The Trust Company intends to expand its licence in Asia to take a stake in the growing private wealth market in Singapore, the firm’s chief told shareholders at its annual general meeting yesterday.
“We have established an effective presence in Singapore and are seeking to expand our licence there to also include personal services,” The Trust Company chief executive John Atkin said.
“This will provide us with an opportunity to share in the burgeoning private wealth industry there whilst also affording our Australian clients international wealth transfer solutions.
“We have very effective working arrangements between Singapore and our Australian offices, as exemplified by the strong cross-referral of clients and opportunities over the last 12 months.”
As the only independent trustee with offices in both Australia and Singapore, Atkin said the company will benefit from growth potential for trustee services within Asia.
“There is a myriad of drivers supporting this – the Johnson report looking to improve the regional importance of Australia as an investment centre, Asian growth underpinned by China and India, and the East-West shift in global economic weighting,” he said.
“Singapore already manages over $1.2 trillion in private wealth.”
The company has also recently rebranded, which Atkin said marks the completion of the strategic review the firm initiated last year.
“A subtle but important part of repositioning the company is to adopt ‘The’ in front of our name. The Trust Company is a deliberate and positive step to be more distinctive,” he said.
“We have chosen imperial purple as our colour, reflecting our aspiration of pre-eminence.”
