Business
Hedge Fund Billionaire Ian Wace Reportedly Helping Finance Prince Harry and Meghans Return to Britain
Prince Harry and Meghan Markle’s return to the United Kingdom is being financially backed in part by a British hedge fund billionaire and longtime friend of the couple, according to new reporting that has emerged in the days since the family relocated from California.
Ian Wace, the 63-year-old founding partner, chief executive and chief risk officer of Marshall Wace LLP, one of the world’s largest hedge fund firms, is helping finance the couple’s move, according to two sources cited by Page Six. The outlet reported the couple’s plans to return to Britain on Aug. 20, and the details of Wace’s involvement followed several days later. Wace’s estimated net worth stands at roughly 1.2 billion dollars, according to Page Six’s reporting.
Harry and Meghan arrived privately from California to Birmingham on Aug. 26, a trip that cost roughly 120,000 dollars, according to Page Six. The couple, who are not expected to receive a royal residence, plan to settle into a private, non-royal home outside London rather than moving into official accommodations, and neither has indicated any intention of resuming senior royal duties. The exact amount Wace is contributing to the move has not been made public.
Wace and Harry have maintained a close and personal friendship for years, one shaped in part by a shared experience of tragedy. Wace lost his first wife and two children in a car crash in 1997, the same year Harry’s mother, Princess Diana, died in a car crash in Paris. That parallel has been cited by multiple outlets, including Page Six and the celebrity news site Style.news.am, as a foundation for the bond between the two men.
The families have spent time together away from public attention in recent years. In July, Harry and Meghan brought their children, 7-year-old Prince Archie and 5-year-old Princess Lilibet, to Wace’s private Scottish island, Tanera Mor, according to multiple reports. Meghan also maintains her own connection to Wace’s family through her friendship with Saffron Aldridge, a former model who was previously married to Wace before the couple divorced in 2023. According to reporting from the Sun cited by Style.news.am, Aldridge helped guide Meghan through British aristocratic social customs following her 2018 marriage to Harry, including advice on style.
The couple’s return marks the end of a roughly six-year stretch based primarily in Montecito, California, following their 2020 decision to step back from senior royal duties. They will retain their Montecito property along with a home in Portugal, according to Page Six, meaning the family’s move to Britain does not represent a complete departure from their life abroad. Harry is expected to devote more time to UK-based charitable work, particularly with the 2027 Invictus Games set to take place in Birmingham, while Meghan is expected to continue running her lifestyle brand, As Ever, from Britain.
A central factor in the family’s decision to return appears to be their children’s education. Archie and Lilibet are expected to begin attending school in Britain starting in September, giving them closer ties to the country where their grandfather, King Charles III, serves as monarch. According to Page Six, it will mark a significant shift for two children who have spent most of their lives in California, with Archie born in Britain in 2019 and Lilibet born in California in 2021.
Settling in Britain is expected to carry substantial costs beyond the initial relocation. Page Six has reported that a suitable property in areas such as the Cotswolds could run into the millions of pounds to purchase outright, while comparable luxury rentals can cost tens of thousands of pounds per month. The Times has separately reported that private school fees at some top day schools in the Cotswolds can reach as much as 50,000 pounds annually for two children. Security is expected to represent another significant expense, particularly after Harry’s unsuccessful legal battle over the level of police protection he receives while in the UK, a dispute that has left the family reliant on privately funded security arrangements.
The couple’s financial position today differs substantially from their circumstances immediately following their 2020 departure from royal duties, when they no longer received direct financial support from the royal family and instead built income through commercial ventures including deals with Netflix, Harry’s memoir “Spare,” and Meghan’s various business projects. Fortune has separately reported that the timing of their return to Britain could cause the couple to miss out on potential tax savings worth millions of dollars that a later move might have preserved.
The relocation also comes at a notable moment in Harry’s relationship with his family. King Charles was informed of the couple’s plans ahead of the public announcement, and the family spent time with Charles and Camilla during a visit to Britain in July that reportedly marked the first time Archie and Lilibet had seen their grandfather since Queen Elizabeth II’s Platinum Jubilee celebrations in 2022. Harry has spoken previously about wanting to spend more time with his father, who continues treatment for cancer, though his relationship with his brother, Prince William, remains considerably more strained. The family’s return to Britain does not appear to signal a full resolution of that broader rift, even as Harry and Meghan work to establish a quieter, more private chapter of their lives in the country.
