International Fiduciary Services

It is true that traditional wealth planning is being revolutionised by the influence of the next generation (the “Next Gen”).

Families choose to establish trusts for many different reasons. It may be to ensure that wealth is passed between generations in a controlled manner; to provide some form of jurisdictional and asset diversification; to ensure that assets are protected from political or economic volatility, or simply to ensure that wealth passes between generations without the delays and stress of the probate process.

A STEP roundtable, sponsored by Standard Bank, asked what the challenges and opportunities are for practitioners advising African families, as these clients grow their wealth and start to operate cross-jurisditionally

As directors of trust companies forming part of Africa’s largest bank by assets, with a presence in 19 African countries, it is fair for us to say that we have significant experience implementing estate and succession plans for families with African connections. Whilst we absolutely acknowledge that each family is unique, as are their estate and succession planning needs, we do still see threads of commonality when we are approached by families wishing to establish fiduciary structures.

It might come as a surprise to some that family foundations give 10 times more in charitable donations than corporate foundations. According to a report by the Association of Charitable Foundations, family foundations gave £2.3 billion in 2020–21 compared to the £239 million from corporate foundations.

“The special challenges of the Rich come from the inordinate freedom granted by the wealth, the surplus of resources beyond ordinary human needs, and the ability to manage the world around them in ways not possible to others.” 1

The story of the X-trust is worth sharing. It started like any other story about a trust with a protector. The late settlor, Ms Goodness, with sound intentions appointed a protector to the discretionary trust that she settled. The protector, an accountant by profession that was well known to her, called Rudy, was an Australian resident. Ms Goodness did not have any children, and the beneficiaries of the trust as per the trust instrument were her nephews and nieces. Her desire for her nephews and nieces to benefit was also expressed in her letter of wishes that the trustee held on record.

In an era of global connectivity and expanding investment opportunities, high net-worth families are increasingly considering offshore trusts to preserve their wealth and ensure a legacy for their future generations, writes Standard Bank International Fiduciary Services’ Nitrisha Doorasamy.

People sometimes joke that trustees are scared to make decisions and, as absurd as this may sound, many a truth is spoken in jest. The reality is that, on a daily basis, a trustee will make a myriad of informed decisions which may at some point in the future be challenged, no matter how innocuous or trivial they may seem at the time the decision is made.

Love, hate, happiness, anger, envy, pride, and fear are just a few of the emotions that families deal with on a frequent basis. There is not a single individual, family, or culture that is immune to emotions or their consequences. Not only are emotions a constant around the world, but so too is their propensity to dictate a person’s decisions and their subsequent actions. We have all experienced instances, both professionally and personally, where we have seen people make emotional decisions void of logical reasoning. Such decisions may lead to a person’s judgement being clouded and, even within the closest of family groups, to potential family disputes.

No one sets out on a car journey with the intention of crashing, and yet everyone puts on their seat belt before setting out. It pays to be prudent and so why would one take unnecessary risks if they can be easily avoided? This is as true in everyday life as it is in business, and even more so when establishing a trust structure that needs to contend with family dynamics, cross-border planning, and complex asset classes.

There is no denying that ESG investing is a global trend. It is widely accepted that trustees are increasingly being asked to consider ESG-centric investments by the next generation of beneficiaries, while Forbes recently reported that flows into ESG funds doubled from 2020 to 2021.

Many of the worlds’ most successful companies are instantly recognisable by their brands. Brands which have been built up and very carefully maintained, in some instances, for generations. They are not only recognisable, but they also provide customers and clients with instant peace of mind when the brand has a good reputation. Company brands and reputations are intrinsically linked and for a company to succeed it is important to have both a strong brand and a good reputation.

Sanmari Crous, Business Development Manager for Standard Bank’s International Fiduciary Services.

Author: Michael-Pierre Giraud, Head of Fiduciary Services, Jersey

Michael Giraud and Mark Carpenter, ‘Safe as houses?’, STEP Journal (Vol30 Iss3), pp.52-55

By Michael Giraud and Jonathan Sprigg

Navigating family dynamics through different generations, jurisdictions, and changing times Featured article in the Private Client Global Elite “The Month” member only circular

Author: Michael-Pierre Giraud, Head of Fiduciary Services, Jersey

Our International Fiduciary Services team has been named in the eprivateclient Top Trust Companies list for the third consecutive year.

Nomination as Trust Company of the Year finalist recognises Standard Bank’s commitment to excellence in fiduciary services.

Standard Bank is delighted to announce the appointment of Jaco Van Jaarsveld as the new Head of Fiduciary Services in Mauritius.

Standard Bank is proud to announce that Nitrisha Doorasamy, a key member of our Offshore Fiduciary Services team, has been honoured with the silver award in the Citywealth Powerwomen Awards 2024. The award in the ‘Woman of the Year – Career Initiative’ category was announced on 6 March 2024, affirming Nitrisha's position as an influential figure in the wealth management sector.

Standard Bank is proud to announce the appointment of Alex Zomparelli as a Senior Trust Relationship Manager within its International Fiduciary Services team in Jersey. Alex’s appointment will further strengthen the award-winning trust team.

