MASECO Turns Thirteen: A reflection on our journey so far

Written by Henry Findlater

“Learning is the only thing the mind never exhausts, never fears, and never regrets.” – Leonardo da Vinci.

MASECO Private Wealth was born in 2008 and, since then, the business has grown from four people to over 70 staff members, winning 21 awards and growing assets under management to over $2bn.

Josh Matthews and James Sellon, Managing Partners and Co-Founders of MASECO, started the US expat team at Citigroup in 2001. In 2008 the expat rules changed and, at that time, they realised that the large majority of the 250,000 American citizens living in the UK were required to fill out tax returns in the UK and the US, resulting in higher taxes, frustration and additional financial complexity. Financial planning and tax efficient discretionary investment management was called for, so they stepped out (of Citi) and set up MASECO.

James Sellon said of this change, “In 2008 US citizens did not know which way to turn – many were heading towards a ‘tax cliff’ (if they had spent seven years in the UK by April 2008) in which case they could have paid 50 percent tax on their US investment portfolio.”

Once Josh and James had spotted the wealth management opportunity, the solution was not immediate. When the nascent MASECO team started, they approached a mutual funds company, and it took them nine months to persuade them of the benefits of obtaining UK reporting status for their US mutual funds.

Over the years, these lessons and experiences proved invaluable, and every problem encountered provided MASECO’s ‘pioneers’ an opportunity for further learning and growth.

James comments, “we are all currently living through a period of enormous transformation where, without businesses demonstrating resilience and adaptability, it would be impossible for them to have survived the recent storm. Whilst the last 12 months have presented us with a number of challenges, like most organisations, MASECO’s journey to success hasn’t been without struggles, and this isn’t the first difficulty we have encountered. From the global financial crisis to a worldwide pandemic, we have consistently demonstrated resilience and our ability to resolve problems, with all the lessons learnt shaping us into the business we are today.

Moreover, with a central focus on our clients’ needs and delivering an impeccable client experience, we have always been fixated on ways we can enrich the lives of our clients through doing everything we can to help them reach their most important goals and milestones. We have been fighting the good fight on behalf of American families since 2008 and have achieved a great deal for our clients over the years, improving their lives and enabling them to live life without worries or unnecessary headaches.”

In celebration of MASECO turning 13, over the next 13 weeks, we will be sharing some of the key lessons learnt since the company was born back in 2008. We will also be reflecting on what we have achieved for our clients over the last 13 years and how we can help American and global clients through simplifying their multi-jurisdictional wealth management needs.