Interesting hire at Société Générale. SocGen's WPFS (wealth planning and fiduciary services, or something in that order) division has hired Steven Lim to be CEO of SG Trust (Asia). Steven is probably better known for his golf game these days than his tenure as head honcho at HSBC Trustee Singapore years ago. Welcome back to the game Steven.
Now one needs to ask the question what happened/will happen to Luke Peng's golf game now that he has ended his lengthy tenure at SG Trust?
Thursday, September 30, 2010
Who's the Broad?
For my non-native English readers, "broad" is an old, likely American, mildly derogatory, term for a woman. With that in mind, consider the advertisement below for a good laugh.
But seriously, you hire a Deputy/Co-CEO by retaining a recruiter who can't spell/proof-read, won't reveal their own identity and who splashes your search for the world to see? There are only a handful of foreign joint-venture trust companies in the PRC. A Chinese trust company that even deals in private wealth [In case you didn't know, a Trust Company in China is nothing like a trust company we all know and love] and has an affiliate/office in Hong Kong really limits the possible employer to 1. Of course there's no guarantee that anything in the ad is real or correct.
Deputy CEO / Co-CEO, Private Wealth Trust Company
Location Hong Kong SAR
Remuneration Upon on request
Position Type Permanent
Employment type Full time
Updated 29-Sep-2010
Our client is a major global financial service provider, wealth manager serving affluent, high net worth and intermediary clients worldwide. They are currently looking for a Deputy CEO/Co-CEO to drives the Private Wealth / Trust unit in Asia.
Main Function of the Job:
To be responsible for the development and execution of the strategy, in particular synergies with Private Wealth bank, and the day to day operation, product delivery and new product development process in joint venture Trust company according to the visions and guidelines set by the Broad.
Work as the partner of General Manager whose main responsibilities are business origination and senior client management.
Acts as the bridge between the Trust company and Private Wealth bank to generate new business and draw support from Bank' infrastructure and product teams to develop best-in-class product innovation and execution capability according to China's unique client and regulatory environment.
Main duties and responsibilities:
Support the GM in leading the Sales function (origination, distribution, referrals between Private Wealth bank and the Trust company).
Assist the Broad and GM in developing and executing the business strategy, especially strategic initiatives relating to synergies with Private Wealth.
Help build a best-in-class infrastructure according to the business plan endorsed by the Broad and leveraging the bank where relevant.
Promote strong corporate goverance in trust company through continuous education and process development.
Requirements:
20 years+ experience in Private Wealth is a must
Used to worked in joint venture financial services partner in China
Experienced in trust management and large deal making
Strong leadership
Fluent spoken in both Mandarin and English
A degree holder
But seriously, you hire a Deputy/Co-CEO by retaining a recruiter who can't spell/proof-read, won't reveal their own identity and who splashes your search for the world to see? There are only a handful of foreign joint-venture trust companies in the PRC. A Chinese trust company that even deals in private wealth [In case you didn't know, a Trust Company in China is nothing like a trust company we all know and love] and has an affiliate/office in Hong Kong really limits the possible employer to 1. Of course there's no guarantee that anything in the ad is real or correct.
Deputy CEO / Co-CEO, Private Wealth Trust Company
Location Hong Kong SAR
Remuneration Upon on request
Position Type Permanent
Employment type Full time
Updated 29-Sep-2010
Our client is a major global financial service provider, wealth manager serving affluent, high net worth and intermediary clients worldwide. They are currently looking for a Deputy CEO/Co-CEO to drives the Private Wealth / Trust unit in Asia.
Main Function of the Job:
To be responsible for the development and execution of the strategy, in particular synergies with Private Wealth bank, and the day to day operation, product delivery and new product development process in joint venture Trust company according to the visions and guidelines set by the Broad.
Work as the partner of General Manager whose main responsibilities are business origination and senior client management.
Acts as the bridge between the Trust company and Private Wealth bank to generate new business and draw support from Bank' infrastructure and product teams to develop best-in-class product innovation and execution capability according to China's unique client and regulatory environment.
Main duties and responsibilities:
Support the GM in leading the Sales function (origination, distribution, referrals between Private Wealth bank and the Trust company).
Assist the Broad and GM in developing and executing the business strategy, especially strategic initiatives relating to synergies with Private Wealth.
Help build a best-in-class infrastructure according to the business plan endorsed by the Broad and leveraging the bank where relevant.
