Private Client Advisers Contribute To New Book
Three private client advisers in Bermuda are contributors to a new book, Private Trust Companies: A Handbook for Advisers, putting the spotlight on Bermuda’s offering as a world-leading jurisdiction for the establishment of private trust companies.
Published by Globe Law and Business, the book acts as a comprehensive resource for lawyers, accountants, family office executives, and others who advise high-wealth families on private trust companies. It fully explores the legal, regulatory, and practical dimensions of forming and operating a private trust company.
Bermuda is featured prominently with a chapter on private trust companies in Bermuda by Keith Robinson and Ashley Fife of Carey Olsen, a chapter on the ownership and governance structures of private trust companies co-authored by Vanessa Schrum of Appleby [Bermuda] Limited, and a chapter on coordinating with the family office by Sara Schroter and Michelle Wolfe of Meritus Trust Company Limited.
Roland Andy Burrows, CEO of the Bermuda Business Development Agency, noted that the chapters from Bermuda advisors illustrate the caliber of internationally-recognised experts practicing within the country.
“Bermuda is filled with world-class talent in many sectors, especially in the financial realm,” he said. “Our expertise in many areas is unsurpassed, especially given our lengthy and esteemed history with private trust company offerings.
“I look forward to sharing the insights and knowledge from our country’s top financial practitioners with prospective clients. The BDA continues to work with the Government and industry to differentiate Bermuda’s offering in this competitive global space to ensure we remain the jurisdiction of choice.”
The book covers the relevant law in prime jurisdictions in addition to organisational and operational issues, such as: designing a private trust company’s ownership structure, implementing proper internal controls, outsourcing services, working with professional advisers, overseeing trust investments, and managing inter-jurisdictional activities. It also covers important matters such as coordinating with the family office, communicating with family, protecting privacy, and handling disputes involving private trust companies.
Sara Schroter of Meritus commented: “Meritus was delighted to have been asked to pen the chapter on private trust companies and trustees coordinating with family offices. Given the government’s interest in promoting Bermuda as a jurisdiction of choice for setting up family offices, we think that highlighting the importance of the relationship between trustees and family offices is key.
“As we note in the book, the dynamics between the family, the family office, and the private trust company will directly affect the long-term success of the management of the family’s wealth. Bermuda has an abundance of highly qualified professionals with a breadth of experience in trust, legal, wealth management, and complementary areas suitable for family offices’ needs.”
Vanessa Schrum of Appleby commented: “Appleby was pleased to contribute to the chapter on ownership and governance structures of private trust companies, which illustrates how these companies are owned, structured and decisions are made.
“This publication is very timely as wealthy families and organisations review trust structures following the impact of the global pandemic and seek to base structures in highly regarded, well-regulated locations. Bermuda features highly in the book and is touted as being one of the top six jurisdictions outside the US in which to form a private trust company, due primarily to Bermuda’s favourable legal and regulatory environment, developed legislation and good courts.
Keith Robinson of Carey Olsen commented: “Private trust companies have long been a favoured structuring option in Bermuda for high net worth families seeking a bespoke alternative to an institutional trustee.
“My colleague Ashley Fife and I were very pleased to be able to contribute on this topic to this important new publication. We hope that this publication will continue to promote Bermuda as the leading jurisdiction for offshore trusts and the domicile of choice for the establishment of new private trust companies – with the benefits for the Bermuda economy and employment that this entails”.
To order a copy of the book, available in a hardback format and as a convenient eBook, visit here.
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