Tricor Trust and Everbright Sun Hung Kai Announce Strategic Partnership To Offer HNWIs Integrated Trust and Wealth Management Solutions

Oct 9, 2020

Tricor Trust, one of the Big 4 independent trust companies in Hong Kong, and Everbright Sun Hung Kai Company Ltd. (“EBSHK”), a leading wealth management institution, jointly announced today a strategic partnership to provide integrated trust and wealth management solutions to meet the rising demand for asset protection from high-net-worth individuals (“HNWIs”) and corporations. Tricor Trust’s unrivalled expertise in trust formation and administration will complement EBSHK’s comprehensive range of wealth management services, empowering clients a higher level of financial security for generations to come.  

The demand for trust services for family wealth preservation and estate and succession planning from private individuals and sustainable development for corporations has been on the rise. High-net-worth clients nowadays have increasingly sophisticated needs, which have been transformed from primarily wealth creation and management to estate succession and asset protection planning. Family offices and new generation HNWIs have contributed to the exponential growth.

Hong Kong’s asset and wealth management business posted strong growth in 2019 despite the challenges facing global markets, according to The Securities and Futures Commission’s (SFC) latest Asset and Wealth Management Activities Survey, which reported that the assets under management (“AUM”) of the asset and wealth management business in Hong Kong rose by 20% year-on-year to HK$28,769 billion (approximately US$3,694 billion) as at 31 December 2019. Assets held under trusts in Hong Kong grew by 11% to HK$3,844 billion, among which those from family offices and private trusts, charities, and other corporates surged by 31% to HK$849 billion.

The partnership combines EBSHK’s strength in wealth and asset management and Tricor Trust’s expertise in trust formation and administration. With 50 years of wealth management experience, EBSHK started its private wealth management services and founded EBSHK Private in 2002 and 2011 respectively, offering HNWIs exclusive and premium wealth creation and management solutions on par with those of private banks. EBSHK is nominated in South China Morning Post’s Private Banking Directory since 2018. As at 30 June 2020, the client assets under EBSHK and its associated companies’ wealth and asset management, trusts, and fund advisory businesses amounted to HK$120 billion.

Tricor Trust provides a full range of bespoke solutions to manage wealth for posterity for ultra-high-net-worth individuals (“UHNWIs”), acting as trustee for selected trusts, including trust planning, formation and ongoing administration. It has established itself as one of the Big 4 independent trust companies in Hong Kong.

Joe Wan, Chief Executive Officer of Tricor Trust, said, “Tricor Trust and EBSHK share the common commitment of establishing long standing relationships with clients through delivering service excellence. We are dedicated to helping clients navigate market changes, mitigate risks, and embrace the future. This partnership comes right in time during the pandemic when sophisticated asset protection and wealth management services have become ever more important. Tricor Trust is excited to enter into this strategic partnership to tap further into the accelerating growth of this market segment.”

Kevin Tai, Deputy Chief Executive Officer of EBSHK, said, “Our wealth management team under the EBSHK Private sub-brand has been established for almost a decade to serve the wealth management needs of high-net-worth individuals. With 70% of our team members coming from a retail or private banking background, we have been capturing the increasing demand for premium services. Revenue generated by EBSHK Private jumped by 30% in the first half of 2020 compared with the same period last year. Wealth preservation and succession planning are now one of our major strategies for development. EBSHK’s alliance with Tricor Trust will further grow our customer base of individuals who are concerned with wealth succession and allocation, and provide premium clients with enduring wealth management services that progress with the times.”

Michael Shue, Managing Director of Tricor Trust, said, “Trusts have evolved from instruments of guardianship to sophisticated vehicles for estate and succession planning and family asset protection. It has become an indispensable part of wealth management. Despite a turbulent market, Hong Kong’s asset and wealth management business recorded strong double-digit growth in 2019, bringing to light the opportunities amidst an economic downturn. In a time of flux, our team of professional trust specialists draws upon their decades of extensive experience to design bespoke solutions that cater to the needs of our individual and corporate clients, enabling them to build a sustainable future.”


For more information, please contact:

HONG KONG SAR 

Daryl Choy

Chief Marketing Officer 

Tel: +852 2980 1949

Email: daryl.pw.choy@hk.tricorglobal.com


Press Release:

English | Traditional Chinese | Simplified Chinese


Visit: www.tricorglobal.com

Topics: Tricor News, Hong Kong

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