroller of Taxes on 22 May 2019 provide further details on how such plans should be established and operated. Because the ISPs are intended to be flexible,...
On 22 May 2019 the Taxes Office in Jersey released guidance notes on a new savings vehicle called the International Saving Plan ("ISP").
Andrew Miller has joined Solomon Harris, part of Bedell Cristin, in the Cayman Islands as partner and head of Cayman’s International Private Client practice.
Bedell Cristin has been shortlisted for Offshore Law Firm of the Year at the WealthBriefing European Awards 2019.
Jersey has introduced a new savings vehicle called the International Savings Plan ("ISP") which will attract more multinational employers on to the Island. ISPs will offer more flexibility to employers than traditional pensions or share plans.
Partner Edward Bennett has been named on eprivateclient’s 50 Most Influential list, an annual initiative which identifies and recognises those at the pinnacle of their profession.
For the first time, the Court of Appeal ("CA") has considered the rectification of trusts in Jersey and expanded the long-standing three stage test with a new seven stage test in B and C v Virtue Trustees (Switzerland) AG and Ors re The C Trust JCA219...
This week the States of Jersey has approved a new International Savings Plan (ISP) regime. Nancy Chien (Bedell Cristin partner and chairman of the Jersey Pensions Association) has been instrumental in shaping the new legislation and explains the benefits o...
Bedell Cristin senior associate in Singapore, Craig Paynter, has qualified as a Trust and Estate Practitioner and been admitted as a full member of the Society of Trust and Estate Practitioners (STEP).
For the first time, a financial institution in Jersey has been sentenced in the Royal Court for the offence of intermeddling under the Probate (Jersey) Law 1998 ("the Probate Law"). This article explains the lessons to be learnt.
Bringing you a brief explanation of sanctions, how Jersey currently deals with them and the reasoning behind a proposed new Jersey Sanctions Law. If you need further advice or help on anything mentioned, please do not hesitate to get in touch with us.
The Jersey Financial Crime Strategy Group of the Government of Jersey has published a consultation paper entitled the "Implementation of the 2012 FATF Recommendations on Anti-Money Laundering and Countering the Financing of Terrorism - proposed revisions to...
Edward Bennett, Partner and head of Bedell Cristin's International Private Client practice has worked in partnership with Jersey Finance to produce a private wealth thought leadership report named Flourishing Futures: Making Succession a Success.
Jasmin Semlitsch, a senior associate at Bedell Cristin, has been named on eprivateclient’s Top 35 Under 35.
Bedell Cristin Senior Associate and Chair of the STEP Jersey Branch, Henry Wickham, is attending the STEP Global Congress, which takes place this year from the 13-14 September in Vancouver, Canada.
International Private Client lawyer, Henry Wickham, has been recognised in Legal Week's Private Client Global Elite 'Ones to Watch' 2018 list.
Two of our experienced private client lawyers, Alasdair Davidson and Zillah Howard, are included in the Private Client Global Elite list 2018.
Henry Wickham, a Senior Associate at Bedell Cristin, has been appointed Chair of the Jersey branch of STEP. STEP is the global professional association for practitioners who specialise in family inheritance and succession planning. STEP has over 20,000 memb...
Private client lawyers Nancy Chien and Henry Wickham have been shortlisted in the Citywealth Future Leaders Awards 2018.
Bedell Cristin partner, Zillah Howard, has been named 'Best in Trusts & Estates' in the Euromoney Legal Media Group's Europe Women in Business Law Awards 2018.
AIJA, the International Association of Young Lawyers, is hosting its 2018 Family Office conference in Jersey. AIJA is the only global association devoted to lawyers and in-house counsel aged 45 and under. However, you do not need to be under age 45 nor a me...
Bedell Cristin Senior Associate, Jasmin Semlitsch, has been named as one of the 2018 eprivateclient Top 35 Under 35s in the Channel Islands. This initiative is designed to identify, recognise, promote and introduce the islands' rising stars of the private c...
The Government of Jersey has agreed a series of amendments to be made to the Trusts (Jersey) Law 1984. These are contained within the Trusts (Amendment No.7) (Jersey) Law 2018 which will be brought into force on 8 June 2018.
AIJA will host a family office conference from 12-14 July 2018, open to AIJA members and non-members alike. The event is expected to attract attendees from across the UK and offshore jurisdictions; it is targeted at family offices, providers of family offi...
On 5 April 2018, the OECD released the Second Edition of the CRS Implementation Handbook. This helpfully contains an extensive section on the treatment of trusts in Chapter 6, which will hopefully provide some much needed guidance for practitioners where an...
