AWARDS SEASON

While you are busy in front of the tube watching anything and everything from the Grammys to the Oscars, I present you with the Asia Trust Industry Awards.

Asian Trustee Company of the Year 2011

While many of our companies get press from the rags and industry folk like STEP or bankers associations in their annual polls/awards, it is rare for a compatriot to get government recognition. For garnering attention and action from the Monetary Authority of Singapore, the winner is: ATC Trustees (Singapore) Pte Ltd. ATC Singapore is the first Singapore trust company to be reprimanded for misconduct under the Trustees Act as far as I know. http://www.mas.gov.sg/news_room/enforcement/2011/Caroline_Van_Der_Meer.html

Accepting the award on her behalf is Marcin Galas (formerly of Zetland Hong Kong) who replaced Caroline as MD of ATC Singapore.


Creative Thinking Award of the Year 2011

UBS. An agent??!! Responsible for all trust related....tasks that do not require trustee discretion??!??!? Why not a real trustee? Send a boy to do a man's job.

If I'm a client why would I want to deal with some fool that has to has no authority and has to run back to the principal for a decision? I pay top dollar and you send me a proxy? Let me see who's in charge please.

Looks like someone's cajones just got sliced off and served by WM P&S.

Ad:
An exciting opportunity has arisen to join UBS as a Wealth Planning Trust Relationship Manager.
UBS can offer you an environment geared towards performance, attractive career opportunities, and an open corporate culture that values and rewards the contribution of every individual.

Key tasks and responsibilities include:

This Role-Holder acts as an agent of the UBS trust companies to facilitate trust business and is responsible for all trust related aftersales tasks that do not require trustee discretion / presence.

Specifically, the Role-Holder will be building long term relationship with the settlors and beneficiaries, attending to any issues or requests arising from the trust structures, coordinating with trustees, internal functions and external parties on any technical or operational matters and keeping up-to-date with any regulatory changes that may affect the structures. The Role-Holder will be working with T&F Operations together in order to generate the best-in-class service for the clients.

In addition, the Role-Holder will be expected to help identify new business opportunities during client interactions or reviews such as injection of further assets into existing trust structures, product cross-selling and NNM acquisition for the bank. He / she will also be measured based on the number of trust reviews, trust revenue, NBV and client (internal and external) satisfaction.


Our ideal candidate should have the following requisites:

•Accounting/Business/Law related university bachelors (or higher) degree
•CPA/ CA/ LLB/Taxation Degree/ STEP are desirable
•Preferably 5+ years of relevant experience in a trust company or a bank
•Excellent attention to detail
•Strong analytical and problem solving skills, combined with a broad business perspective
•Highly organized, able to multi-task, work both independently and in a team setting
•Marketing and sales capabilities, excellent communication skills with ability to express things simply and directly while maintaining a focused and controlled discussion
•Proficient in Microsoft Office (Word, Excel, PowerPoint) and preferably Chinese Word Processing
•Fluency in English and Cantonese is a must while Mandarin would be desirable


Private Bank for Year 2011

HSBC Private Bank Geneva. The French Supreme Court rules that data stolen from the bank cannot be used to prosecute potential tax evaders. Any guesses as to where the judges and politicians might be banking? Could you be safer anywhere else. Not in Asia.
http://www.swissinfo.ch/eng/business/Court_rules_against_stolen_Swiss_data_use_.html?cid=32047702


Court Case of the Year 2011

Like those technical wards for camera or sound editing, here's the boring part of the ceremony. Hey not everything about trusts is glamorous. TMSF V Merrill Lynch Bank And Trust Company (Cayman) Ltd.. Case went to Privy council then back to the Cayman Grand Court. The punchline: people with unfettered powers of revocation should not go bankrupt. If you have a revocable Cayman trust, be worried.

Serious runner up: Why is this woman smiling? The answer: The HK courts still like the English rules. Not really the reason but just one of 1.2 BILLION reasons. Comity is not comforting even if you have a trust. Congratulations Florence. If DD v LKW [2008 HKCA 74] didn't scare the crap of those filing for divorce, this will. Time to pack up the bags and become a HK divorce lawyer. http://www.thestandard.com.hk/news_detail.asp?sid=34650467&art_id=117633&con_type=1&pp_cat=12