Speaking in a highly interactive session, Steve and Dean explored how the US trust sector has evolved from a primarily domestic focus to a global player over the last 25 years, within a framework that showed such development running largely in parallel to established offshore trust centres (using Jersey as a prime example), each shaped by similar and different evolutionary triggers. The discussion covered broader trends such as shifting wealth dynamics and macros, regulatory and compliance changes, global taxation trends, and the evolving nature and role of trustees. A prevailing view emerged indicating that these trust sectors have indeed shared many attributes in their journeys over the last 25 years. Today there is more competition, providing global UHNW families with not only more choice, but also with more aligned and complementary options to meet their bespoke, complex and multi-jurisdictional needs, particularly (but not only) those families with US connections.

Taking place between 13 and 15 November, the event – ‘The Erosion of Trust: the new normal?’ – was facilitated by Beatrice Puoti of Stephenson Harwood LLP in London and Jonathan Speck of Mourants in Jersey, and attended by other leading lawyers and trustees who came together to explore the key issues affecting and shaping the modern cross-border private wealth sector. Crestbridge Family Office Services’ Jersey Managing Director, Steve Le Seelleur also attended the conference and provided valuable contributions to the many discussions and debates within the ‘new normal’ theme of the conference.

Elsewhere at the Forum, other speakers and panellists focused on the impact of political instability when it comes to giving private client advice, effective protection of property assets in succession planning, and preparing the next generation for an imminent and unprecedented mass wealth transfer.

Commenting on the event, Steve Sokić said: “Once again, this event brought together a world class line-up of private client legal and other advisors from around the world to reflect on the key drivers shaping the cross-border wealth landscape. It was a pleasure to hear from top-level speakers throughout the Forum, whilst I was also delighted to contribute to a session with Dean looking specifically at how the trust sectors in the US and offshore, including Jersey, have evolved over the past 25 years to offer today a good blend of optionality when it comes to international planning.”

Following the recent announcement about the arrival of new Client Director Ashley Hickman, Crestbridge FOS has appointed a further eight people across its client and business services teams.

Within the client administration team, they include Shelley Parker as Senior Manager, alongside Senior Administrators Anna Costard, Paula Griffiths, Wendy Jackson and Administrators Zac Cloete and Josh Cullinan. Jordon Scott has also joined as Senior IT Support Technician while Giorgina Lister has been appointed Marketing Manager.

The raft of new starters reflects Crestbridge FOS’ sustained growth trajectory this year, building on a number of senior appointments in 2025. It also underlines the firm’s commitment to providing high-quality services, to support its client base of top-end global families.

Commenting on the team expansion, Heather Tibbo, CEO, Crestbridge FOS, said: “2025 has been another busy year for us as a firm, during which we have focused on enhancing our service proposition for our global client base and expanding our team, against the backdrop of a complex and evolving landscape. With that in mind, I am pleased to welcome our new starters who will all play a role in supporting our ongoing growth strategy. As we look forward to 2026, we are in a strong position to move at pace in a fast-moving environment and provide the high-quality services families need.”

The winners were selected by an independent panel of judges, with Heather awarded the top prize for leadership, in recognition of her commitment to delivering innovative solutions to clients in the region and championing service excellence.

Commenting on the award win, Heather said: “The Middle East remains an absolutely critical strategic market for Crestbridge, with our team having built exceptional knowledge and deep relationships in the region over the years. It is a market I have become particularly close to and I am therefore delighted and honoured to accept this Award. I am, however, also proud to lead such a highly skilled team that understands the nuances of the market and is committed to supporting the increasingly complex and sophisticated ambitions of families in this dynamic region.”

Stephen Harris, CEO of ClearView Financial Media’s and publisher of WealthBriefing, added:

“Every category winner has undergone a rigorous and independent judging process and should be rightly proud of their achievements this year. I extend my heartfelt congratulations and best wishes to all winners and highly commended firms. They are all worthy recipients and now join an elite group of wealth management professionals who represent the very best of the industry across MENA and beyond.”

Read WealthBriefing MENA Awards 2025 Acclaim.

