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Private Equity Dealmaker Moves to Luxembourg Amid UK Tax Concerns

A top dealmaker at private equity group Advent International is leaving the UK for Luxembourg, as Britain struggles to retain wealthy residents. James Brocklebank, Advent’s head of Europe who co-chairs the firm’s global executive committee, is shifting his residency to Luxembourg, according to sources familiar with the matter.

Brocklebank, known for deals such as Advent’s acquisition of British aerospace and defence supplier Cobham, is among several high-profile investors and entrepreneurs who have left the UK following changes to the tax code that have made it less favorable for wealthy individuals and private equity executives.

The announcement of Brocklebank’s move comes ahead of Chancellor Rachel Reeves’ Budget, where she is expected to introduce tax reforms without driving wealth out of the UK.

Other notable individuals who have recently left the UK for Luxembourg include Revolut co-founder Nik Storonsky, steel billionaire Lakshmi Mittal, and Egyptian industrialist Nassef Sawiris.

Commenting on his relocation, Brocklebank stated, “I will be moving my center of gravity to continental Europe, and my focus will be on providing enhanced, hands-on support for our local teams across the region as well as the UK.” He emphasized that he would still be present in London for important meetings.

Advent International, with its largest investment team based in London, has an office in Luxembourg. The move to Luxembourg was described as a strategic decision to support the firm’s growth and its European deals.

The UK has seen an increase in wealthy individuals leaving the country following tax reforms announced by Reeves. Measures such as higher tax on carried interest and the abolition of the “non-dom” regime have prompted some individuals to seek more tax-friendly jurisdictions like Italy, the United Arab Emirates, and now Luxembourg.

Luxembourg, known for its favorable regulatory environment and low taxes, has become an attractive destination for private equity executives. The government has proposed new laws to further incentivize investment in the country.

Brocklebank, who has been with Advent since 1997, has worked on numerous investments including logistics group Evri and payments company Worldpay. Advent International has a significant presence in the UK, with over 80 private equity investments according to its website.

Both Advent International and James Brocklebank declined to comment on the move.