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Chief Commercial Officer
Specialism: Trustees Corporate Trustees, Private Client Trustees
Company: First Names Group
Location: St Helier, Jersey
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Average client size: £5 million - £25 million
Fixed fee offering: Yes - Depending on individual client requirements and needs
Number of offices globally: More than 5
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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.