Promote strong corporate goverance in trust company through continuous education and process development.
Requirements:
20 years+ experience in Private Wealth is a must
Used to worked in joint venture financial services partner in China
Experienced in trust management and large deal making
Strong leadership
Fluent spoken in both Mandarin and English
A degree holder
Philippines
The OECD has removed the Philippines from the tax haven "grey list".
If you have nothing good to say then say nothing.
I exercise my right to remain silent while I strap on my bullet proof vest, have my secretary check that my life and K&R insurance policies are in force, swap my Rolex for a Timex, ensure my client has an armed escort waiting for me at the airport and have a big sturdy suitcase with compartments for the big notes and the small notes. Did I remember to bring the encrypted laptop?
If you have nothing good to say then say nothing.
I exercise my right to remain silent while I strap on my bullet proof vest, have my secretary check that my life and K&R insurance policies are in force, swap my Rolex for a Timex, ensure my client has an armed escort waiting for me at the airport and have a big sturdy suitcase with compartments for the big notes and the small notes. Did I remember to bring the encrypted laptop?
Tuesday, September 28, 2010
The Rich Get Richer
A "startling" revelation from the annual Merrill Lynch - Capgemini Wealth Report. "The millionaire class in the Asia-Pacific region are likely to continue growing faster than those from developed countries"
Should be like shooting fish in a barrel for us in the wealth industry.....but has any one actually seen someone shoot fish in a barrel before?
For those that are part of the nouveau HNWI or UHNWI, there will be many clammering to help you manage (err.... part) with your money. So choose your advisers carefully.
Should be like shooting fish in a barrel for us in the wealth industry.....but has any one actually seen someone shoot fish in a barrel before?
For those that are part of the nouveau HNWI or UHNWI, there will be many clammering to help you manage (err.... part) with your money. So choose your advisers carefully.
Thursday, September 16, 2010
Random Thoughts
In no particular order, here are things that you should keep dear to heart:
1. Just because someone can spew out (or can say it 3 times, really really fast): " discretionary, irrevocable, settlor-directed Cayman trust, with protector provisions...." doesn't mean they know what they are talking about. You should be as impressed as you would be with the kid behind the counter who can say: "short, tall, lite, dark, caf, decaf, low-fat, nonfat, mocha frappuccino grande". Make them explain every word. Ask them about the converse or opposite options.
2. A trust is NOT.....a bank account; a contract; a product; a vehicle; a sticky cash cow; it is just a relationship. As with every relationship you (and the other parties) are where you position yourself.
3. Causality. Action, reaction. Cause and effect. The Merovingian Rule. Not exactly Newton's 3rd Law but something like it. By creating a trust, there will be consequences. Some intended, some unintended. Anyone who can point that out to you is a probably a damn good trust planner. Anyone who doesn't has much to learn.
4. Power of Distribution, Power of Revocation, Power of this and that. All a trust is a bunch of "powers". Until you can identify and understand a power, you are a PowerPoint professional. Bonus points to those who can draft a power, but that would be showing favouritism to lawyers. And of course, power corrupts so wisely choose only what you need and to whom you confer a power unto. The more powers and power-welders there are, the more likely nothing will be accomplished.
5. Beware of the process of metamorphosis. What may have started out as a trust may not end up as a trust (or the trust you envisioned). You need to get the blueprint right.....documents, trust instrument, etc. You need to build it right.....certainties, formalities, etc. You need to care for it right....administration, etc. A screw up anywhere along the line and you may end with a partial trust or no trust at all. Even when there is no change, there could be trouble. Read about Huguette Clark and how her $3M trust allegedly stayed a $3M trust (Do google her name as her wealth or lack thereof is a very interesting, sad and surreal look at asset transfer across generations):
http://www.dailytelegraph.com.au/business/citibank-accused-of-costing-heiress-trust-fund-87-million/story-e6frez7r-1225915193776
1. Just because someone can spew out (or can say it 3 times, really really fast): " discretionary, irrevocable, settlor-directed Cayman trust, with protector provisions...." doesn't mean they know what they are talking about. You should be as impressed as you would be with the kid behind the counter who can say: "short, tall, lite, dark, caf, decaf, low-fat, nonfat, mocha frappuccino grande". Make them explain every word. Ask them about the converse or opposite options.
