A unusual piece of information from CS Trust in Hong Kong. Check out this job advertisement below and Role Summary item#3: review exactly 89 trusts in 1st year? Works out to be less than 2 per week!
Not only does CS Trust have no profitability worries (given their pricing or lack thereof) but it seems they don't need to worry about productivity either. Hope it's not too late to apply!
Trust and Estate Advisory - Director - Private Banking - Hong Kong
ROLE SUMMARY:
1. Working closely CST trust administration centers and conduct annual reviews for all existing trust clients as well as any new clients booked by TE&A.
2. Working closely with TE&A in Location Hong Kong in all matters relating to existing trust clients.
3. To conduct 89 trust reviews for the first year, prioritized in accordance with Invoiced Turnover, Value of CS Bankable Assets, and Value of 3rd Party Bankable Assets. Another 10 client reviews to be selected by TRM and RM together.
4. Ensure that the existing structure of each trust complies with the latest CST Directives and to follow up on any outstanding matters.
5. Identify potential risks in existing structure of each trust and work closely with CST LCD and Solution Structuring to mitigate those risks.
6. Identify potential business opportunities from the existing book of business, e.g. new trust business, NNA potential, etc.
TO QUALIFY, YOU MUST POSSESS:
•Bachelor's degree in Finance or related field required. Advanced degree in Finance, Law, or industry education desired.
•A minimum of 5 years of Trust and / or Estate Advisory and Management experience.
•Strong knowledge and proven technical proficiency in the Investment, Legal, and Tax issues relative to Trust and / or Estate Management and Administration.
•Proven strong communication skills are required, such to interact effectively with current and potential clients and / or their attorneys.
ORGANIZATIONAL MARKETING STATEMENT
As one of the world's leading financial services group, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Founded in 1856, Credit Suisse has a long tradition of meeting the complex financial needs of a wide range of clients, offering advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally. The Credit Suisse Group is active in over 50 countries and employs approximately 40,000 people. Further information can be found at www.credit-suisse.com.
Cultural diversity is essential to our success. As such, we employ people from more than 100 countries. Credit Suisse empowers employees to work openly and respectfully with each other and with clients, ultimately striving to deliver superior results while offering initiatives and programs to assist employees achieve a healthy work-life balance.
Right place, perfect opportunity
www.credit-suisse.com/careers
EQUAL EMPLOYMENT OPPORTUNITY
Credit Suisse is an Equal Opportunity Employer and does not discriminate in its employment decisions on the basis of any protected category.
To the extent permitted or required by applicable law, a candidate who is offered employment will be subject to a criminal record check and other background checks before the appointment is confirmed.
Saturday, October 29, 2011
Thursday, October 27, 2011
SFO MFO BFO UFOs? GTFOh!
Anyone attend the FO seminars 5 years ago? Anyone know what a FO was 10 years ago?
Well with the tidal surge in Asian wealth comes the upswell in Asian wealth management. And since the private banks have transformed themselves into product pushers, the void in service has been taken up by the Family Offices or FO's. And in the mish mash of every player from banks to brokerage houses saying they offer family office services, it's a crap shoot out there.
What does this have to do with us trustees? Well like it or not, FO's will play a part, perhaps an instrumental part, in driving where the money will be parked. They will influence whether a family (usually a UHNW family) uses a trust. They will help select advisors and trustees. How much to put in the trust. And where the trustees should invest with the money the family has put into the trust. In other words, they will be either your best friend or worst enemy.
You better warm up to the idea or get left behind. Richard Straus, Asia-Pacific head of global family office and institutions at Citigroup's private-banking unit said Richard Straus, Asia-Pacific head of global family office and institutions at Citigroup's private-banking unit said within the next seven to ten years, it is very likely that the number of family office will increase to 1,500, triple the present number. The reason for this is the growing number of millionaires in the region. [http://www.banking-business-review.com/news/family-offices-in-asia-to-triple-says-citigroup-241011]
Our renaisaance man: Eli Lenyoun is a board member of the Society of Family Offices, largely a Singapore based resource centre: http://sfoasia.org/index.html. I direct you to the list of service providers: http://sfoasia.org/Resources-directory.html [looks like a "pay to stay" advertising arrangement] but there 35 regional trust companies on that list. [Take a look at the so-called "Wealth Structuring Solutions companies. I remember a time when they were called insurance brokers]
Well with the tidal surge in Asian wealth comes the upswell in Asian wealth management. And since the private banks have transformed themselves into product pushers, the void in service has been taken up by the Family Offices or FO's. And in the mish mash of every player from banks to brokerage houses saying they offer family office services, it's a crap shoot out there.