The Government of Jersey has agreed a series of amendments to be made to the Trusts (Jersey) Law 1984. These are contained within the draft Trusts (Amendment No.7) (Jersey) Law 201- and are expected to be brought into force during 2018, subject to Privy Co...
Bedell Cristin has appointed Craig Paynter as a senior associate in the firm's Singapore office. Craig is an experienced private client and corporate lawyer and joins Bedell Cristin from Gowling WLG where he was the principal associate in the Singapore pri...
With effect from 1 May 2018, it will be possible to register a charity in Jersey.
Bedell Cristin partners Zillah Howard and Nancy Chien are recognised on this list.
Senior Associate at Bedell Cristin, Henry Wickham, has been recognised at the annual Citywealth Future Leaders Awards as the Gold Award winner in the ‘Lawyer of the Year IFC - Associate’ category for the second consecutive year.
Bedell Cristin partners Nancy Chien and Kristian Wilson are attending STEP Asia Conference in Singapore, 7 - 8 November 2017.
The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (the "Law") came into force on 15 August 2017.
Bedell Cristin Jersey and Guernsey have been shortlisted for 'Law Firm of the Year' in the Citywealth IFC Awards 2018.
There has been a great deal of activity across the Channel Islands because of the pending introduction of the European Union’s General Data Protection Regulation (GDPR).
Two of our experienced private client lawyers, Alasdair Davidson and Zillah Howard, are included in the re-launched Legal Week Private Global Elite.
Bedell Cristin is a finalist in two categories of the prestigious STEP Private Client Awards 2017/18.
Bedell Cristin partner Zillah Howard is the only lawyer from the Channel Islands shortlisted in the ‘best in trusts and estates’ category at the annual Europe Women in Business Law Awards 2017.
Bedell Cristin has been shortlisted for ‘Offshore Law Firm of the Year’ in the prestigious annual awards organised by The Lawyer.
Bedell Cristin has been awarded the Offshore Client Service Award at the prestigious Chambers Europe Awards.
Zillah Howard will sit on the panel at the forthcoming Jersey Finance Private Wealth Conference, titled A New Harmony, taking place on Tuesday 16 May in London.
Bedell Cristin has been shortlisted in the International Law Firm of the Year category of the Citywealth Magic Circle Awards 2017.
Three Advocates from Bedell Cristin, Rebecca McNulty, Laura Hendrick, and Richard Laignel were recently sworn in at Jersey’s Royal Court.
Two Bedell Cristin partners are panellists at forthcoming international trust conferences, the largest staged in the Channel Islands
Senior Associate, Henry Wickham, has been named a Gold Award winner in Citywealth’s Future Leaders Awards announced at a prestigious ceremony in London.
Two of our leading private client lawyers have been shortlisted in the Citywealth Future Leaders Awards 2017.
Nancy Chien, a Partner in the firm’s Private Wealth and Fiduciary group and Henry Wickham, a Senior Associate in the same group, have been named on a list of young professionals under the age of 40 identified as among the most talented working in the privat...
The management buyout of Bedell Trust has completed following regulatory approvals. As a result, Bedell Cristin is now a wholly separate business to Bedell Trust.
Bedell Cristin has appointed Advocate Kate Ovenden as the new Managing Partner of its award winning Guernsey office.
Bedell Cristin partner, Zillah Howard, has been named ‘Best in Offshore’ for the fifth consecutive year in the Europe Women in Business Law Awards organised by Euromoney Legal Media Group.
Zillah Howard will sit on the panel at the forthcoming Jersey Finance Private Client Conference
Protectors feature regularly in Jersey trusts, being appointed by settlors as a means of ensuring that there will be some element of control over the exercise of the trustees' powers.
Further to our briefing note "The Common Reporting Standard: draft Jersey legislation released" dated November 2015, the Chief Minister's Department has published draft guidance notes dated February 2016 ("Guidance Notes") which provide guidance on the impl...
Two of Bedell Cristin's lawyers have been recognised for their high academic achievements in 2015.
The draft Taxation (Implementation) (International Tax Compliance) (Common Reporting Standard) (Jersey) Regulations 201- (the "Regulations") were lodged au Greffe on 13 October 2015.
In a recent decision of 23 September 2015, in the matter of the Piedmont Trust and in the matter of the Riviera Trust  JRC 196, the Royal Court in Jersey examined the extent of the duties of a person exercising a power to appoint trustees and protecto...
Bedell Cristin is the only offshore firm to have a practitioner featured in the list of the ‘Top 35 Under 35’ published this week by the leading private wealth publishing group, eprivateclient.com (Private Client Practitioner).
