There is an increasing trend in the trust sector for private clients, looking to secure their wealth for the future, to seek out independent fiduciaries not ties to a parent bank, according to Nerine Group of Fiduciaries.
Nerine, which has offices in the British Virgin Islands, Geneva, Guernsey, Hong Kong and India, has secured two significant high net worth clients who have moved their trust structures from major banking institutions to Nerine in Guernsey solely because of Nerine’s track record as a leading independent fiduciary business.
Nerine Associate Director, Mark Brown, said the two clients, one in Guernsey and one in the Isle of Man, had each previously worked with two international banking institutions where the trustees were appointed by the parent bank.
“Independence has always been something that some clients have sought and we are seeing an increasing number of clients seeking the reassurance that working with an independent specialist provides,” Mr Brown said.
“While there is an attraction to a parent bank’s ability to be a one-stop shop for a range of financial services for private clients, the economic landscape has changed since 2008.”
“It seems private clients are looking for a degree of certainty that the structures in which their wealth sits are managed by trustees who are able to seek out best-of-breed without being tied to products being offered by the parent bank.
“The feedback we have received would indicate that Nerine’s ability to provide sound advice, demonstrate our expertise and our ability to put the interests of the client ahead of all other considerations is appealing to a significant sector of the private wealth community.”
Category: Finance & Business