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Maples Private Client Services
Maples Private Client Services provides specialist trust and foundation services to international high net worth individuals and elite families, as well as analytical support services to family offices.
Our team comprises highly skilled professionals across a range of relevant disciplines. Utilising proprietary technology, we offer a modern, comprehensive yet highly personalised suite of solutions.
Our affiliate, Maples and Calder, is a leading international law firm with a dedicated team specialising in trust, foundation and estate planning advice.
Together, our seamless offering of legal, trust and foundation services allows us to work closely with each client to ensure that their bespoke estate planning arrangements are optimally structured and professionally managed throughout the lifetime of their structure.
We understand that individual and family situations evolve, that economic circumstances change and that regulations and laws develop over time. Our independent trust and foundation services can be tailored to meet each client’s current needs and objectives, with the flexibility to adapt over the years.
The following is an overview of the bespoke Private Client Services we offer:
Trusts are a highly popular tool for wealth and estate planning. Our Private Client Services team works with our private clients’ advisers and leading international and domestic law firms to provide customised trust services for high net worth individuals and families, who are looking to provide for:
- the preservation and transfer of private wealth across generations;
- business continuity for privately-owned enterprises;
- the avoidance of lengthy and expensive local probate procedures on death; and
- philanthropic or charitable purposes.
Our primary trust jurisdictions are Bermuda, the British Virgin Islands, the Cayman Islands, Delaware, Hong Kong and Ireland. Through our various offices worldwide, we provide our private clients with flexibility and choice by offering a full range of trust solutions, including:
Trustee services to:
- Reserved powers/directed family trusts;
- Life interest trusts;
- Discretionary trusts;
- Pre-immigration trusts;
- Philanthropic and charitable trusts;
- Business shareholding trusts;
- Private trust company shareholding trusts; and
- Insurance trusts.
- Provide directors to all companies formed to hold specific trust assets;
- Manage all assets placed into the trust;
- Provide analysis of investment performance for review; and
- Prepare individual and consolidated trust and company accounts.
We can also assist with the registration of yachts and aircraft to be owned by trusts as well as the management and administration of private investment funds.
Foundations are a more familiar estate planning vehicle often used in preference to the common law trust by those of our clients who reside in civil law countries. Offering the same benefits and advantages as trusts, and capable of being used for the same purposes, foundations are the preferred alternative for those private clients seeking clarity and recognition of their overseas estate planning structures in their own home jurisdictions.
The Cayman Islands has passed innovative legislation permitting the formation of Cayman foundations as a form of exempt company under the Foundation Companies Law 2017, thereby gaining the benefit of the extensive jurisprudence already governing Cayman companies.
Our services to foundations include:
- Act as registered office*;
- Provide one or more directors to manage a foundation;
- Provide full administrative support services to the board of directors of a foundation, including:
- Administer the foundation’s bylaws governing beneficial entitlement;
- Maintain financial records for the foundation;
- Prepare financial statements for the foundation and any underlying holding vehicle;
- Provide secretarial services*; and
- Act as supervisor of the foundation.
* Please note that a foundation is required to appoint a licensed company manager or trust company (such as MaplesFS Limited) as its registered office and secretary.
As an alternative to selecting Maples Private Client Services, wealthy families can establish their own private trust company ("PTC") to serve as trustee exclusively for one or more related family trusts. This has become a popular choice for larger, wealthier families (often with their own family office) that are looking to retain a closer degree of oversight and control over the family trusts and assets.
PTCs may be subject to licensing in their home jurisdiction, or exempt from licensing. Our primary jurisdictions for PTCs are the British Virgin Islands and the Cayman Islands.
Our services to PTCs include:
- Act as a registered office/agent;
- Provide one or more directors to manage the PTC;
- Provide full administrative support services to the board of directors of the PTC, including:
- Assist with the administration of the trust in accordance with its terms;
- Maintain financial records for both the trusts and the PTC;
- Prepare financial statements for the trusts administered by the PTC (and any underlying holding vehicle held in trust) as well as for the PTC; and
- Provide secretarial services to the PTC.
Our services to family offices include:
- Trust and foundation formation;
- Legal and structuring advice;
- Private trust, investment and holding company formation services;
- Structures for family company or business;
- Family constitutions;
- Due diligence; and
- Regulatory compliance guidance.
Trusts and Foundations
- Act as trustee to private family trusts, business shareholding trusts, philanthropic trusts, private companies and private trust company shareholding trusts; and
- Provide management and administration services to private trust companies, family limited partnerships, foundations and private investment funds.
Private Aircraft and Pleasure Yacht
- Ownership structures;
- Sale, purchase and local registration; and
- Security and other general matters.
- Advise on Irish personal tax matters for foreign domiciliaries looking to take up residence in Ireland; and
- Establish Irish regulated and non-regulated investment vehicles depending on the tax objectives of the client.
Managed Custody Accounts
- Facilitate integration with fund managers, prime brokers and custodians and support implementation of a Managed Custody Account ("MCA") programme.
Investment Reporting and Analytics
- Automate reconciliation tools to help ensure data consistency and integrity;
- Provide access to independent market data vendors for verification of valuations, corporate action events and security master data;
- Conduct independent performance and fee calculations for all elements encompassed within complex MCA contractual agreements; and
- Provide customisable, intuitive reporting that consolidates data from multiple structures into meaningful information.
- Bookkeeping; and
- Multi-asset accounting services.
As an experienced trustee, MaplesFS has a thorough understanding of the key roles played by other fiduciaries in the context of trusts and foundations. We are able to act in any of the following functions for any trusts and foundations where we are not serving in any other fiduciary capacity:
- Protector for trusts and Cayman foundations;
- Enforcer for Cayman STAR trusts; and
- Supervisor for Cayman foundations.
Mark has oversight of the global data management and middle office teams within the Maples Group’s fund services business. He has significant experience in systems and project oversight, and product design and implementation. Drawing on this expertise and a client-driven approach, Mark provides external clients, including hedge funds, private equity funds and institutional investors, with custom portfolio accounting, performance analytics, risk analytics and regulatory reporting solutions. He also supports the Maples Group’s internal teams, providing data management, systems design and implementation and reporting solutions. Mark has authored several articles and has been asked to speak at various industry events on topics relating to institutionalising operations for various fund and investor types and how technology can enhance support investment decision-making.
Maxine is a member of the Maples Group Private Clients, Trusts & Wealth Management team where she specialises in advising the world's leading banks and trust companies and private individuals on the establishment and ongoing administration of Cayman Islands trusts, including unit trusts, pension and employee benefit trusts and charitable trusts. She is a leader in the use of private trust companies and all matters concerning the licensing, registration and operation of private trust companies. She also regularly advises clients on wills and the administration of estates. Maxine also provides training for corporate trustees on practical trusts management.
Ray is a partner with the Maples Group's Private Clients, Trusts & Wealth Management. His expertise includes contentious and non- contentious international trusts and private client work in both the British Virgin Islands and the Cayman Islands.
RESOURCE HUBThe following materials provide more information on our Private Client Services offerings.
- 22 Nov 2017 - Cayman’s New Foundation Companies – A Month in Review