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Company: Oak Group
Location: St Helier, Jersey
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Average client size: £5 million - £25 million
Fixed fee offering: Yes - Oak Group offers bespoke fixed fee arrangements
Number of offices globally: 1-5
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We were recently approached to take on trusteeship of a complex structure for an international high net worth family. The structure was largely invested in property both commercial and residential. The family were prompted to seek new trustees due to concerns over historic fee charging. Once we were appointed as trustee and following a detailed review of the files we initiated an action against the previous trustees, resulting in a significant settlement.
As incoming trustee we instigated a formal tax review of the structure in order to gain comfort that all historic filings were up to date and that the structure remained fit for purpose. The tax review has prompted a streamlining of the structure leading to a reduction in borrowing costs against residential property and an overall reduction in costs due to a simplification of the structure.