Bermuda executives contribute to new book on private trust companies

25-01-2021

Carey Olsen, Appleby and Meritus Trust Company in Bermuda have contributed to a new book, Private Trust Companies: A Handbook for Advisers, with articles highlighting Bermuda’s advantages as a jurisdiction for hosting private trust companies.

The book is intended to be a comprehensive resource for lawyers, accountants, family office executives and others who advise high-wealth families on private trust companies. It examines the legal, regulatory, and practical dimensions of forming and operating private trust companies globally.  

Keith Robinson and Ashley Fife of Carey Olsen contributed a chapter specifically on private trust companies in Bermuda. 

Vanessa Schrum of Appleby (Bermuda) co-wrote an article about the ownership and governance structures of private trust companies, while Sara Schroter and Michelle Wolfe of Meritus Trust wrote about coordinating with family offices. 

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.  

Roland Andy Burrows, chief executive of the Bermuda Business Development Agency, highlighted Bermuda’s world-class talent in a range of sectors, especially within financial services. 

“Our expertise in many areas is unsurpassed, especially given our lengthy and esteemed history with private trust company offerings,” he said.   

Schroter said: “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.” 

Schrum said: “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.” 

Robinson added: "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.”

 

Carey Olsen, Appleby, Meritus Trust Company, Keith Robinson, Ashley Fife, Vanessa Schrum, Sara Schroter, Michelle Wolfe, Roland Andy Burrows, BDA

Bermuda Re