Following the completion of a management buyout in September, Bedell Trust has re-branded as ‘Ocorian’.
Nick Cawley, pictured, who heads up the newly-rebranded company as chief executive, said he and his fellow managers had “recognised the time was right” to re-brand, as part of the “evolution of our business”, and stressed that it was no mere “name change and logo makeover” but rather, a formal recognition that reliability and adaptability also needed to be at the “very core” of the newly-re-branded company’s identity.
Bedell Trust – the company now known as Ocorian – is 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, which subsequently led to the creation of the Bedell Cristin law firm.
As reported, Bedell Trust first unveiled plans in April for a management buyout of the business from its parent, the Bedell Group, backed by Inflexion, a London-based, internationally-focused private equity firm. The agreed price wasn’t disclosed.
In September, Bedell Trust announced that it had acquired a majority stake in Singapore Trust Co, again as part of its “strategic growth plan”, after having earlier this year opened an office in Luxembourg.
Based in Jersey, Ocorian now has outposts in seven other jurisdictions as well, including Cayman, Dublin, Guernsey, London, Mauritius and Singapore in addition to Luxembourg.
In its Ocorian mode, like its predecessor business, it has three main business areas: corporate services, fund services, and private client services.
The corporate services and fund services areas are fairly conventional, while the private client services on offer include trust and foundation services, but also more specialist services as well, such as in the areas of luxury asset ownership, yacht management and philanthropy, in addition to what is known as “protector and enforcer services”, which, according to Ocorian’s new website, “provide an additional layer of oversight to the activities of trustees and the administration of trusts”.
The Bedell Cristin legal business, formerly part of the Bedell Group alongside Bedell Trust, continues to operate, also still based in Jersey, but now under simply the Bedell Cristin name.