In his role, Jersey-based Ashley will take a lead on client service delivery, with a particular focus on the firm’s Ultra High Net Worth (UHNW) clients across the UK, Ireland, the Middle East and Africa. He will also oversee the management of a broad range of trust and corporate structures holding a wide range of assets.

With more than 25 years’ experience in the finance industry supporting the specialist needs of multi-jurisdictional clients, Ashley joins Crestbridge having previously worked for more than two decades at a major global bank. In a number of senior level roles, he has built considerable expertise in the private client sector, providing specialist support in the management of various asset classes including discretionary and advisory managed portfolios, private equity investments, gold and commercial property.

He is a member of STEP and holds the STEP Diploma in International Trust Management.

Ashley’s appointment maintains Crestbridge’s growth trajectory this year, which has seen the addition of significant senior industry expertise to the privately-owned firm’s team, to support its client base of top-end global families.

Commenting on Ashley’s appointment, Crestbridge Managing Director, Steve Le Seelleur, said: “Ashley’s appointment underlines our aim to attract experienced, senior industry leaders to our team, as we continue to grow as a business and, importantly, retain our focus on delivering top tier service to Ultra High Net Worth families. I’m really pleased to welcome someone of Ashley’s calibre to the team and look forward to working with him as we continue to evolve and enhance our range of solutions for global families of wealth.”

Ashley added: “Crestbridge has earned a fantastic reputation, both as a firm that stands out for its service delivery and for its ‘people culture’ and commitment to nurturing a highly experienced, driven team. Those two factors are inextricably linked and align with my own passion for working with and supporting teams where the focus is absolutely on quality and excellence. I’m looking forward to joining with my colleagues to ensure we continue to deliver outstanding service to our high-end portfolio of global clients.”

We were delighted to welcome Amy Hall, Children, Young Persons and Families Service Manager at Mind Jersey, along with volunteers from Youthful Minds to our office.

They shared their experiences and insights into the challenges faced by young people today — it was both inspiring and thought-provoking.

Hearing directly about the work they do was a powerful reminder of the meaningful impact we can make together.

We look forward to continuing to support the Youthful Minds programme in 2026.

The events in Riyadh, Doha and Dubai – attended by Crestbridge Family Office Services CEO Heather Tibbo – attracted a high-calibre audience of current and future female leaders, and featured a number of keynote talks, discussion sessions and networking opportunities to create a platform for sharing insights and championing the importance of female advocacy.

Reinforcing the strategic importance of the region to Jersey as an international finance centre, the events were also attended by senior representatives from the Government of Jersey, including Minister for Treasury and Resources Deputy Elaine Millar and Helen De La Cour, Director of Financial and Professional Services, as well as key representatives from the Jersey Financial Services Commission, Director General Jill Britton and Kerry Petulla, Executive Director of Enforcement, Intelligence and Financial Crime.

Key themes discussed at the events, which were hosted by Jersey Finance Director – GCC, An Kelles, included:

• How women are an important force when it comes to wealth management and leading global business ventures
• How the future of family business is increasingly being influenced by women who have earned their seat at the top table
• The importance of advocacy, and of current female – and male – leaders providing clear pathways and opportunities for leaders of the future
• How advisers, partners, and jurisdictions need to be alive to this shifting trend and be adaptable to the ambitions of successful female leaders

Heather Tibbo said: “Through the families we work with, we have seen women taking an increasingly significant stake in family business and wealth management planning over recent years, and that theme came across strongly at Jersey Finance’s Perspectives events in the region. It was notable through the various speakers, however, how the dial has shifted – from women talking about taking a seat at the top table, to actually now owning that seat and advocating for the next generation of female leaders too. This was a really positive showcase for female leadership.

“The events were also important in helping to strengthen the vital relationships Jersey has with stakeholders in the Middle East – a key market where we also have significant experience as a firm and with London as a centre of excellence. We are pleased to be able to support Jersey Finance’s considerable ongoing strategic focus in the region, underlining the high-quality proposition Jersey offers Middle Eastern families of wealth.”

As part of the New York programme, Steve Sokić and Darrell King joined Jersey Finance to discuss “US and Offshore Trust Sectors: A Story of Mutual Evolution”, exploring how Jersey trusts can support US clients and the ongoing collaboration between the two jurisdictions.

