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Bermuda Trust Companies Receive STEP Awards

by Jason Gorringe, Lowtax.net, London
16 September, 2015

Two Bermuda trust firms have claimed top industry prizes at the prestigious 10th annual STEP Private Client Awards in London.

Butterfield Trust and Meritus Trust Company won Trust Company of the Year and Independent Trust Company of the Year respectively.

The winners underwent a rigorous practitioners-led judging process organized by the Society of Trust and Estate Practitioners (STEP), a worldwide professional association with 20,000 members across 100 jurisdictions representing those who advise high-net-worth individuals and families.

Awards categories, judged by an independent panel, were open to lawyers, accountants, private bankers, financial advisers and trust managers.

Sean Moran of the Bermuda Business Development Agency (BDA), said: "Bermuda's wins at these awards underscore the excellence of these two firms–and our jurisdiction as a whole."

"The STEP awards demonstrate the quality and experience of our Island-based trust firms and the high regard they are held in globally."

According to recent figures from the BDA, 25 trust companies operate in Bermuda, with extensive experience of complex private-client structures, charitable/philanthropic vehicles, commercial trusts, limited partnerships, family offices and private trust companies. STEP Bermuda has 236 members, including 164 full members, 51 affiliates, 20 students and a technician, providing a deep pool of local private-client expertise.

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