DSP Merrill unveils 'Trust Services' for HNIs
DSP Merrill Lynch's subsidiary, DSPML Trust Services, has launched Trust Services for high net-worth individuals (HNIs) to manage their assets.
By PTI |
MUMBAI: DSP Merrill Lynch's subsidiary, DSPML Trust Services, has launched Trust Services for high net-worth individuals (HNIs) to manage their assets.
A "Trust" formed by an HNI client called "settler" allows the "trustee", the company, to structure the wealth of the settler effectively for the benefit of both current and future generations.
Launching the service, Pradeep Dokania, Head of Global Private Group at DSPML, said: "Estate planning and wealth preservation enables a client to achieve financial objectives during his lifespan and see his family members are protected."
The potential Indian HNIs opting for DSPML Trust Service should have Rs 2.5 crore or half a million dollar assets under Trust Service.
The trustee assumes legal ownership and control of all trust assets and manages and administers in the best interest of the "Beneficiaries" - the family.
ADVERTISEMENT
Unlike a will, Trust Services reduce the chance of litigations and enables wealth to be properly managed in the event of disputes within the family."Globally, estate planning is considered an integral part of wealth structuring and it's the right step to achieve both individual and family goals for the long term," Merril Lynch chief trust officer Kevin Horrocks said.
The trustee will charge a flat fee to structure assets and an annual administration fee depending on the nature and type of assets and volume of assets as well as risks that the Trustee assumes, Kevin said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
