If there’s one thing we’ve learned this year, it’s that agility and authenticity matter more than ever. We’ve faced major shifts in the UK tax environment with the abolition of the Non-Dom regime as part of the government’s budget changes. This challenged us to adapt, diversify, and stay agile, making us grateful that we had already begun evolving our strategy, deepening connections, and actively pursuing new opportunities beyond traditional markets.
At the same time, we’ve successfully completed the strategic sale of our investment business which achieved regulatory approval at the end of September. This was a significant milestone for Affinity, requiring months of careful planning, collaboration, and determination from our entire team. It’s a testament to our ability to navigate complexity and remain focused on what matters most: delivering value for our clients and stakeholders.
All this has happened while we’ve been expanding into new territories, launching our Dubai DIFC office, and doubling down on our core values of authenticity, sustainability, and inclusivity. We’ve invested in technology, deepened our commitment to being a responsible business, and continued to focus on our clients and people.
This year has been transformational, full of challenge, change, and opportunity. As we look ahead, one thing is clear: our long-term commitment is to remain an independent, owner-managed Trust business. That focus shapes everything we do.
When we wrote last year’s stakeholder letter, we set out three priorities: Succession, Business Development, and Driving Innovation. They weren’t just aspirations; they were the pillars guiding how we prepared for the future. Succession was about investing in our future leaders. Business Development focused on expanding our reach and influence. Driving Innovation meant creating and managing data in smarter ways to support growth. Reflecting on these priorities matters because they’ve shaped our decisions in 2025.
A Year of Strategic Change and New Horizons
The successful separation and sale of our investment business, APW Investors Limited wasn’t just a transaction; it was a strategic decision that marks renewal for both businesses. For Affinity, it sharpens our fiduciary focus and creates space for growth, while for the Investment team, it creates exciting opportunities under Capital International Group (CIG).
We want to extend our heartfelt thanks to Russell, Ben, and Julia, whose vision and drive as co-founders helped lay the foundations for Affinity and drove growth in the investment business. To Ben and Russell, as you take APW Investors forward with CIG, we wish you every success. Affinity would not be where it is today without your leadership and commitment as part of the original team that shaped us.
For us, this decision is about focus. As an independent, owner-managed firm, we’re sharpening attention on the Trust business, strengthening our client relationships, investing in our people, and building on our reputation for excellence and integrity.
Expanding Our Reach and Embracing Opportunity
In June this year, we received regulatory approval to open our new office in the Dubai International Finance Centre, a milestone that’s been a long time coming and one that marks our first international expansion beyond Jersey. With Michelle leading the charge, our move into this new jurisdiction reflects 18 months of steady effort and determination. We are grateful to her drive and commitment, supported by both new and longstanding connections, which have played a huge part in making this launch happen.
Our step into the DIFC is a clear signal of where we’re heading. We’re growing and now better placed to support our Middle East based clients, offering tailored solutions and building new relationships in a fast-growing market. This strengthens our Jersey base and sets a template for potential further international expansion.
The recent changes in the UK tax landscape have pushed us to diversify, innovate, and stay resilient. We’ve responded by developing new markets, expanding our offering, and managing costs carefully. Our new business pipeline remains strong, and our regular visitation programme keeps us closely connected with clients and intermediaries across regions.
Technology and Digital Transformation
Last year, we laid the groundwork by creating a central data hub. In simple terms, this means all our important information now sits in one place instead of being scattered across different systems. This makes it easier to analyse, keep secure, and prepare for tools like AI.
In 2025, we’ve built on that work. Our main system runs on the latest cloud technology, allowing updates and improvements to happen automatically. This system feeds into our data hub, and we’ve started using that data in exciting ways:
- Partnering with Optifi: This new partnership is helping us make everyday processes faster and simpler. Tasks like onboarding, payments, compliance checks, and reporting are now more efficient, giving us better control and reducing costs.
- Expanding with Landytech: We’ve used their software to connect to 14 major investment managers and custodians. This means we get clean, standardised data delivered daily into our accounting systems. Soon, we’ll also use their visually rich reports to give clients a clearer picture of their investment portfolios, not just numbers, but the full story.
- AI Integration: An Optifi agent sits within the tool to interrogate procedures and provide meaningful data insights. We have also rolled out Copilot across the business and staff are finding daily examples of time saving features and support to their work.
Our technology strategy is simple: make life easier for our people and clients. We’re not adding tech for the sake of it, we’re choosing tools that save time, reduce complexity, and improve service.
Together, these changes show our commitment to staying innovative and resilient. Digital transformation isn’t a one-off project, it’s an ongoing mindset we have embraced to shape how we work now and will serve clients for years to come.
Influencing the Next Generation
Succession planning is a key part of our strategy to remain independent and owner-managed in a market increasingly shaped by consolidation and private equity. In 2023/24, we made a deliberate and substantial investment to put in place a succession plan designed to guarantee continuity and build leadership strength for the future. This is a long-term exercise; an investment in our future. That decision has already paid back, with new business won specifically because we can demonstrate a credible, long-term approach to independence.
Succession at Affinity goes beyond leadership development. It includes structured shareholder transition. Supported by expert input from KPMG and Ogier, we created a framework that allows management shareholders to increase their stake over time while preserving cultural continuity. This approach is pioneering in our sector, balancing stability with opportunity and ensuring ownership remains aligned with our values.
A key part of preparing the next generation is our Future Leaders Programme, launched in 2023 to develop talented individuals for senior management roles and strategic thinking. This two-year programme blends formal learning, coaching, and practical projects to build skills in stakeholder management, financial literacy, governance, and decision-making. It’s designed to develop confidence and capability, not to guarantee shareholding, but to ensure readiness for leadership and involvement in strategic conversations when opportunities arise. This year, six colleagues graduated from the first cohort, which culminated with a presentation to the Board. Their work showed how the programme translates learning into impact, equipping them to think beyond day-to-day operations and be ready to influence at a strategic level. In September, our second cohort began their journey, with behaviours aligned to our values framework of People, Planet, Profit. By investing in people and linking talent development with governance, we’re building resilience and reinforcing what makes Affinity distinctive. It’s a long-term commitment to independence and culture, and we are immersing our future leaders in this culture.
As we look ahead to 2026, our priorities are clear: deliver for our clients, support our people, remain owner managed, and make a positive impact. The past year has been one of change, challenge, and opportunity. We’ve invested in our future and stayed true to our values. 2026 is about building on this. Now, as an entirely trust-focused business, we have greater breadth and capability than ever before, without losing the sharp focus that defines us. This evolution strengthens our ability to serve clients across jurisdictions, innovate with confidence, and uphold the values that have always set us apart.
Thank you for your continued trust and partnership. We look forward to achieving great things together in 2026.
David, James, Justin and Michelle
