Skip to main content

Case study: How a Jersey private foundation and family charter fixed a HNW family's governance issues

Back Arrow Back

Case study: How a Jersey private foundation and family charter fixed a HNW family's governance issues

As a family's wealth increases and its members become increasingly globalised, Lynda O'Mahoney demonstrates how an experienced private wealth service provider can support a family to protect, preserve and plan for its future.

The client

A high-profile and well-respected Saudi Arabian trading family.

The challenge

The family had become dissatisfied with the level of administration and record keeping of an existing structure. They asked Ocorian to urgently assist in rectifying the work of the incumbent trustee.

Solution

Ocorian thoroughly reviewed the existing structure and following tax and legal advice, established a Jersey private foundation to act as trustee and assist in the migration of the underlying entities to Jersey.

Extensive governance work was carried out to ensure compliance, including updating financial statements and bookkeeping records.

A family charter was developed to bring younger members of the family into the business, allowing them to participate in the direction of the trading vehicles and provide advisory assistance to the foundation's council, as well as act as an inclusive body for the wider family. Six monthly meetings are held between the family, the principal, the advisors and two senior Ocorian directors.

Results

The result is a well-run, fully regulated and compliant structure customised to the interests of the family business, cultivating strong relationships across the principal's large extended family.

Due to the success of the mandate, the family asked Ocorian to assume a position on the foundation council with the goal of embedding a strong corporate governance culture and to act as an impartial party to guide the family.

The family are working with Ocorian to establish a Jersey private fund to enable the family to invest into UK development property, a structure that will be managed by our Jersey Funds team.

Give yourself greater flexibility and control

Our global Private Client team works seamlessly across borders to provide our clients with a personalised solution to protecting their wealth and ensuring its effective transition to future generations. 

Contact Lynda below to find out how we can support your ambitions.

You may also like

11 November 2021

Reading time: 6 minutes

Ocorian triumph at WealthBriefing's MENA Awards for Excellence 2021

We are thrilled to announce that we have been awarded the Best Trust and Fiduciary Company w...

Read more

30 March 2021

Reading time: 8 minutes

Four strategies to help ensure a smooth wealth transfer

Nick Cawley, Regional Head of UK/Ireland and Global Private Clients Service Line Leader, hig...

Read more

12 July 2021

Reading time: 6 minutes

UAE foundations - FAQs

Foundations have become a popular option for regional wealth structuring and succession plan...

Read more