Nassau, Bahamas and Zurich, Switzerland – 16 May, 2012 – A survey of top trust specialists in Geneva and Zurich conducted by leading fiduciary services provider, International Protector Group (IPG) has found that 83% of respondents believed that the newly launched Bahamas Executive Entity would be an important tool to strengthen, and at the same time, simplify their clients' international estate and estate planning structures.
The survey of 40 of the top investment advisors, lawyers and senior banking executives in Switzerland was conducted following a series of introductory presentations on the BEE given by IPG's specialists in Geneva and Zurich. When asked about the possibility of their organizations using the BEE in the next 12 months, 61% of respondents said it was likely they would do so. Interestingly, the group were equally divided on the role of the BEE between the role of protector, shareholder, investment advisor and trustee.
"The survey results show how the Bahamas Executive Entity is a timely and ground breaking piece of legislation," said Andrew Law, Chief Executive Officer of IPG. "It is the first incorporated structure designed to be a power holder which can resolve complex governance issues in fiduciary and wealth planning structures. It affords clients greater control in the administration and security of their wealth."
IPG recently incorporated the BEE as part of its portfolio of estate and inheritance planning services. "The IPG findings highlight the importance of the Bahamas Executive Entity. In essence, the BEE will reduce personal liability by ensuring that any powers (e.g. voting control) are held in a legal entity. Having a BEE incorporated in a client's structure may help avoid family disputes and other personal conflicts that can arise while administering their finances, because more family members or their advisors can be involved in the decision making process. In addition, the Bahamas Executive Entity reduces costs and eases the complexities in administering trust structures," Law continued.
Law, who was closely involved with The Government of The Bahamas in the development of the legislation added, "Moving forward, IPG will use the results of this study to help shape the future of its work in the global estate and inheritance planning industry. The survey underlines IPG's research-driven approach to ensure a complete understanding of our clients' requirements. These findings will provide an important resource for carrying out further research into the use of the Bahamas Executive Entity and its application in a wider setting such as the insurance industry."
IPG is a specialist provider of Family Office services with a particular focus on Private Trust Companies. With assets under supervision of $1.5 billion as of 31 December 2011, IPG's specialists are based in the key financial jurisdictions of The Bahamas and Zurich - offering dedicated international business expertise with strong experience of working with professional intermediaries and private clients around the world.
IPG is revolutionising wealth planning and fiduciary structuring through its participation in the development of The Bahamas Executive Entity – a unique piece of Bahamian legislation designed specifically to resolve complex governance issues in fiduciary and wealth management structures. Additional information is available at: http://ipg-protector.com
Shirlene Campbell Ritchie
PR for IPG
Tel: 01780 721 433
IPG PR contact – Taran Mackey
Tel: +1 242 677 8700