Bedell Trust has announced the establishment of an operation in the Cayman Islands as it said it looks to “further extend” its international presence.
The new operation will be headed up by Grant Barbour, pictured, a director of Bedell Trust Cayman, the company said in a statement. In addition to being a trust specialist, Barbour is also a Jersey advocate and South African attorney, and has been with Bedell for more than 15 years.
The announcement of the new Cayman operation comes less than two months after Bedell Trust unveiled plans for a management buyout of its business for an undisclosed sum, backed by Inflexion, a London-based, internationally-focused private equity firm.
The deal was said to be subject to regulatory approvals.
In September, Bedell Trust announced that it had acquired a majority stake in Singapore Trust Co, again as part of its “strategic growth plan”, and earlier this year opened an office in Luxembourg.
‘Comprehensive range of services’
In its statement announcing the Cayman operation yesterday, Bedell Trust, which is currently still a division of the Jersey-based Bedell Group, said that it plans to provide a “comprehensive range of trust and corporate services to clients” from its new Grand Cayman offices.
Barbour said Bedell Trust was entering the Cayman Islands because it is a key market for “many of our clients, especially those in the Middle East and Far East”, and said the outpost “fits with our strategy of investing in leading locations where our clients are doing business, and aligning ourselves with like-minded business partners” in key markets.
Established in 1971
Bedell Trust is regarded as one of Jersey’s longest-established independent trust companies. It was founded in 1971, and received a boost in 1984 when Jersey enacted its first trust legislation, said to be the world’s first of its kind.
The Bedell Trust business traces its roots back to 1939, when an advocate named George Bedell set up in practice in St Helier, Jersey, after previously helping to introduce income tax to the island. Bedell joined forces in 1958 with another lawyer, Dick Cristin, according to a history on the Bedell Group website, which, it noted, led to the creation of the Bedell Cristin law firm. Bedell Cristin today comprises the other major part of the Bedell Group’s business.
With the addition of its new Cayman outpost, Bedell Trust will have a presence in a total of eight markets. In addition to Cayman, Jersey, Singapore and Luxembourg, these include Guernsey, London, Dublin and Mauritius.