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Contagion effects: Safeguarding your assets from Coronavirus 

Around the ­world, concern is growing for Coronavirus. The Coronavirus has infected close to 40,000 people, the vast majority of them in China, it has spread to almost 30 countries and killed more than 800, surpassing that of the SARS epidemic of 2002-03. Given China’s importance to the global economy, it is unsurprising the virus is having a knock-on effect and is triggering rising panic on a global scale.

“While the outbreak of coronavirus has the potential to cause severe economic and market dislocation, but we are not seeing the coronavirus directly impacting already established assets,” says Granville Turner.

“What we are seeing however, is the virus limiting travel, business that derive income from travel and also an impact on the way business has been traditionally done. The outbreak of coronavirus has essentially forced the world’s largest work-from-home experiment. Factories, shops, hotels and restaurants are already warning about plunging foot traffic that is transforming city centres into ghost towns, but on the other side, we are seeing businesses adapt, with more people trying to organise client meetings and internal discussions via video chat apps, or discussing plans on productivity software platforms,” adds Granville.

“Investor concerns over the pandemic may be premature, but the outbreak of should serve as a forewarning to investors, to ensure first and foremost that their portfolio is well-diversified across asset classes, regions, sectors and currencies.  This is not only the best way to mitigate risks but also ensures you’re well positioned to take advantage of opportunities when they arise. Unexpected shocks and volatility in assets can provide temptation to trade around news flow and emotion, but effective planning ensures that no matter what happens, you will always remain in control of your assets. A robust plan employs legal strategies and can include separate legal structures or arrangements such as corporations, partnerships or trusts. It’s important to remember that most asset protection measures don’t work if you’re already in trouble, so the most effective protection must be put in place before you even think you need it,” advises Granville.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.