IQ-EQ was appointed by an ultra-high net worth (UHNW) family from Saudi Arabia to assist in further professionalising their existing structure, including the governance of their structure.

IQ-EQ established a purpose trust and Jersey company to act as a corporate private trustee of four trusts, each trust settled by a family member.

The private trust company (PTC) was then appointed as trustee of all four trusts. The PTC board consisted of individuals from IQ-EQ and three non-Jersey resident directors – these three non-Jersey resident directors travel to Jersey every quarter for board meetings, and if a meeting is required outside of this schedule, then they travel to Jersey as and when required.

The PTC as trustee of the four trusts owned a share of the companies incorporated in a Caribbean jurisdiction, which IQ-EQ then re-domiciled to Jersey.

The companies own financial investments and the performance of assets is then reviewed on a quarterly basis. The structure is Shari’a-compliant and when necessary, some income is purified by disposing that income to an approved charity after obtaining approval from the Shari’a Advisor.

The settlors who are also beneficiaries of each trust have an annual requirement for “income”, so this was factored into the investment mandate. There is also an Investment Advisory Committee, comprising industry professionals who are experienced in financial markets, which assists the board on investment recommendations received from the investment advisor.

Happy with the result of professionalising their structure and governance, the family have since appointed IQ-EQ to structure other assets.