Zedra, a trust association shaped by a government buy in of Barclays trust business has rigourously launched their new offices in Hong Kong, fasten a inundate of businesses anticipating to yield services to Asia’s new wealthy.
Zedra group’s emissary chairman, Bart Deconinck said: “When we acquired Barclays trust business we saw that Hong Kong was blank on a map.”
The association will offer corporate services to unfamiliar companies anticipating to do business on a mainland, and also offer trust services to Hong Kong companies and individuals.
“On a trust side, we consider we will see poignant business expansion in servicing a Asian market,” pronounced Zedra’s Hong Kong handling director, John Ashwood.
“One of a trends of a final 10 years is that Asian families are apropos some-more worldly about flitting a family business on to a subsequent generation.”
According to a new news from Hong Kong’s Private Wealth Management Association, there are 200,000 high-net-worth people in Hong Kong, collectively holding around US$1.1 trillion in wealth, while a sum resources of mainland Chinese billionaires grew by 53 per cent in 2015.
The foe to conduct this resources and yield services to a owners is fierce, though Ashwood says that as a dilettante trust firm, Zedra is handling in a somewhat opposite space.
“Typically institutional curators such as a vast banks, are sincerely singular in their range of a services they can provide. A standard bank trust will usually have bankable resources in it, and for many clients quite in this partial of a universe a resources derives from businesses that they have built,” Ashwood said.
“Also, a trend over a final few years is that even a institutional curators have been losing their keeper services as it’s not partial of their core business. At Zedra, we are an instance of that ourselves.”
The trust business around a universe is also being forced to change, since of new regulations and a flourishing seductiveness from taxation authorities and a media into a formerly tip resources of a tellurian super rich. The new Panama Papers, and Bahamas Papers leaks are both an instance and a serve motorist of this.
Deconinck is dismissive of a impact of a leaks.
“They are totally irrelevant,” he said. “What we saw in a Panama Papers was a perspective on how things used to be, though a regulators have held adult in a meantime, and now we are here in this pure universe of information exchange, and any bank comment information will be exchanged from Jan 1 subsequent year.”
Article source: http://www.scmp.com/business/money/wealth/article/2022428/managing-wealth-question-trust-zedra-opens-hong-kong-office