Bank of Bermuda's role in the private wealth industry is different from typical private banking operations.
Rather than servicing clients with investment products and managing their assets, the bank focuses on trusts and fiduciary services.
Trusts are ancient structures, typically used today to help wealthy individuals and families protect their assets and pass them on through the generations without being eroded by estate duties or subject to family squabbles.
For institutions, trusts form the ownership basis of some common vehicles, notably unit trusts. Bank of Bermuda is also active in providing these services.
Trusts are the mainstay of the bank's predominantly fee-based business in Hong Kong. On the private side, every solution is tailored to the client's situation, but a common thread is that part of a family's assets are transferred into a trust.
The legal ownership of the assets passes to the trust, and arrangements can be made for succession, inheritance or general asset protection.
