A London-headquartered wealth management firm that started out targeting US expats struggling to obtain financial services has spread its net wider – to the French.

A London-headquartered wealth management firm that started out targeting US expats struggling to obtain financial services has spread its net wider – to the French.

MASECO has identified that the estimated figure of around 120,000 registered French people living in the UK capital, out of an entire UK-based French group of about 400,000, represents a significant opportunity. “MASECO has realised that outside of large private banks, there are no wealth planning and investment management firms focusing on the French expat community,” it said in a statement.

As part of its move into the space, former Societe Generale managing director Karen Gabay, a French national living in the UK for 17 years, has joined MASECO to head up a desk focused on this area. The firm is actively seeking other financial professionals for this space, it told this publication.

“Bringing Karen on board allows us to expand and offer expert integrated French/UK wealth planning advice to the French community, leveraging off MASECO’s infrastructure and Karen’s seventeen years as a French expat,” James Sellon, managing partner of MASECO, said.

Even before the present socialist French government led by Francois Hollande came to power in May 2012 and brought in new taxes – including a top income tax rate of 75 per cent – it has been a regular talking point in the UK that the country is now home to a large expat French population. Many of such individuals are young professionals working in the capital’s financial sector, for example.

“French expats have the same hopes and fears as any other expat community in the UK. Where will they send their children to school/university? Will they be able to remain in the UK if the UK leaves Europe during the next Parliament? Where will they retire, Provence or Primrose Hill? How will they navigate earning in one currency and spending in another?” Gabay said.

MASECO was started in 2008 to focus on expat US citizens, a business area that has moved further into the limelight since the enactment of the controversial US tax compliance law on expats known as FATCA.