TRUST business in Guernsey should continue to perform strongly despite external pressures and a changing environment, according to local leaders in the sector.
The sector battles against media-driven perception, regulation, transparency demands and considerable merger and acquisition activity, but Matthew Guthrie, partner at Mourant Ozannes, said that there was still a place for trust business.
‘We’re still seeing people setting up trusts for asset protection and succession planning and covering a whole range of things,’ he said.
‘Lots of jurisdictions look to Guernsey for its trusts expertise and there is no risk of trusts going away, it’s just the uses to which they are put are changing a lot.
‘Tax advantages are being eroded and the cost of establishing a trust is making it something for the wealthier to justify.
‘That puts Guernsey in a good position, as we can add most value for higher value clients, and the old-style simpler structures are going to cheaper venues.’