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Prince William and Kate Middleton Break Balmoral Holiday to Issue Statement on Deadly Nepal Flooding
The Prince and Princess of Wales briefly stepped away from their private summer holiday this week to issue a statement of condolence over the catastrophic flash flooding that has killed hundreds of people along the Nepal-China border, following a similar message from King Charles III.
William and Catherine, both 44, posted the statement on their social media accounts addressing the Aug. 26 disaster, which was triggered by the collapse of a glacier and rocky ledge that sent a wall of ice, rock and water surging down the Bhotekoshi River into Nepal. “The scale of the devastation along the Nepal-China border is shocking. We are thinking of everyone caught up in this terrible disaster,” the statement read, according to PEOPLE. “Our thoughts are especially with the families facing an unbearable wait for news and with the communities confronting such immense loss. We are incredibly grateful to all those working in such dangerous conditions to rescue people and support those affected.”
The couple’s message came shortly after King Charles issued his own statement of sympathy. “My wife and I are heartbroken to hear of the devastating flooding that has struck the Nepal-China border. Many in the United Kingdom have strong, deep and personal ties to this part of the world,” the King’s statement read. “We send our most profound sympathy to all those who have so tragically lost their loved ones, and we feel deeply for the many families awaiting anxiously the news of friends and relations.” Charles added, “Our hearts go out also to the families of all the police and Armed Forces personnel who lost their lives while carrying out their courageous duty in the service of others, and we give our deepest thanks to those who have responded so selflessly in undertaking rescue efforts. Our special thoughts and prayers remain with all those affected and, as always, the United Kingdom stands ready to help support those in need.”
The flooding has continued to claim lives in the days since the royal family’s statements were issued. Nepal Police said Friday that at least 579 people have been confirmed dead, with more than 2,400 others still listed as missing, as rescue crews continue searching riverbanks and debris fields across the affected region. Authorities in China’s Tibet Autonomous Region, which was also struck by the flooding, have confirmed five additional deaths on their side of the border.
William and Catherine issued their statement while on their annual late-summer break at Balmoral Castle in Scotland, a royal tradition dating back to the reign of Queen Victoria. The couple arrived at the estate on Aug. 20 alongside their three children, Prince George, 13, Princess Charlotte, 11, and Prince Louis, 8. Three days later, the family attended a Sunday service at Crathie Kirk alongside other senior royals, including King Charles, Queen Camilla, Princess Anne and her husband Vice Admiral Sir Timothy Laurence, and Prince Edward with his daughter Lady Louise. Balmoral was a particular favorite of the late Queen Elizabeth II, who typically spent from late July until October at the Scottish estate and died there in September 2022.
The royal family’s Scotland gathering has unfolded alongside another major development within the family: the return of Prince Harry and Meghan Markle to the United Kingdom. PEOPLE first reported that the Duke and Duchess of Sussex, who stepped back from royal duties and relocated to California in 2020, arrived back in Britain on Aug. 26 with their children, Prince Archie, 7, and Princess Lilibet, 5. The couple plans to establish a private, non-royal home base in the UK, with their children set to begin school there in the coming weeks.
A source close to the family told PEOPLE that Harry’s return could present a meaningful opportunity to repair his strained relationship with his brother, William, though the two remain distant, with the same source describing their current contact as nonexistent. The source suggested Catherine could play a role in encouraging reconciliation between the brothers, saying, “Catherine may step into that breach and try to help, too, because she knows how important family is and how important Harry is to William. She would want to see that healed, as any wife would. This gives them opportunity to try and mend that bridge.” A separate source told PEOPLE that King Charles similarly hopes to see his sons reunited over time, calling the current moment “the best opportunity we have seen in recent years.”
Harry has previously expressed his own desire to repair family ties, telling the BBC in May 2025, “I would love reconciliation with my family. There’s no point in continuing to fight anymore.” Whether that reconciliation advances alongside the broader developments touching the royal family this summer, including the Nepal relief effort now drawing statements of concern from across the monarchy, remains to be seen as both branches of the family navigate a season marked by significant personal and public change.
Business
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