It was a pleasure to contribute to this event and to continue strengthening connections across our industry.

Read the full article and series highlights here.

What is the issue for STEP Members?

It is still the case that, for many global wealthy families, jurisdiction selection for their trusts is not always based on a reasoned, balanced or logical analytical process.

What does it mean for STEP Members?

Against a backdrop of greater family mobility, geopolitical volatility and global diversification of family interests, jurisdiction selection is fast becoming one of the most pressing issues facing UHNW clients and their family offices today.

What can STEP Members take away?

Armed with a clear, balanced scorecard framework, members will be better enabled to help families arrive at reasoned and objective trust jurisdiction decisions and help reduce jurisdictional risk.

The fundamental purpose of structuring family wealth by using trusts, holding companies and/or other vehicles is to mitigate various risks pertaining to that wealth — and to the family.

The question of “where” to structure the wealth is one very important part of that risk mitigation exercise; one which is almost always considered but, regrettably, in practice, is not always based on a reasoned or balanced analytical process for many global wealthy families. In turn, this often gives rise to further (jurisdictional) risk exposure, something the planning process is intended to mitigate, not create more of. The case for a balanced scorecard framework is strong. It is a powerful tool in helping families to arrive at reasoned and objective jurisdictional decisions.

After all, the jurisdiction chosen is the ‘house’ where the family’s assets are held, often over generations, so that house had better be in order: robust, flexible and able to withstand various risks in the future.

The jurisdictional picture though, is not straightforward. Many jurisdictions now promote themselves as “family office destinations” or “asset protection trust” jurisdictions citing local rules regarding regulation exemptions or statutory limitation periods. A lot of that is ‘marketing fluff’ and lacks sufficient substance, at least across broader relevant considerations.

Scorecard

Whether looking at trusts onshore, offshore or ‘midshore’, often families and/or their advisors will make jurisdictional decisions based on familiarity, existing connections and their own perceptions – it’s human nature. But adopting a ‘balanced scorecard’ approach can be a helpful way to remove some of the often-unconscious bias and come to a more rational and objective decision.

A balanced scorecard, by definition, normally includes a number of relevant criteria, which are then are analysed and prioritized for a particular family’s circumstances, with the ability to ‘score’ each jurisdiction under consideration for a particular family. Key criteria would typically include:

Legal structuring tools & framework: legal or tax advice normally covers a specific type of vehicle(s) to be utilized to hold and administer a particular family’s wealth. These range from trusts and holding companies to limited partnerships, PTCs, segregated cell companies and more. Many jurisdictions have essentially ‘borrowed’ such vehicles from one another and factored them into their local legislation. For example, providing local legislative and/or jurisprudence clarity as to perpetuity periods, firewall legislation, settlor/grantor reservation of powers, purpose trusts, fraudulent conveyance rules and limitation periods, settlor/grantor capacity guidance, and other relevant matters.

Quality of court/judiciary: the importance of the rule of law cannot be overstated, particularly with the challenges and uncertainty in this regard in many parts of the world. Local courts and their judiciary are fundamental in ensuring this happens in practice. The questions to ask revolve around the history of integrity, quality and fairness of the local judiciary, and whether legal structuring tools have been sufficiently tested.

Regulatory framework adequacy: the main role of a regulator is to ensure the security of the family’s assets and data. They ensure the licencing of local trust companies and other professionals and ensure they are fit and proper, along with ensuring money laundering and proceeds of crime activities are properly protected against. Local regulation may also provide for important exemptions and frameworks for various wealth vehicles like Private Trust Companies (PTCs) and/or investment advice for a single-family group.

Quality of local firms and people: while jurisdictions provide the legal framework and ‘home’ for the tools required jurisdictions themselves do not ‘run’ those legal structures – that is done by local licenced trust companies and other professional firms – by real people, systems and processes. The quality of those local firms and people is thus a major risk mitigating factor for any wealth structure. A separate scorecard is normally advisable in this regard including criteria like ownership structure, strategic focus on private wealth, ‘bench strength’, regulatory history, client’s geographic affinity, systems, etc.

Proximity and connectivity: ease and frequency of communication, including in-person, is often a key ingredient in any wealth holding structure, regardless of its components. It naturally follows as to whether the jurisdiction offers good physical and digital connectivity and communication, and can demonstrate good digital infrastructure resilience?

