Wednesday, May 9, 2012
Wednesday, May 9, 2012
International Protector Group (IPG), a leading international fiduciary services provider, has announced a major new service to allow the organisers of complex trusts, wherever they are based worldwide, to take advantage of The Bahamas Executive Entity.
The Executive Entity is a unique and ground breaking new instrument designed specifically to resolve complex governance issues in fiduciary and wealth management structures.
The new service will enable clients to establish greater control over the administration and security of their wealth by establishing an Executive Entity as a protector or shareholder as part of the trust or foundation structure.
It allows a client to appoint himself or other individuals upon whom he can depend to be officers or council members to safeguard his interests.
The provision of this new financial service/product has been made possible by the passage of the Bahamas Executive Entities Act 2012, a completely new concept in private wealth management introduced by the government of The Bahamas.
Andrew Law (below – left), chief executive officer of IPG, was closely involved with the government of The Bahamas in the development of the legislation.
He explains: “An Executive Entity is designed to act as a power holder and to encapsulate powers currently offered in the sphere of wealth management within a legal entity. In its legal construction, the Executive Entity has similarities in its standalone nature to a foundation and also to a purpose trust. By incorporating an IPG Executive Entity into their proposals, trustees and their legal advisers may simplify the operations and lower the cost of many of today’s more complex structures.”
Speaking about the development of the Executive Entities Act, Paul Winder (above – right), chairman of the Bahamas Financial Services Board (BFSB), said: “The Bahamas has led the way in providing innovative legislation to support leading service providers in the global estate and inheritance planning industry. We were pleased to draw on the wealth of expertise offered by industry specialists in drawing up the new bill and believe it will offer an important new capability as part of the structure of major wealth preservation trusts.”
IPG now incorporates the Executive Entity as part of an extensive catalogue of wealth management services.
The company offers wealth management and investment advice delivered by a team of specialists who work with high-net-worth individuals and their trust advisors to provide bespoke, tailored solutions that focus on each client’s specific needs.