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Risky business

How do you balance compliance and creativity? Michael Giraud and Jo Gorrod discuss the perils of growing a fiduciary business

25 February 2013

Fiduciary is changing and a degree of realism has entered the private client trust industry. The days of organic double-digit growth from the traditional trust markets – on the back of simplistic but highly effective tax planning – have been consigned to the past. Unfortunately for trust companies, the problem of reduced growth is compounded by reduced growth of its existing business. This rate is increasingly driven by legislative changes in traditional jurisdictions, greater international regulation, the move to global tax transparency, higher administration costs and structures being wound up on account of existing planning simply becoming redundant.

So trust companies are under greater pressure to look at new territories and diversify their services. As the number of opportunities recedes in established markets, trust companies are increasingly targeting at least one developing market. Consequent...

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