Independent trust group ZEDRA has purchased BNP Paribas Singapore Trust Corporation Limited — BNP Paribas Wealth Management’s Singaporean trust business — for an undisclosed amount, the firms announced today. As a result of the acquisition, BNP Paribas Singapore Trust Corporation’s staff and clients will fold into ZEDRA’s Singapore office. ZEDRA’s Singapore headcount will total 30, while its global headcount will […]

The post BNPP WM sells Singapore trust business to ZEDRA appeared first on Asian Private Banker.

Professional trustees have started providing classification services for private clients with offshore assets in a bid to improve overall compliance with the European Union’s economic substance rules. Although Dawn Quek, principal at Baker McKenzie Wong & Leow, recently told Asian Private Banker that the economic substance rule will have a limited impact on HNWIs, private clients are concerned and are seeking […]

The post Trustees step up to assist HNWIs with economic substance compliance appeared first on Asian Private Banker.

Independent trust companies on the ground in Asia are well-positioned to capture a greater share of the wealth planning market due to the concurrent drivers of reduced appetite by private banks for trust business and rapidly growing demand from Chinese HNWIs. Trust market environment not ideal for financial institutions According to Jacqueline Shek, executive director at ZEDRA, an independent global […]

The post Chinese demand for wealth planning spells opportunity for independent trust companies appeared first on Asian Private Banker.

The former trust unit of Barclays, ZEDRA, has made two senior appointments to its Singapore team as part of its strategy to grow in Asia. Yuan Yuan Woo and Nithya Camoens have joined ZEDRA as new business heads, based in Singapore, the firm announced in a statement. Woo will head the ZEDRA’s trust services and will focus on key client relationship […]

The post Barclays trust unit spin-off adds two senior business heads in Singapore appeared first on Asian Private Banker.