2. A trust is NOT.....a bank account; a contract; a product; a vehicle; a sticky cash cow; it is just a relationship. As with every relationship you (and the other parties) are where you position yourself.
3. Causality. Action, reaction. Cause and effect. The Merovingian Rule. Not exactly Newton's 3rd Law but something like it. By creating a trust, there will be consequences. Some intended, some unintended. Anyone who can point that out to you is a probably a damn good trust planner. Anyone who doesn't has much to learn.
4. Power of Distribution, Power of Revocation, Power of this and that. All a trust is a bunch of "powers". Until you can identify and understand a power, you are a PowerPoint professional. Bonus points to those who can draft a power, but that would be showing favouritism to lawyers. And of course, power corrupts so wisely choose only what you need and to whom you confer a power unto. The more powers and power-welders there are, the more likely nothing will be accomplished.
5. Beware of the process of metamorphosis. What may have started out as a trust may not end up as a trust (or the trust you envisioned). You need to get the blueprint right.....documents, trust instrument, etc. You need to build it right.....certainties, formalities, etc. You need to care for it right....administration, etc. A screw up anywhere along the line and you may end with a partial trust or no trust at all. Even when there is no change, there could be trouble. Read about Huguette Clark and how her $3M trust allegedly stayed a $3M trust (Do google her name as her wealth or lack thereof is a very interesting, sad and surreal look at asset transfer across generations):
http://www.dailytelegraph.com.au/business/citibank-accused-of-costing-heiress-trust-fund-87-million/story-e6frez7r-1225915193776
Wednesday, September 8, 2010
I'm Robert, I Comply, Or Die Trying.......(6)
The final installment on careers in the Trust business: the Compliance/Risk/AML/KYC person.
It is unfair to group all these functions into one, but in the smaller organisations, 1 person could be wearing the many hats. Of course in the big financial institutions, there could be literally teams of people, locally, regionally and globally that separately oversee these functions, and countless sub-specialties.
It used to be Compliance/Risk and especially AML and KYC was a strictly banking or brokerage position. Outside of those financial institutions, no one really had one. Nowadays, any business that remotely touches money has to have one. Even Christie's, the auction house has a team! As more regulations and laws come into play, these fields has boomed and demand has greatly outpaced supply.
It used to be that you would take someone with relevant trust skills and turn them into Risk people. Perhaps a little cruel, but that meant the "ugly Betty's" and "techy geeks" ended up with the job. People that had little or no potential for front-line or RM work, often socially challenged and advancement denied individuals in the organisation were chosen. Being named Risk Officer was more punishment than promotion. On the plus side, these people often did know the business and knew it very well. How well they were able absorb risk principles and put them into practice was the main challenge.
Now, we have formally risk-trained people that have no idea about the trust business coming into play. We have regulatory lawyers, internal and external auditors and simply "risk management people" filling the roles. While they may have a much better understanding of general legal and regulatory issues, they also have a maddening, if not crippling, lack of knowledge of the trust/wealth/offshore world. We are at least another generation or two away from having truly competent and knowledgeable trust risk people. Most of these people don't have a clue as to what risk is in our industry. All they know are check-lists and forms. If it isn't red-flagged by those screens then all's fine. If it is red-flagged, then nothing lesser than CEO or Board sign-off will get you a reprieve. They younger and less-experienced they are, the more textbook brain-washed they are. There is absolutely no good reason for "Hold Mail". Bearer share companies are inherently evil. Why isn't the Settlor the UBO? LOL!
So if your career in stuck in low gear and you know a thing or two about trusts, PICs and bank accounts, and you have the stomach to read a ton of Regs and can put the 2 together, you could have a bright future in Risk. Of course, you must love structure, lists, menus, things in logical steps and order in everything. Being OCD really helps.
You need to be the type of person who likes meddling and dwells on doom-n-gloom. You need to constantly identify (and convince management) that there is a problem in current procedures or documentation in order to create work for yourself and prove you're a valuable asset. If all's well then you're not doing your job. The sky has to be falling somewhere in the business.
You need to be able to write clearly as you will be judged on the procedures and guidelines you produce. The less you are able to produce something readily understandable, the sooner you will be unemployed. Note that it doesn't need to be technically sound, effective or efficient, just comprehensible. You can re-visit, re-do, refine anything as your next project. Everything is a work-in-progress and you must take satisfaction on the the process and not any particular milestone.