Nancy Chien has been appointed a partner of Bedell Cristin in Jersey.
Two Bedell Cristin partners were recognised as leaders in their field across Europe in the Europe Women in Business Law Awards organised by Euromoney Legal Media Group.
Bedell Cristin has been shortlisted in the prestigious STEP (Society of Trust & Estate Practitioners) Private Client Awards for 2015.
Bedell has been shortlisted in the ‘Offshore Law Firm of the Year’ category in the prestigious Asian Legal Business SE Asia Awards 2015 for the third consecutive year.
Bedell Crsitin has been shortlisted for a further industry awards adding to the accolades achieved to date this year.
Bedell Cristin partners have been shortlisted in the WealthBriefing European Awards 2015.
James Campbell will sit on the panel at the forthcoming Jersey Finance Private Client Conference
Bedell Cristin Guernsey has been named Offshore Law Firm of the Year in the UK Captive Services Awards 2015.
Bedell has been recognised in a number of industry awards.
In recent times, there has been a marked increase in the use of co-ordinated economic sanctions by the European Union, the United Nations and individual states against rogue states and organisations and, on a targeted basis, against specific individuals and...
The amazing tale of Mukhtar Ablyazov, a Kazakh oligarch alleged to have committed a multi-billion dollar fraud, was the subject of a seminar jointly hosted by Bedell Cristin and KPMG at the Pomme D'Or on 5 November 2014.
The Charities (Jersey) Law 2014 (the "Charities Law") is being brought into force on a staged basis, beginning today, as part of the Island's initiative to strengthen and develop Jersey's position as a centre of excellence for philanthropic wealth management.
The draft Charities (Jersey) Law 201- (the "Charities Law") received Privy Council approval yesterday.
Bedell Cristin is the only offshore law firm to have two practitioners included in the lists of the ‘Top 35 Under 35’ published this week by the leading private wealth magazine, eprivateclient.com (Private Client Practitioner).
The latest version of the Crown Dependency Guidance Notes to FATCA, which was released on 28 July 2014, has provided further changes to, and clarifications of, the obligations of Jersey Financial Institutions in respect of FATCA.
We are pleased to announce our membership of the World Services Group (WSG) representing both Jersey and Guernsey in the Channel Islands. We are looking forward to working with other member firms and developing our membership.
The Minister for Treasury and Resources announced major changes to Jersey's pensions regime as part of the 2015 Budget on 17 July 2014; draft legislation on those changes was lodged au Greffe on 18 July 2014 ("Draft Law").
The Companies (Amendment No.11) (Jersey) Law 2014 (the "Amendment Law") came into force on 1 August 2014.
The draft Charities (Jersey) Law 201- (the "Charities Law") was passed by the States Assembly (Jersey's government) today and is now awaiting Privy Council approval.
Today marks the fifth anniversary of the introduction of the Jersey foundation. Recognising the growing demand for foundations by the Island's increasingly international client base, the Foundations (Jersey) Law 2009 (the "Jersey Foundations Law") was brou...
The first updates in six years to guidelines aimed at local directors will be discussed at a seminar and book launch being held by the Jersey branch of the Institute of Directors (IoD) next month.
We are delighted to announce that, for the third successive year, Bedell Cristin partner Zillah Howard has been awarded ‘Best in offshore’ at the Europe Women in Business Law Awards organised by the Euromoney Legal Media Group.
The draft Charities (Jersey) Law 201- (the "Charities Law") has been lodged today for debate in July by the States Assembly (Jersey's government).
Bedell Cristin has been named ‘Offshore Law Firm of the Year’ at the Chambers Europe Awards for Excellence 2014.
Bedell Cristin is currently advising a number of trust companies and individuals in relation to requests under Tax Information Exchange Agreements ("TIEAs").
A partner of Bedell Cristin has once again been named among the top 50 most influential private client professionals by a leading wealth management publication.
Zillah Howard has been named among the top 50 most influential private client professionals by a leading wealth management publication for the second consecutive time.
On 8 October 2013, the tax policy unit of the States of Jersey issued a consultation paper entitled 'Tax rules applying to pensions and pension schemes' ("Consultation Paper").
Jersey's trusts legislation has been amended today to enshrine in statute the existing Jersey case law provisions in relation to mistake and Hastings-Bass.
For Russian and CIS clients wishing to establish a structure for the preservation of private wealth, Jersey represents a very attractive choice.
Bedell has two people from its legal teams recognised in the Citywealth Jersey’s future leaders list for 2013, more than any other Jersey firm.
