Meet Alina Kirzner, Head of Global Markets Tax Practice, and learn how industry advocacy plays a huge part in ensuring better outcomes for our clients and BBH.

Tell us about your career and how it has evolved?

My background was in law but having started my career at a large accountancy firm, I wanted to specialize and go deeper in a particular area. I joined BBH’s Global Tax Services team over 17 years ago and today lead a team of SMEs covering tax issues impacting asset managers and financial institutions across a wide range of investment vehicles in close to 100 markets. I had the pleasure of seeing how the group has evolved as the industry recognizes the importance of tax and the role it plays within custody. Those 17 years really have gone by in a heartbeat.

Tax used to be seen as a back-office function but is a much bigger part of client conversations now. We meet our asset manager and bank clients regularly to prepare them for the latest tax developments and to make sure they’re ahead of the curve. We want our clients to feel ready to embrace the changes coming down the track.

What are clients focused on?

The tax landscape is becoming increasingly complex and fragmented as countries bring in different legislation. Our clients seek help to navigate this tax labyrinth - but we also must be prepared to navigate these changes ourselves. A lot of work goes into connecting the dots, understanding what systematic and operational updates are required, and educating clients on what is needed.

How do we help clients navigate complexity?

Advocacy through industry groups is a big part of how we help drive better outcomes for our clients. I’m at a point in my career now where I can really make an impact for both our clients and BBH. I have held chairperson roles with the Association of Global Custodians and the Securities Industry and Financial Markets Association, and along with other BBHers, have been at the forefront of advocacy for our clients.

One example is the “Faster and Safer Relief of Excess Withholding Taxes” (FASTER) initiative which proposes a significant revision to EU tax withholding procedures. When the EU decided to harmonize withholding tax (WHT), they formed a group to represent the various areas where a unified WHT might be impactful. BBH was one of the first custodians to get a seat at the table and was part of the launch meeting in Brussels to discuss what FASTER would look like before it was implemented. Our insight and understanding of the potential impact enabled us to advocate for custodians. It became really clear to me then that we had a strong voice in the industry.

How do you manage industry advocacy alongside your day job?

You can’t really have one without the other – you’re talking to clients about how to manage a market issue while also needing to actively advocate on their behalf. We have a fantastic team who make oversight straight forward, which enables me to do more advocacy.

What do you like to do with your time outside of work?

Any time outside of work is family time. My daughter is very involved in sport, and it’s always been important for me to be there, which BBH has given me the opportunity to do over the years.

I was born in Moldova and moved to the US when I was about four years old. My daughter is 16 now, but when she was born, I was adamant she’d speak Russian and I wanted to practice. When I was applying to join BBH the person I interviewed with spoke to me in Russian. Now all those years later, that same colleague and I will often start a conversation with a Russian phrase.