On 14th March 2014 Standard Wealth and ILS Asia will sign a landmark industry deal to supply overseas Trusts to the Chinese market. The strategic alliance between the two businesses represents the first major attempt within China’s financial services industry to deliver these Western style asset protection products to a national Chinese client base.
Standard Wealth is a Chinese wealth management company headquartered in Shanghai and backed by a conglomerate of formidable Chinese enterprises; while ILS Asia is a pan-Asian corporate services provider and part of the ILS Group, through which it has access to a range of fiduciary services from the global ILS network.
It is through this global network that the strategic alliance of Standard Wealth and ILS Asia will be able to provide a variety of overseas Trust products, which will be tailored to meet the needs of each client. Overseas Trusts, for which there is a burgeoning market within China, are a wealth management tool based on common law and are widely used in Western economies. They were first conceived over 800 years ago in England and the Isle of Man, which is where The ILS Group is headquartered, and is considered to have one of the most developed Trust law backgrounds of any low tax jurisdiction.
Standard Wealth Managing Director Quan Dan Song said: “China has consistently been a driver of growth and dynamism over the last 10 years, and the innovative position we are looking to take within the market is to combine the growth and dynamism of Chinese investments with the security and expertise of Western style wealth management tools. ILS Asia is an ideal partner for us, as it combines a deep understanding of the local Chinese market with access to a global network of products and offices. We are honoured to be able to deliver their expertise to our clients.”
ILS Asia Managing Director Chris Eaton said: “This deal represents a significant step in the development of the Trust market in China. It will create the first Chinese platform combining access to national demand and an international range of Trust solutions. We have manoeuvred significant resources throughout our Group to make this deal possible and to ensure that our Chinese clients receive the expert service which has been an ILS trademark throughout our history. We are delighted to be collaborating with such an impressively resourced partner as Standard Wealth and we are excited by the opportunity this deal creates.”
The signing event, which takes place at The Grand Kempinski Hotel in Shanghai, will be attended by an exclusive audience of industry leaders, while the key note speech will be given by Mr. Allan Bell, who is the Chief Minister of the Isle of Man Government.
Category: Finance & Business