Business Daily from THE HINDU group of publications
Monday, Jul 23, 2007
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Business Daily from THE HINDU group of publications Monday, Jul 23, 2007 ePaper |
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Markets
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Asset Management Companies
A Trust is an estate planning solution that allows an individual to structure his or her wealth effectively for the benefit of both current and future generations.
Our Bureau New Delhi, July 22 DSP Merrill Lynch Trust Services Ltd, a wholly owned subsidiary of DSP Merrill Lynch, on Friday announced the formal launch of Trust Services for high networth individuals. Initially the trust services would be offered to resident Indians and would cater to clients all over the country, according to Mr Kevin Horrocks, Chief-Trust Officer, Trust and Wealth Structuring, Merrill Lynch International. A Trust is an estate planning solution that allows an individual to structure his or her wealth effectively for the benefit of both current and future generations and is governed by a Trust deed that sets out the terms of the trust agreed between the settler and the trustee. A trustee is responsible for administering the settled wealth of clients, both during and after their lifetime and for overseeing the management of assets in accordance with the financial goals of the clients/settlers. On what had prompted DSP Merrill to enter this new line of business in India, Mr Horrocks said Merrill sees India as a key market and with Merrill Lynch holding close to 90 per cent in DSPML, there was eagerness to expand the scope of business in domestic context. “With the launch of Trust Services, we are filling a gap in the product offerings of DSPML and our wealth management platform would now be more complete”, Mr Amitava Neogi, Director, DSP Merrill Lynch Trust Services, said. Admitting that there was no tax planning advantage for creation of revocable trusts in India, Mr Horrocks however, said he does not see this as a disadvantage in marketing this service (Trust services) offering.
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