The one day conference takes place at the Royal Yacht Hotel on Tuesday 28 June. Delegates will get the chance to explore the theme ‘Strategies for Growth’ with industry experts at a time when private clients are demanding more from their wealth management experts.
From amidst an innovative programme of speakers there will be content relevant to investment managers, private bankers, funds personnel and trust and company professionals. Nils Johnson, Partner at Spence Johnson, will be discussing the future of trusts. With over 20yrs in banking, consulting and research focused on financial markets, Nils is well placed to comment on issues relating to the industry,
“The majority of trust businesses in the CI are managing less than 500 structures with fewer than 25 employees. This is one among many measures that evidences the trust business as a cottage industry, ‘boutique customisation trumps factory industrialisation’.”
When questioned about the opportunities for trust companies and their investment suppliers, Nils continues,
“Asian wealth is driving the globalisation of the business. Not only is Asia the target for future new clients but Asian based practitioners are leading the search for new clients from other parts of the world, including Eastern Europe, Middle East and North America. The flip side of this trend is that practitioners in the more mature centres will focus less on their traditional source of clients. For example, the CI will reduce its dependency on the UK, the Caribbean will reduce its dependency on N. America and everyone will spend less time attracting W. Europeans.
The implication is that European and American clients will increasingly be replaced by clients from emerging regions; that these new clients are likely to have fewer tax compliance issues simply adds to their attractiveness.”
Nils’ career began at Chase Manhattan Bank in New York. This was followed by senior sales and marketing positions in Treasury & FX at First Chicago, Calyon and Wachovia in London. When looking to the future, Nils has already commented that he believes the trust administration business is in good health, having seen companies experience growth in client numbers throughout 2010. He continues,
“This is particularly encouraging given the extreme turbulence the industry has gone through over the past 3 years. It also suggests that the trust structure as a vehicle for protecting wealth continues to remain attractive. The future looks bright– especially for small owner managed firms who are optimistic about capitalising on their flexibility, transparency and freedom from conflicts of interest – all key attributes in the post financial crisis, post Madoff era.”