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Bermuda advisers contribute to private trust companies handbook

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Three private client advisers in Bermuda have contributed to a new book that puts the spotlight on the island’s offering as a world-leading jurisdiction for the establishment of private trust companies.

Private Trust Companies: A Handbook for Advisers, is published by Globe Law and Business.

A spokeswoman for the Bermuda Business Development Agency said the book acts as a comprehensive resource for lawyers, accountants, family office executives, and others who advise high-wealth families on private trust companies. It fully explores the legal, regulatory, and practical dimensions of forming and operating a private trust company.

Bermuda is featured prominently with a chapter on private trust companies in Bermuda by Keith Robinson and Ashley Fife of Carey Olsen, a chapter on the ownership and governance structures of private trust companies co-authored by Vanessa Schrum of Appleby (Bermuda) Ltd, and a chapter on coordinating with the family office by Sara Schroter and Michelle Wolfe of Meritus Trust Company Ltd.

Roland Andy Burrows, chief executive officer of the BDA, noted that the chapters from Bermuda advisers illustrate the calibre of internationally-recognised experts practicing here.

Mr Burrows said: “Bermuda is filled with world-class talent in many sectors, especially in the financial realm. Our expertise in many areas is unsurpassed, especially given our lengthy and esteemed history with private trust company offerings.”

He added: “I look forward to sharing the insights and knowledge from our country’s top financial practitioners with prospective clients. The BDA continues to work with the Government and industry to differentiate Bermuda’s offering in this competitive global space to ensure we remain the jurisdiction of choice.”

The spokeswoman said the book covers the relevant law in prime jurisdictions in addition to organisational and operational issues, such as: designing a private trust company’s ownership structure, implementing proper internal controls, outsourcing services, working with professional advisers, overseeing trust investments, and managing inter-jurisdictional activities.

It also covers important matters such as coordinating with the family office, communicating with family, protecting privacy, and handling disputes involving private trust companies.

Ms Schroter said: “Meritus was delighted to have been asked to pen the chapter on private trust companies and trustees coordinating with family offices. Given the government’s interest in promoting Bermuda as a jurisdiction of choice for setting up family offices, we think that highlighting the importance of the relationship between trustees and family offices is key.”

She added: “As we note in the book, the dynamics between the family, the family office, and the private trust company will directly affect the long-term success of the management of the family’s wealth. Bermuda has an abundance of highly qualified professionals with a breadth of experience in trust, legal, wealth management, and complementary areas suitable for family offices’ needs.”

Ms Schrum said: “Appleby was pleased to contribute to the chapter on ownership and governance structures of private trust companies, which illustrates how these companies are owned, structured and decisions are made.

“This publication is very timely as wealthy families and organisations review trust structures following the impact of the global pandemic and seek to base structures in highly regarded, well-regulated locations.

“Bermuda features highly in the book and is touted as being one of the top six jurisdictions outside the US in which to form a private trust company, due primarily to Bermuda’s favourable legal and regulatory environment, developed legislation and good courts.”

Mr Robinson said: “Private trust companies have long been a favoured structuring option in Bermuda for high net worth families seeking a bespoke alternative to an institutional trustee. My colleague Ashley Fife and I were very pleased to be able to contribute on this topic to this important new publication.

“We hope that this publication will continue to promote Bermuda as the leading jurisdiction for offshore trusts and the domicile of choice for the establishment of new private trust companies – with the benefits for the Bermuda economy and employment that this entails."

The book is available in hardback format, and also as an e-book.

To order a copy, see

Sara Schroter of Meritus Trust Company Ltd
Vanessa Schrum of Appleby (Bermuda) Ltd
Keith Robinson of Carey Olsen

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Published January 22, 2021 at 3:27 pm (Updated January 22, 2021 at 3:27 pm)

Bermuda advisers contribute to private trust companies handbook

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