You need to be able to take criticism as no one will agree with your draft procedure or guidelines (or at least the first 20 drafts anyway). People will find a fault with everything you propose. You intelligence, or lack thereof, will often be questioned, both privately and publicly. People do not like change and all you're about is change.
What I wrote about in-house trust counsel applies to you to (http://trustprofessioninasia.blogspot.com/2010/06/im-helen-i-possibly-maybe-like-my-job5.html). You are often seen as an impediment to doing business and you will not have many friends.
You are the Sorcerer's Apprentice. Harness your powers and you could make-or-break billion dollar transactions and shape the direction and things your company is doing. You have the power to help stamp out crime and corruption and make the world a better place. Until then, back to your little corner of the office and read the stacks of Reg's. that are piling up.
It is unfair to group all these functions into one, but in the smaller organisations, 1 person could be wearing the many hats. Of course in the big financial institutions, there could be literally teams of people, locally, regionally and globally that separately oversee these functions, and countless sub-specialties.
It used to be Compliance/Risk and especially AML and KYC was a strictly banking or brokerage position. Outside of those financial institutions, no one really had one. Nowadays, any business that remotely touches money has to have one. Even Christie's, the auction house has a team! As more regulations and laws come into play, these fields has boomed and demand has greatly outpaced supply.
It used to be that you would take someone with relevant trust skills and turn them into Risk people. Perhaps a little cruel, but that meant the "ugly Betty's" and "techy geeks" ended up with the job. People that had little or no potential for front-line or RM work, often socially challenged and advancement denied individuals in the organisation were chosen. Being named Risk Officer was more punishment than promotion. On the plus side, these people often did know the business and knew it very well. How well they were able absorb risk principles and put them into practice was the main challenge.
Now, we have formally risk-trained people that have no idea about the trust business coming into play. We have regulatory lawyers, internal and external auditors and simply "risk management people" filling the roles. While they may have a much better understanding of general legal and regulatory issues, they also have a maddening, if not crippling, lack of knowledge of the trust/wealth/offshore world. We are at least another generation or two away from having truly competent and knowledgeable trust risk people. Most of these people don't have a clue as to what risk is in our industry. All they know are check-lists and forms. If it isn't red-flagged by those screens then all's fine. If it is red-flagged, then nothing lesser than CEO or Board sign-off will get you a reprieve. They younger and less-experienced they are, the more textbook brain-washed they are. There is absolutely no good reason for "Hold Mail". Bearer share companies are inherently evil. Why isn't the Settlor the UBO? LOL!
So if your career in stuck in low gear and you know a thing or two about trusts, PICs and bank accounts, and you have the stomach to read a ton of Regs and can put the 2 together, you could have a bright future in Risk. Of course, you must love structure, lists, menus, things in logical steps and order in everything. Being OCD really helps.
You need to be the type of person who likes meddling and dwells on doom-n-gloom. You need to constantly identify (and convince management) that there is a problem in current procedures or documentation in order to create work for yourself and prove you're a valuable asset. If all's well then you're not doing your job. The sky has to be falling somewhere in the business.
You need to be able to write clearly as you will be judged on the procedures and guidelines you produce. The less you are able to produce something readily understandable, the sooner you will be unemployed. Note that it doesn't need to be technically sound, effective or efficient, just comprehensible. You can re-visit, re-do, refine anything as your next project. Everything is a work-in-progress and you must take satisfaction on the the process and not any particular milestone.
You need to be able to take criticism as no one will agree with your draft procedure or guidelines (or at least the first 20 drafts anyway). People will find a fault with everything you propose. You intelligence, or lack thereof, will often be questioned, both privately and publicly. People do not like change and all you're about is change.
What I wrote about in-house trust counsel applies to you to (http://trustprofessioninasia.blogspot.com/2010/06/im-helen-i-possibly-maybe-like-my-job5.html). You are often seen as an impediment to doing business and you will not have many friends.
You are the Sorcerer's Apprentice. Harness your powers and you could make-or-break billion dollar transactions and shape the direction and things your company is doing. You have the power to help stamp out crime and corruption and make the world a better place. Until then, back to your little corner of the office and read the stacks of Reg's. that are piling up.
Cowboys and Secretaries: If There's a Will, There's a Way
I often make fun of the technically challenged people working in our industry......and for good reason.
