|Jursidiction||Bermuda, Caribbean, Cayman Islands|
|Job Type||Company Secretary/Corporate & Trust Admin, Compliance, In-House, Private Practice|
|Practice Area||Company Secretary/Corporate & Trust Admin, Compliance, Trust/Private Client|
|Salary/Level||$$Excellent Package (commensurate/7-8% tax)|
|Experience Level||10+ years relevant experience|
|Positions Available||Head of Trust Services|
|Date Added||May 22, 2020|
Offshore Legal has been approached by a major client to source a Head of Trust/Managing Director for their international Trust Services business, which undertakes a broad range of trust and company administration services for private clients, corporations and charitable entities.
This position is a senior and key role, having responsibility for leadership, management and oversight of the Trust Services Team which comprises Family Office and Fiduciary Services.
The role will require sound judgment and excellent trust governance skills to enhance service to client relationships and drive value; in addition, the Head of Trust should have comprehensive trust knowledge, global experience of establishing complex trust and underlying entity structures together with a strong understanding of business objectives driving revenue growth; any such other activities as may be reasonably required by the role.
- Responsible for all aspects of the day-to-day management of the trust book of business in Bermuda and related jurisdictions
- Manage and enhance good relationships with clients and intermediaries, thus grow revenue
- Develop and implement business plans covering Bermuda, as well as related jurisdictions
- Subject matter expert for wealth and estate planning solutions (trusts, private trust companies, foundations, investment and special purpose vehicles)
- Ability to conduct presentations and training internally, externally and overseas to clients and intermediaries, which may include wealth planners, private bankers, investment managers, insurers, lawyers, realtors, trust associations etc.
- Communicate and present cross-border estate planning solutions for clients, including trust structure and fee proposals to existing and prospective clients and/or their intermediaries
- Daily supervision of the Trust Services Team, and oversee their training and development in line with their performance objectives and financial targets
- Provide trust industry updates on new legislation and reporting requirements, draft articles for internal newsletters as required
- Participate as a member of Bermuda and/or international wealth management associations
- Good understanding of Bermuda, British Virgin Islands, Cayman Islands and other offshore market legislation and regulatory environments
- Implement required system changes through projects, draft applicable policies and procedures, and conduct regular training as required
- Informed knowledge of global trust and wealth planning rules, especially FATCA and CRS legislation and the reporting requirements
- Sound ability to review and provide proper guidance on trust financial statements and investment objectives and guidelines
- Act as point of contact in accordance with the regulatory requirements of the Bermuda Monetary Authority
- Maintain a current understanding of AML/ATF and other regulatory requirements. Participate in AML/ATF and other compliance training
- Drive on-boarding of new clients including reviewing the terms and conditions of service agreements, considering scope of services and liaising with Compliance as may be necessary
- Attend to and assist with the new trust formation and dissolution of client entities
- Review marketing opportunities on a continual basis and develop a network of key or prospective clients and intermediaries
- Maintain an awareness of required updates to the trust policies and procedures manual
- Demonstrate strong financial awareness and performance against budget/targets.
- Maintain professional certifications and professional standing including completing all continuing professional development and at all times maintain status as a fit and proper person to serve as Managing Director of Trust Services, which is regulated by the Bermuda Monetary Authority
- Lead and be responsible for the team structure, resourcing, and managing change
- Help drive core revenue growth and profitability across the business and be responsible for department costs and budgets
- Review, drive and improve working capital management across the business
- Provide focus and clarity in establishing individual goals, driving performance management, supporting career development and rewarding strong performance
- Minimum of 10-15 years’ experience having managed large and more complex client relationships in a client-facing or business development role
- A Common Law degree is preferred with a minimum of 10 years’ post qualification experience in a private client or trust environment
- Holds relevant technical qualifications, STEP preferred
- Sound knowledge of wealth management, such as financial markets, investment structuring, asset protection and portfolio management
- Demonstrated track record of success in building a market competitive and profitable Family Office Services platform, together with depth of experience and understanding of the operations needed to maintain and lead the platform’s growth and profitability
- Strong leadership and influencing skills with strategic planning experience
- Excellent communication skills (verbal and written), including presentation skills. Must be able to communicate with all levels of the organization including the ability to lead and partner with senior management as well as colleagues in related business lines
- Strong interpersonal skills, including the ability to interact across the organization
- Self-motivated, organized and independent
- A strong understanding of clients’ business objectives whether in Bermuda or elsewhere
- Self-motivated, organized and the ability to work independently and coordinate a high level of activity under a variety of conditions and constraints
- Capability to assemble and analyses factual information (including financial) for the purpose of developing proposed courses of actions and comprehensive solutions
This is an extremely rare opportunity at this level in the Bermuda/Caribbean region so don’t delay!
In addition, the low tax rate, beautiful beaches, warm weather and active expat community make Bermuda a hugely desirable place to live.