Kevin O’Connell

Chief Commercial Officer

Specialism: Trustees Private Client Trustees

First Names Group

Location: Jersey

City: St Helier

" I have known Kevin since the mid-1990s, almost from the time that he entered the trust industry in Jersey. Over the years, I have enjoyed an excellent working relationship with Kevin, during which we have worked together on a number of client cases. Kevin has consistently demonstrated superior client relationship skills, with the ability to deliver sometimes complex estate planning solutions to clients in a way that makes them feel comfortable that their assets are in safe hands with someone who genuinely understands their concerns and can provide appropriate solutions in conjunction with their advisers."

citywealth rating

3
Average: 3 (1 vote)

citywealth awards ()

2017 

case studies ()

Establishing a private trust company structure for a patriarch

The patriarch of a family based in Asia became concerned about longer term succession and devolution of family assets, having built up a significant portfolio of quoted shares and investments through various underlying family businesses with a value of c£150M. The trigger point for this was the imminent marriage of one of his children who had been earmarked to take over the running of the family business.

Following an introduction to Kevin O’Connell, preliminary discussions took place regarding the establishment of a private trust company to act as trustee of a number of discretionary trusts to hold a variety of different asset classes across different jurisdictions. A third party global tax advisory firm was engaged to review and provide a summary of the potential taxation consequences of the proposed structure establishment, while a global law firm was engaged to undertake an analysis of the legal position across multiple jurisdictions (including the US and the UK).

Following the obtaining of this advice considerable time was spent with the patriarch and various family members and trusted advisers to ensure that all parties fully understood the proposed mechanics of the structure and the need for proper governance following the establishment of any structure. This culminated in the establishment of a private trust company structure with the PTC acting as trustee of four underlying discretionary trusts, with First Names Group providing all administration, accounting and reporting, coordination and ensuring good ongoing governance.

 

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