We are delighted to announce that Standard Bank has won silver in the Citywealth International Financial Centre Awards 2024 in the Trust Company of the Year - Jersey category. These Awards celebrate excellence in the private wealth sector, shining a spotlight on companies and individuals who have displayed outstanding commitment to delivering exceptional client service and innovation.

We are delighted to announce that Standard Bank’s International Fiduciary Services team has been shortlisted as Trust Company of the Year in the 2024 Citywealth Magic Circle Awards.

Standard Bank’s International Fiduciary Services team has once again been named in the eprivateclient Top Trust Companies list.

Two of Standard Bank’s fiduciary services professionals have been recognised at the Citywealth 2023 Future Leaders Awards. Anna-Marie Egré won the Trust Officer of the Year Award, and Sanmari Crous won the Future Leader Initiative Award.

Standard Bank is proud to announce that Nitrisha Doorasamy, a Fiduciary Specialist and Business Development Manager in the International Fiduciary Services team, has been honoured with a prestigious STEP Excellence Award for her exceptional performance in the STEP Diploma in International Trust Management.

Standard Bank is delighted to announce that it has been shortlisted for the Citywealth IFC Awards 2024 in the Trust Company of the Year - Jersey category. This recognition follows the remarkable achievement of securing the silver award in the same category, and the Head of International Fiduciary Services in Jersey, Michael Giraud, being named Trustee of the Year in the Channel Islands and Isle of Man in the 2023 awards.

The list recognises rising stars in the private client profession across Jersey and Guernsey. The annual listing has replaced the eprivateclient Channel Islands Top 35 Under 35, and celebrates the top professionals in the wealth management community with 20 years or less industry experience, including those specialising in trust and fiduciary services, private client tax, accounting, dispute resolution and family law.

Standard Bank is again celebrating the shortlisting of two of its fiduciary services professionals in the Citywealth 2023 Future Leaders Awards. Anna-Marie Egré has been shortlisted for the Trust Officer of the Year Award, while Sanmari Crous has been shortlisted for the Future Leader Initiative Award.

Standard Bank, a leading financial institution, is proud to announce its shortlisting in the Private Client Trust Company category by the prestigious 2023 eprivateclient Excellence Awards. The awards recognise and celebrate the outstanding achievements of firms within the private wealth management industry, and is the latest in a string of industry accolades for this experienced team.

Standard Bank has been named as a Magic Circle Trust Company by Citywealth in their 2023 Magic Circle Awards. At a prestigious awards ceremony held on 17th May 2023 in London, Standard Bank’s International Trust and Fiduciary Services team received the bronze award for Trust Company of the Year, competing against other leading trust companies in the industry.

Standard Bank has welcomed Nitrisha Doorasamy to the International Fiduciary Services Team, focusing on growing its offering in the South African market. A former 35 under 35, Nitrisha brings a wealth of experience in international trusts and offshore wealth planning structures.

Standard Bank is proud to announce that two of its international fiduciary services executives have been recognised at this year's Citywealth Powerwomen Awards for their exceptional leadership and commitment to promoting gender equality in the workplace.

Michael Giraud, Head of Fiduciary Services Jersey, has again been named in the Private Client Global Elite Directory 2023. The directory is a peer-nominated list of private wealth practitioners considered to be industry leaders. The list is frequently used to verify advisors’ credentials and reputations. It is made up of professionals from a variety of specialisations and worldwide jurisdictions. As the directory is peer-nominated, those utilising it can be assured that the individuals named are technically strong, personable and can be relied upon to provide a high level of service.

Standard Bank’s fiduciary services team walked away with two medals at the Citywealth Future Leaders Awards Ceremony, held on 16 November 2022 at a glittering event in London. The Awards recognise young professionals under 40 in the wealth sector, aiming to profile leaders of today and tomorrow.

Standard Bank’s International Fiduciary Services has been shortlisted as Trust Company of the Year in the Citywealth Magic Circle Awards 2023. The awards consider nominees’ performance in respect of measures such as growth and success, innovation, sustainability, and leadership vision and culture.

Standard Bank’s international fiduciary services division has been featured as one of the 2022 eprivateclient Top Trust Companies – a recognised ranking of the leading trust and fiduciary companies supporting both private clients and family offices worldwide.

Ally Jaulim, Head of Business Development and Anna-Marie Egré, Trust Relationship Manager for Standard Bank’s international fiduciary services were shortlisted in the Future Leaders Awards 2022. Citywealth aims to highlight the young leaders of today and tomorrow, excelling in their work and contributing to the success of the private wealth management sector.

Standard Bank recently collaborated with the South African Institute of Taxation and a tax advisory firm, Tax Consulting South Africa, to host a webinar on international tax structures for South African and African Wealth.

Sanmari Crous, a business development manager for Standard Bank’s international fiduciary services, was named as one of the Top 35 under 35 in the Channel Islands by eprivateclient.

Standard Bank Offshore Trust Company Jersey Limited recently joined the ranks of an elite global group when it was named Highly Commended in the ‘Institutional Trust or Fiduciary Company’ category at the Tenth Annual WealthBriefing European Awards 2022.

Standard Bank has strengthened its fiduciary services team with two senior appointments that further entrench our position as a leading provider of corporate and family wealth management services.