In the spotlight - Callum Carine, senior manager, Equiom

Callum Carine is a senior manager for client services (yachting and aviation) at Equiom Isle of Man where he serves as a relationship lead for yachting and aviation clients based in Equiom’s luxury asset portfolio of clients.  

Dealing with all aspects of the ownership structures and daily management, he oversees and supports his team to ensure the highest standards of service is delivered and ensures smooth operation of the luxury assets.  

During his career, Mr Carine has managed portfolios exceeding $1 billion in assets under management for a variety of ultra high net worth clients through multijurisdictional owning structures, acted on behalf of clients in nine-figure asset transactions and facilitated financing and re-financing for luxury assets. 

With over a decade of industry experience, he has held positions on the board of directors for his clients.

How might the landscape for luxury assets change in the next 12 months?

Despite some last-minute attempts to ‘soften’ changes to the non-dom regime, the UK is experiencing a mass migration of wealth outside of the UK, a similar event which occurred in Russia following the economic sanctions by the west.  The Middle East is strategically welcoming this community of wealth with open arms and golden visas. With this influx of wealth into the UAE, a country hosting an expat community of 85 percent of its general population and low taxes, naturally we are expecting growth in the acquisition of yachts and aircraft.   

Whilst the Mediterranean market remains strong, Dubai is investing heavily in becoming a global superyacht hub and cementing their position to become an alternative option for superyacht owners, leaving the Med for the winter months. We could expect many owners to navigate east at the end of summer to explore new territory in the Red Sea and beyond.  

What most excites you about luxury assets at the moment?

For me, whilst we are not fortunate enough to see these luxury assets on a daily basis, it is always exciting to hear about the latest and greatest products reaching the market. The levels of wealth in the industry is unrivalled in terms of “luxury items”, so money can be no object when it comes to the levels of research and development going into projects such as superyacht toys, submersible crafts and tiltrotor aircraft.  

In addition to the latest and greatest luxury assets, it is encouraging to observe the extensive research being conducted in the renewable energies market, this reflects the industry’s commitment to operating in a more sustainable manner. 

What are the main challenges facing luxury assets?

For luxury assets, there are many challenges given the complexity, regulation and value of the assets. From the physical minor technical issues to greater tax complexities to absolve the risk of financial penalties. Whilst we tend to the latter on a daily basis, we strive to mitigate all risks for our clients.  This includes the appointment of trusted quality managers, experts and lawyers whom we can rely.  

It is difficult to pinpoint one aspect that represents our main challenge, because we overcome challenges with our clients daily. From navigating a new client structure and managing a new build, to handling an asset returning to the EU following a winter abroad, or deciding on plans for summer charters, we will constantly face challenges. Our approach is to consider the risks and act professionally to mitigate these risks for our clients. Our risk mitigating decisions can relate to choosing a flag, addressing crew matters and claims, navigating the EU VAT landscape, tackling cybersecurity challenges and managing geopolitical concerns related to sanctions, operation of the yacht and the transfer of artwork within the EU.  

When's the last time you failed spectacularly at something?

As someone who is quite competitive, I had a rather unfortunate incident on my first attempt at scuba diving. Whilst descending I failed to equalise properly leading to me to get severe tinnitus in my ears. I soon had to abort and re-surface - much to my wife’s amusement. Who knew popping your ears was so difficult!

Do you have a pet(s)? What are they like?  

Yes, I have a very friendly and super excitable red Staffordshire Bull Terrier called Ruby. I’d describe her as a little cannonball (especially when she runs to greet you at the front door) who loves running through the plantations and snuggling on the sofa.

If you couldn’t do your current role what would your dream job be?

I would love to have been a pilot (there is still time!)

This article was first published on EPrivateClient.

This article has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. This article cannot be relied upon to cover specific situations, and you should not act, or refrain from acting, upon the information contained within this article without obtaining specific professional advice. Please contact Equiom to discuss these matters in the context of your particular circumstance. Equiom Group, its partners, employees, and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it.