We deal in very complex matters of law and regulations and truly skilled help is very under-appreciated. When you couple that with big money and family issues, we have a very volatile mix which even the finest "Risk Management" people fail to understand. In 75% of the cases, relatively little skill is required so companies are lulled into complacency, thinking their systems and templates and their people are doing a "good job". PowerPoint professionals can get by for years before someone discovers they f@#*^ked up some where along the way. (A little off track but a Compliance executive at a small private bank in Singapore told me about a litigation case. Their former Head of Trust screwed up a case. The case was on the books for about 4-5yrs but it didn't come to light until recently when the family retained counsel. While all the blame was placed on the former Head, you need to wonder about the people who administered the case for years without knowing that anything was wrong.)
People are typically hired or retained without any serious inquiries into their skills/knowledge. People are judged more on their sales results or personality than skill. There is a potentially fatal presumption of competence. Who's to question that lawyer? The guy/girl whose been working for 8years the XYZ Trust Company has to know his/her stuff right? Wrong.
The Society of Trust & Estate Practitioners has a some rather scary numbers on "cowboy Will writers": http://www.step.org/news/press_releases/2010/ww_survey_reveals_incompetence.aspx
I presume that the STEP survey was conducted primarily in the UK/Channel Islands, but I would have no doubt that you would get the same, if not worse, results for Asia. The fact that far fewer Asians use Wills makes the problem seem lesser than it is.
There are numerous non-legal professionals like banks, trust companies, accounting firms, wealth managers, IFAs and so-called Will writers, doing Will and estate work. Some are very very good. Some are not. Some will do more harm than good. These are some of the same people doing your trust work.
Play it safe and go to a lawyer right? Not are all lawyers are competent as the recent case of "Soh Eng Beng (as executor and trustee of the Estate of Soh Kim Poo, deceased) v Soh Eng Koon [2010] SGHC 257" demonstrates: http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/judgment/11483.html
The punchline for those who don't like reading: The secretary prepared the Will!
The moral of the story: Be afraid, be very afraid.
We deal in very complex matters of law and regulations and truly skilled help is very under-appreciated. When you couple that with big money and family issues, we have a very volatile mix which even the finest "Risk Management" people fail to understand. In 75% of the cases, relatively little skill is required so companies are lulled into complacency, thinking their systems and templates and their people are doing a "good job". PowerPoint professionals can get by for years before someone discovers they f@#*^ked up some where along the way. (A little off track but a Compliance executive at a small private bank in Singapore told me about a litigation case. Their former Head of Trust screwed up a case. The case was on the books for about 4-5yrs but it didn't come to light until recently when the family retained counsel. While all the blame was placed on the former Head, you need to wonder about the people who administered the case for years without knowing that anything was wrong.)
People are typically hired or retained without any serious inquiries into their skills/knowledge. People are judged more on their sales results or personality than skill. There is a potentially fatal presumption of competence. Who's to question that lawyer? The guy/girl whose been working for 8years the XYZ Trust Company has to know his/her stuff right? Wrong.
The Society of Trust & Estate Practitioners has a some rather scary numbers on "cowboy Will writers": http://www.step.org/news/press_releases/2010/ww_survey_reveals_incompetence.aspx
I presume that the STEP survey was conducted primarily in the UK/Channel Islands, but I would have no doubt that you would get the same, if not worse, results for Asia. The fact that far fewer Asians use Wills makes the problem seem lesser than it is.
There are numerous non-legal professionals like banks, trust companies, accounting firms, wealth managers, IFAs and so-called Will writers, doing Will and estate work. Some are very very good. Some are not. Some will do more harm than good. These are some of the same people doing your trust work.
Play it safe and go to a lawyer right? Not are all lawyers are competent as the recent case of "Soh Eng Beng (as executor and trustee of the Estate of Soh Kim Poo, deceased) v Soh Eng Koon [2010] SGHC 257" demonstrates: http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/judgment/11483.html
The punchline for those who don't like reading: The secretary prepared the Will!
The moral of the story: Be afraid, be very afraid.
Monday, September 6, 2010
1 out of 400 Ain't Bad
You say 50 Private Bankers? I'll see your 50 and raise you 175 Relationship Managers! No wait....make that 250 Client Advisors, 30 Trust Officers and 5 Wealth and Tax Planning Advisors.
