Offshore: A matter of trust
Why and how do law firm trust companies become bank-owned trust companies, and what are the differences? Robert Clifford looks at the transition some firms have made
Lawyers generally do not provide banking, lending or investment services in-house and their trustee companies therefore generally (and naturally) go out of house for such services. Banks, on the other hand, are frequently attracted to trust operations because of the inherent demand of such companies for banking, lending and investment services. Such services can frequently be more profitable than fiduciary services in their own right. Equally, research shows that banks that have a trustee relationship with their clients generally enjoy those relationships for longer than pure banking relationships (source: Boston Consultancy Group).
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