On 9 October 2013, the Trusts (Amendment No. 6) (Jersey) Law 201-, the terms of which were summarised in our e-alert dated 17 July 2013 (please click here to review), was approved by the Privy Council.
Bedell is once again one of the sponsors at the STEP Asia Conference taking place at the Marina Bay Sands Hotel, Singapore on 13 - 14 November 2013.
Bedell Cristin Partner Zillah Howard has been invited to speak at the "Legal Week Private Client Forum 2013" taking place at Villa d'Este, Lake Como, Italy from the 31 October to 2 November 2013.
Zillah Howard, partner at Bedell Cristin, has been recognised in a list that identifies the top 100 women working in the global private client industry.
Jersey's government has approved an amendment to the Island's trusts legislation which will enshrine in statute the existing Jersey case law provisions in relation to mistake and Hastings-Bass.
Bedell Cristin partner Zillah Howard has been awarded ‘Best in Offshore’ at the Europe Women in Business Law Awards organised by the Euromoney Legal Media Group.
Bedell Cristin Jersey has recently recruited a new lawyer into its Private Wealth and Fiduciary group.
We are at a time of great transition in relation to the private wealth of international families. What is referred to as the Great Wealth Transfer will see significant values passing across the generations over the coming years.
The Foundations (Jersey) Law 2009 (the "Law") allows for the incorporation of Jersey foundations.
A decade since the introduction of the Foundations (Jersey) Law 2009 (the "Foundations Law"), the Jersey foundation has an established role in private wealth structuring. Key uses are for succession planning, as orphan structures for specific purposes, and ...
The Capacity and Self-Determination (Jersey) Law 2016 (the "Capacity Law"), which came into effect on 1 October 2018, has introduced lasting powers of attorney ("LPA") to Jersey. A Jersey LPA is a new instrument whereby a person (the "donor") appoints ano...
The Capacity and Self Determination (Jersey) Law 2016 (the 'new Law'), which came into force on 1 October 2018, radically alters the way in which mental health issues are dealt with in Jersey.
The Powers of Attorney (Jersey) Law 1995 (the "Powers of Attorney Law"), which came into force on 1 October 1995, effected a number of significant changes to the previous law on powers of attorney in the Island.
The Government of Jersey has agreed a series of amendments to be made to the Trusts (Jersey) Law 1984 (the "Trusts Law"). The amendments are contained within the Trusts (Amendment No.7) (Jersey) Law 2018 ("Amendment No.7") which will be brought into force o...
With effect from 1 May 2018, it will be possible to register a charity in Jersey. The Island's innovative system of charity registration: - offers two alternative categories of registration, with the choice impacting on the accessibility of information on ...
A private trust company ("PTC") is a useful vehicle to consider in the planning and establishment of trust structures for high net worth and ultra high net worth families. Rather than transferring assets to a service provider's professional trustee company,...
Non-charitable purpose trusts are expressly provided for by the Trusts (Jersey) Law 1984 as amended (the "Trusts Law"). Whilst the Trusts Law provides that a trust will be invalid to the extent that "it is created for a purpose in relation to which there is...
The Foundations (Jersey) Law 2009 (the "Law") allows for the establishment of Jersey foundations, and adds significantly to the structuring opportunities available to clients selecting Jersey as a jurisdiction for private wealth management purposes.
The Foundations (Jersey) Law 2009 (the "Law") allows for the establishment of Jersey foundations, and adds significantly to the structuring opportunities available to clients selecting Jersey as a jurisdiction for private wealth management purposes.
Guernsey's Policy and Resources Committee has recently submitted its proposals for the establishment of a register of beneficial ownership for consideration by the States of Guernsey at its sitting on 15 February 2017. Following consultation papers issued ...
This briefing formed the basis of a presentation delivered by Zillah Howard at the IBC conference "Challenging Fiduciary Decisions" held in London on 3 March 2016.
For Russian and CIS clients wishing to establish a structure for the preservation of private wealth, Jersey represents a very attractive choice. A British Crown Dependency, but not part of the United Kingdom, the Island has operated as an international fina...
The text of this briefing is limited in its application to Jersey companies. This is a complex area of law not easily summarised into short form. It follows that this briefing should in no way be regarded as exhaustive.
This briefing describes a remedy where a settlor or a fiduciary has made a transfer of property to a trust or where a trustee or fiduciary makes a decision that amounts to a mistake and in either case that transfer or that decision had adverse or unintended...
A "trust" is a legal arrangement which exists in many jurisdictions when one person (a "trustee") owns assets not for his own use and benefit but for the benefit of others (the "beneficiaries"). It is normal, but not essential, for a trust to be constituted...