What does this have to do with us trustees? Well like it or not, FO's will play a part, perhaps an instrumental part, in driving where the money will be parked. They will influence whether a family (usually a UHNW family) uses a trust. They will help select advisors and trustees. How much to put in the trust. And where the trustees should invest with the money the family has put into the trust. In other words, they will be either your best friend or worst enemy.
You better warm up to the idea or get left behind. Richard Straus, Asia-Pacific head of global family office and institutions at Citigroup's private-banking unit said Richard Straus, Asia-Pacific head of global family office and institutions at Citigroup's private-banking unit said within the next seven to ten years, it is very likely that the number of family office will increase to 1,500, triple the present number. The reason for this is the growing number of millionaires in the region. [http://www.banking-business-review.com/news/family-offices-in-asia-to-triple-says-citigroup-241011]
Our renaisaance man: Eli Lenyoun is a board member of the Society of Family Offices, largely a Singapore based resource centre: http://sfoasia.org/index.html. I direct you to the list of service providers: http://sfoasia.org/Resources-directory.html [looks like a "pay to stay" advertising arrangement] but there 35 regional trust companies on that list. [Take a look at the so-called "Wealth Structuring Solutions companies. I remember a time when they were called insurance brokers]
STEP Asia Conference 2011
SOLD OUT. Not surprising given that Singapore is still hot as far as offshore centers go (and it doeasn't hurt that the government subsidizes local participants so big players like the big banks can send 10 people for less than it would cost to send 2).
Looks to be an another mess since the venue was cramped before when it wasn't sold out.
Looks to be an another mess since the venue was cramped before when it wasn't sold out.
Living in the Past
As trustees, we are not only haunted by the things we do today, but also the things we and our predecessors did in the past. Now without details, this case may be a non-starter, but the summons', writs and general headaches of defending a suit is quite disruptive for any business, unless you're the litigators:
S 650/2011 (SUM 4502/2011)
KUNTJORO WIBAWA @ WONG KIN TJONG
(TOMMY CHOO MARK GO & PARTNERS)
(LING LEONG HUI)
V.
HARIANTY WIBAWA (WIDOW) & ORS
(RAJAH & TANN LLP)
(K MURALIDHARAN PILLAI)
NATURE: FOR INTERIM INJUNCTION
http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/legalnews/73772.html?utm_source=web%20subscription&utm_medium=web&title=Indonesian%20man%20sues%20mother%2C%20five%20siblings%20to%20recover%20share%20of%20father's%20S%2457-million%20estate
A interesting case of cross-border heirship planning spanning Indonesia, Singapore and Jersey that started in 2003 by Peter Finch when he was at BNP. Ol' Peter (he of Singtrust and Singapore Trustees Association fame) alledgely smoothed talked a lady into creating a Jersey trust that to house the partiarch's money and apparently screwed the son of his "rightful" inheritance at the same time. Hence, he's suing BNP Paribas.
Welcome Mr Kenyon. Thank goodness he should be no stranger to lawsuits coming from the trust litigation capital, Jersey.
S 650/2011 (SUM 4502/2011)
KUNTJORO WIBAWA @ WONG KIN TJONG
(TOMMY CHOO MARK GO & PARTNERS)
(LING LEONG HUI)
V.
HARIANTY WIBAWA (WIDOW) & ORS
(RAJAH & TANN LLP)
(K MURALIDHARAN PILLAI)
NATURE: FOR INTERIM INJUNCTION
http://www.singaporelawwatch.sg/remweb/legal/ln2/rss/legalnews/73772.html?utm_source=web%20subscription&utm_medium=web&title=Indonesian%20man%20sues%20mother%2C%20five%20siblings%20to%20recover%20share%20of%20father's%20S%2457-million%20estate
A interesting case of cross-border heirship planning spanning Indonesia, Singapore and Jersey that started in 2003 by Peter Finch when he was at BNP. Ol' Peter (he of Singtrust and Singapore Trustees Association fame) alledgely smoothed talked a lady into creating a Jersey trust that to house the partiarch's money and apparently screwed the son of his "rightful" inheritance at the same time. Hence, he's suing BNP Paribas.
Welcome Mr Kenyon. Thank goodness he should be no stranger to lawsuits coming from the trust litigation capital, Jersey.
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