Lawyers and accountants representing significant family wealth in the north of England have been introduced to a wealth management alternative to trusts and companies: the Jersey foundation.
The seminar, aimed at developing greater understanding of Jersey foundations, took place on Friday 13th May in Leeds. 30 private client professionals took part in the seminar focusing on the benefits of Jersey foundations to high net worth families looking to protect and enhance their wealth over generations.
The seminar was organised by the Herald Group in association with Channel Island law firm Collas Crill.
Collas Crill's head of fiduciary services in Jersey, Advocate Richard Pirie, addressed the representatives of high net worth families and individuals alongside Mark Layzell, Managing Director of Herald Wealth, the wealth advisory member of the Herald Group, at the LS1 Club. T
he advantages of Jersey foundations are clear to Advocate Pirie.
"A Jersey foundation is ideal for structuring family interests over generations, and so is particularly good for holding trading businesses. It combines the advantages of companies and trusts, without some of the constraints and, importantly, gives high net worth families and their advisers another option when planning long-term wealth management strategies."
Mark Layzell added: "Jersey's foundations law, and the benefits which a Jersey foundation can offer over trusts and companies, should be of interest to all professional advisers when looking for new wealth management solutions for their clients.
"People coming at the event were probably be familiar with trusts and companies but were unlikely to have heard a great deal about the Island's foundations law. They won't learn about Jersey foundations unless we go out and tell them, which is why we've developed a schedule of events to advise private client professionals across the UK."