Tax regime: taxation is important given its depleting effect on family wealth, but particularly important are the punitive, confiscatory, draconian and/or double taxation measures that could apply in complex cross-border family and asset circumstances. This is why most advisors will first seek a tax-neutral (low or no tax) jurisdiction to be utilised as a central base for the family’s wealth, to simplify matters for the family, and then focus on tax compliance and proper planning based on where individual family members are resident and/or where assets are located.

Privacy and confidentiality laws: ensuring privacy of one’s personal information is paramount for the security of many families worldwide, save for legitimate and secure sharing of information for tax, regulatory or other compliance requirements. Many argue that this is a human right, which is supported by, for example, the right to privacy and private life that is enshrined in certain declarations and conventions in the European Union. This criterion remains a top concern for families for a number of reasons, including political or social instability in their home countries.

Family home country rules: in many cases, the family members’ home countries (where they live) and/or the places where family assets are located, often have tax regimes that dictate, restrict and/or otherwise discourage use of certain jurisdictions (e.g. so-called ‘blacklists’).

Other connected jurisdictions: what on the surface may appear like one jurisdiction under consideration, may in fact be more than one. It’s important to understand the full jurisdictional picture. For example, inadvertent, multi-jurisdictional exposure has arisen often where larger trust companies have outsourced certain functions to related or unrelated companies in other normally lower-cost jurisdictions. (This normally requires local regulatory approval.) It follows then that most or all of the criteria outlined here ought also to be applied to such additional jurisdictions.

Political, social and economic stability: instability is one of the key risks families seek to mitigate to preserve their wealth. Accordingly, any jurisdiction in which wealth is structured must not only have a proven history of stability in this regard, but also ‘levers’ to allow for a change in jurisdiction where this stability comes into question.

Cultural affinities: wealthy families are human after all and have natural tendencies and affinities. These may include particularly strong personal cultural, societal, linguistic or other affinities with a specific location, and may well be a form of ‘tie-breaker’ between jurisdictions.

Global ranking indexes: there are certain independent rankings available that can evidence a jurisdiction’s particular qualities, like the Global Financial Centres Index (GFCI). These are, however, normally higher-level finance rankings, i.e. beyond wealth structuring, so their limitations should also be noted.

Intergovernmental agencies: jurisdictions globally are often, to varying degrees, exposed to implications arising from views of various intergovernmental agencies like the OECD or FATF, so it is prudent to also consider what those organisations have to say.

Personal experience: a family’s own experiences, connections and knowledge, even where limited or lacking, often form an important basis for considering jurisdictions. This can be either helpful or a detriment but should nonetheless be considered.

Notably, “cost” is not included among the criteria above, and this is by design. In practice, jurisdictions that perform poorly against these criteria typically have lower average costs, while those that perform well tend to be more expensive. This reflects fundamental principles of supply and demand, as well as the relationship between quality value and price.

As families look forward, jurisdictional selection will be critical in enabling them to achieve their objectives. Getting it wrong can be costly, disruptive, and leave a family open to future challenges and risks. Adopting a balanced and objective approach, however, can help diversify and mitigate risks, and provide a proper level of comfort and reassurance in meeting long-term estate and succession planning ambitions.

This article was first published in the July/August edition of the STEP Journal.

Charlie Lucas, who has experience working for clients across a variety of asset classes including discretionary investment portfolios, private equity and real estate, has been promoted to Senior Administrator, whilst Darren Rostron, who provides support for a number of different client structures including discretionary and charitable trusts, private trust companies and foundations, has been made Administrator.

Effective from 1 July 2025, the promotions recognise Charlie and Darren’s achievements over the past year, as well as their ongoing commitment to professional development.

Congratulating them, Paul Hunter, Senior Director, Crestbridge FOS, said:

“Our focus continues to be to ensure we provide an environment where our people can learn, grow and thrive – and it’s in that light that we are delighted to be able to recognise Charlie and Darren’s efforts with the promotions they deserve. Our success as a business is built on the contribution of our whole team, and that’s an ethos that will continue to guide us as we look forward to the second half of 2025 and beyond.”