Victus Search, Multi-jurisdictional Recruitment Partner for Financial Services 1200 627

Date

3 October 2024

Category

As a Director at Victus Search, Christopher Costi has witnessed firsthand the dramatic shifts occurring in how families and businesses make use of trusts. Traditional models are evolving, giving way to more complex structures designed to address increasingly sophisticated needs. These changes are, in turn, driving demand for a new calibre of trust professionals.

In this article, Christopher discusses the changes shaping the use of trusts and offers insights into the impact this has had on our clients’ recruitment strategies.

GROWTH IN THE USE OF CORPORATE TRUSTS

We’ve seen a marked increase in the use of corporate trusts by multi-jurisdictional businesses, offering a more streamlined and efficient approach to managing complex asset portfolios. 

This shift brings with it a need for specialised expertise in areas like international tax law, regulatory compliance, and cross-border transactions, creating significant demand for professionals with these skill sets.

FAMILIES TURN TO PRIVATE TRUST COMPANIES

For generations, the family trust has been a cornerstone of wealth preservation and succession planning. However, the growing complexities of managing these trusts, particularly for families with assets spanning multiple jurisdictions and generations, are pushing many towards alternative solutions. 

One of the most significant trends we’ve observed is the rise of Private Trust Companies (PTCs). Families are increasingly seeking greater control over their wealth and legacy, and this structure allows for greater flexibility and customisation, aligning trust management more closely with the family’s specific values and objectives.

DEMAND FOR SKILLED TRUST PROFESSIONALS IS ON THE RISE

The increased adoption of PTCs has created a surge in demand for experienced professionals to fill governance and board-level positions within these companies. At Victus, we’re seeing increased requests for candidates with a broad combination of hard and soft skills — impeccable credentials, a deep understanding of fiduciary responsibilities, and proven leadership capabilities.

INCREASED INTEREST IN TRUST-RELATED LEGAL EXPERTISE

The legal landscape surrounding trusts is also evolving, adding another layer of complexity. Discretionary trusts, designed to offer flexibility in distributing assets to beneficiaries, have become a focal point of legal interpretation. 

This underscores the critical importance of sourcing talent with both a strong understanding of trust law and exceptional interpersonal skills — with the ability to navigate complex family dynamics. The demand for legal professionals specialising in trust litigation and dispute resolution is also on the rise, reflecting the increasing need for expert guidance in these sensitive matters.

SPECIALISED RECRUITMENT ADVICE IS A CLEAR PRIORITY

Evolving trust structures and the increasingly complex legal environment require a new approach to talent acquisition in the trust services sector. Finding individuals with the right combination of technical expertise, ethical conduct, and interpersonal skills is paramount — and competition for the most qualified professionals is growing. 

At Victus Search, we specialise in identifying and placing these highly sought-after professionals. We understand the unique challenges and opportunities presented by the changing trust landscape and have access to an extensive global network of qualified candidates ready to meet the demands of this evolving field.

If you are hiring for specialist expertise in trust services, whether for a traditional family trust, a corporate trust structure, or a PTC, get in touch with us. We’ll be happy to discuss your requirements and advise you on the best way forward.

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