I guess bank executives have nothing better to do these days than brag about their size. The banks seems to be caught in a "size matters" philosophy and everyone is sprouting how many people they plan to hire in the near future.....as if it means that the more people they say they can take on, means the better/stronger their business is. Note I wrote "plan to hire" which is not the same thing as actually hiring. Is any one impressed by this propaganda? Will the regulators not grant you a license if your business plan doesn't include hiring a thousand bankers? It's so comical when we all know that their supposed hiring targets are so-out-of-whack with reality.
http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2010/pbi-264/julius-baer-aims-to-double-sta.aspx
It should be no secret that JB did try to set up a trust company in Singapore a few years ago but that got canned presumably by the GFC. So its seems they are back on track.
However, if you gander at their careers section (http://www.juliusbaer.com/htm/691/en/Job-opportunities.htm), all I can see is 1 measly opportunity in Singapore. I guess the other 399 jobs are being filled by headhunters or did someone not get Boris' memo?
I guess bank executives have nothing better to do these days than brag about their size. The banks seems to be caught in a "size matters" philosophy and everyone is sprouting how many people they plan to hire in the near future.....as if it means that the more people they say they can take on, means the better/stronger their business is. Note I wrote "plan to hire" which is not the same thing as actually hiring. Is any one impressed by this propaganda? Will the regulators not grant you a license if your business plan doesn't include hiring a thousand bankers? It's so comical when we all know that their supposed hiring targets are so-out-of-whack with reality.
http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2010/pbi-264/julius-baer-aims-to-double-sta.aspx
Swiss private bank Julius Baer is to double staff numbers in Asia in an attempt to deepen its market penetration in the region.
Boris Collardi, chief executive of the 120-year old bank, said growth in emerging markets will help the “investment universe” get richer and will relentlessly improve” its client-centric business model.
It is planning a Hong Kong booking office by the end of 2010, as well as a representative office in Shanghai and a trust company in Singapore by next year.
Singapore and Hong Kong were identified as key gateways to the bank’s increased presence in Asia, where the bank employs 400 people accounting for 10% of its total staff.
It should be no secret that JB did try to set up a trust company in Singapore a few years ago but that got canned presumably by the GFC. So its seems they are back on track.
However, if you gander at their careers section (http://www.juliusbaer.com/htm/691/en/Job-opportunities.htm), all I can see is 1 measly opportunity in Singapore. I guess the other 399 jobs are being filled by headhunters or did someone not get Boris' memo?
Thursday, September 2, 2010
Want Equity In Equity?
Equity Trust is up for sale. In Asia, Equity Trust headcount is probably around 120 or more, making it indeed a very large player. An awful lot of people has passed through its doors over the years. Everyone knows someone that has worked there.
Its current owner, an UK private equity fund, Candover is having a fire sale after a series of overly aggressive (read: tanked) investments. It is highly unusual that sales of this nature are even public and gives you insight into the scope and value of trustee and trust-related businesses.
The asking price is believed to be somewhere in the £250-300m range. That is a big chunk to swallow, but on the flip side, the new owner will have a turn-key toy with a formidable global platform.
Here's some numbers for you to consider if you're interested:
The €182.5m management buyout made in May 2003, involved the trust and fiduciary services business of Bank Insinger de Beaufort, in which Candover took a majority equity stake in the new business, to be known as Equity Trust. Debt finance for the deal was arranged by The Royal Bank of Scotland in the form of £90m in senior debt and £10m in mezzanine debt. Candover Investments' holding: £11.3m
[Update: SOLD! €350m !!!]
Its current owner, an UK private equity fund, Candover is having a fire sale after a series of overly aggressive (read: tanked) investments. It is highly unusual that sales of this nature are even public and gives you insight into the scope and value of trustee and trust-related businesses.
The asking price is believed to be somewhere in the £250-300m range. That is a big chunk to swallow, but on the flip side, the new owner will have a turn-key toy with a formidable global platform.
Here's some numbers for you to consider if you're interested:
The €182.5m management buyout made in May 2003, involved the trust and fiduciary services business of Bank Insinger de Beaufort, in which Candover took a majority equity stake in the new business, to be known as Equity Trust. Debt finance for the deal was arranged by The Royal Bank of Scotland in the form of £90m in senior debt and £10m in mezzanine debt. Candover Investments' holding: £11.3m
[Update: SOLD! €350m !!!]
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