Tax Information Exchange Agreements ("TIEAs") are international agreements which allow governments to exchange information relevant to their domestic tax laws and as provided for within the TIEAs. Jersey has entered into numerous TIEAs, in compliance with t...
In this briefing, we will provide a general summary of the key features of Guernsey foundations, including their creation and administration, and we will explore some of the issues which will be of interest to those considering setting up a Guernsey foundat...
A "trust" is a legal arrangement which exists in many jurisdictions when one person (a "trustee") owns assets not for his own use and benefit but for the benefit of others (the "beneficiaries"). It is normal, but not essential, for a trust to be constitute...
The Trusts (Jersey) Law 1984, as amended (the "1984 Law") has been the backbone of Jersey's success story as one of the private wealth jurisdictions of choice. Indeed, the 1984 Law has been used as the model for similar laws in other jurisdictions. The late...
Guernsey has a long and successful history in demonstrating its flexibility and pragmatism in reflecting and adapting to changes in world trade and commercial needs. Stretching back to the days of the "impôt" and merchant trading with the European continen...
This briefing provides an outline of the procedure for the incorporation of a Jersey company. Jersey company law is governed by the Companies (Jersey) Law, 1991, as amended (the "1991 Law") which came into force on 30 March, 1992 and repealed the earlier C...
This briefing outlines the distinctions between public and private companies in Jersey. The Companies (Jersey) Law 1991, as amended (the "1991 Law") provides for companies incorporated in Jersey to be either public or private.
In 2002, changes were made to the Companies (Jersey) Law 1991, as amended, (the "1991 Law") to enable a body incorporated in a foreign jurisdiction to move its place of incorporation to Jersey.
The Trusts (Amendment No.4) (Jersey) Law 2006 (the "Law") was registered on 20 October 2006 by the Royal Court and came into force on 27 October 2006. The Law introduces several important amendments to the Trusts (Jersey) Law 1984 (the "1984 Law") as highl...
This article by Zillah Howard, Partner considers the changes that have occurred throughout the world and within the private wealth arena during that time and analyses the continuing appeal of Jersey foundations as a structuring option for families across th...
Recognizing how personal and individualistic decisions in relation to philanthropy can be, Jersey is well placed to help philanthropists make the difference that they want to make, in the way that they want to make it. Written by Zillah Howard and published...
Zillah Howard, Partner explains why philanthropists from across the world are attracted to Jersey. Published in the Jersey Finance Trust Jersey publication - May 2018.
Zillah Howard, Partner, discusses why Jersey is the centre of choice for international philanthropy. Published in the Jersey First for Finance brochure 2018-2019.
When the Foreign Account Tax Compliance Act (FATCA) was first introduced by the USA, there was a degree of reluctance among some in the finance industry to engage with it - Nancy Chien discusses. Published in the Journal of International Tax, Trust and Corp...
Will foundations in Jersey draw upon jurisprudence in civil law countries, or will they develop separately, drawing parallels with the law and practice relating to trusts and companies? Zillah Howard, Partner discusses. Published in Trust & Trustees, Vol. 2...
Alasdair Davidson and Rupert Morris discuss the role of protectors in Guernsey trusts. Published in the STEP Journal - April 2017.
Putting the right structure in place for the right client is essential when advising wealthy clients from the Gulf explain James Campbell and Henry Wickham. Published in eprivateclient - December 2015.
Zillah Howard discusses Jersey: international centre for philanthropy, published in Jersey First for Finance.
Bedell Cristin partner Zillah Howard discusses Foundations: popular addition to structuring opportunities in Jersey, published in Women in Business Law Expert Guides.
An Offshore Perspective on How to Deal with Divorcing Beneficiaries. Published in PCB Issue 4 of 2014, Sweet & Maxwell.
Senior Associate, Nancy Chien says that significant changes are on the horizon for pensions in the Island. Published in JEP Law and Accountancy Review 2014.
Kerrie Le Tisser explains why non-charitable purpose trusts can be a useful tool for estate planning and wealth preservation. Published in Private Client Practitioner Guernsey Report 2014.
Henry Wickham, a solicitor in the international private client team, and the student liaison officer for STEP, explains many benefits of a STEP qualification - published in the JEP Careers & Employment Review December 2013.
Zillah Howard examines the opportunities for clients from Russia and CIS when investing in Jersey - published in Private Client Practitioner special review - September 2013.
Nancy Chien, senior associate in the Private Wealth and Fiduciary, examines the importance of not falling foul of HMRC when moving benefits in a UK pension scheme in Jersey - published in the JEP Business Review - 14 March 2013.