IPG builds Zurich team to help Swiss trustees with Bahamas structure

Kevin Clerey has been appointed as managing director of newly formed International Protector Group Switzerland, which is introducing the new Bahamas Executive Entity to that market for trust advisors.

Clerey (pictured) worked at Credit Suisse for 23 years, including as head of its global trust operations. At Credit Suisse he also oversaw fund administration, and led trust companies in centres such as The Bahamas, Cayman Islands, Isle of Man, Guernsey and the Middle- and Far east.

Most recently he worked at Clerey Associates, an independent fiduciary services provider.

At the newly launched boutique, which has about $1.5bn assets under supervision, he will oversee growth in the region from the Zurich office.
One of his key goals will be to introduce the Bahamas Executive Entity to Swiss-based trust advisors.

Andrew Law, CEO of IPG, said the firm was aiming to strengthen ties with clients and expand its suite of wealth management services.

Research from IPG earlier this month covering 40 investment advisors, lawyers and senior bankers found about two thirds were likely to use the Bahamas Executive Entity over the next 12 months.

They cited the entity’s role as protector, shareholder, investment advisor and trustee.

Law said: “The BEE 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.

“The BEE will reduce personal liability by ensuring that any powers – for example 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 said.

Law worked closely with the Government of The Bahamas to develop the legislation Bahamas Executive Entities Act 2011 underlying the BEE.

Law said: “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.”

IPG said the BEE structure “allows a client to appoint himself or other individuals whom he can depend on to be officers or council members to safeguard his interests.”


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