Since its launch earlier this year, Deutsche Bank’s Private Client Trust Administration Centre has seen the transfer of more than 300 client entities to the Cayman Islands.
Two weeks after private bank Coutts announced it will sell its trust business and withdraw from the Cayman Islands, Deutsche Bank said it is re-establishing the bank’s trust administration team in the jurisdiction to support the bank’s Cayman trust company.
Previously, the trust company’s private client administration had been managed from affiliated offices in other jurisdictions.
Deutsche Bank transferred Stuart Bray to Cayman to head up the new team.
Mr. Bray said Cayman trust structures remain popular with Deutsche Bank’s global client base and the jurisdiction continues to be well respected as a premier fiduciary services centre.
“Our overall Cayman trust offering provides an important tool for our clients’ wealth planning needs and, strengthened by the addition of this trust administration capability, we see the Cayman trust company as a source of significant continued growth,” he said.
Mr. Bray previously worked for Deutsche Bank’s Global Trust Solutions business in Guernsey and latterly as head of its Mauritius Global Trust Solutions operation.
Also bolstering the team in client facing roles are Ethel McLean and Allison Payne, who both have extensive trust experience with top tier financial institutions. They will be supported by Elizabeth Watt, who will now focus full time on supporting the trust business.
“The new team is strategically well placed to service both existing and future private clients, particularly in the Americas region which is a target market for us,” Mr. Bray said.
Janet Hislop, Deutsche Bank’s chief country officer in the Cayman Islands, said, “Deutsche Bank is fully committed to the Cayman Islands and, after a gap of seven years, I am delighted that we have been able to re-establish a world-class trust administration team locally to bolster our existing private client trust capabilities.
“We have also been able to provide opportunities for local Caymanians by creating new jobs at a time when the industry as a whole is facing significant challenges. The new administration centre is an exciting development for Deutsche Bank’s overall trust business in Cayman and, under Stuart’s leadership, the growth of the business looks set to continue.”
The private client trust business forms part of Deutsche Bank’s Asset and Wealth Management Division and falls under its Global Trust Solutions banner.