Minerva launches free Jersey trust product

Sailesh Navsaria
22 February 2017

Minerva today launched an innovative, market leading trust service designed to meet the needs of families looking for a conservative approach to the management of the assets they place into a Jersey trust.

The Minerva Diversified Deposit Trust combines Minerva’s well proven expertise in providing treasury services through its Diversified Cash Management Service with a free or low cost discretionary trust capable of evolving as a family’s needs develop over time.

By using its Diversified Cash Management Service, Minerva is able to offer the Diversified Deposit Trust free of set-up costs, annual trustee responsibility fees, and in its basic form, ongoing running expenses. What’s more, Minerva is offering instant access rates in Sterling and US Dollars that are ordinarily higher* than the three month deposit rates of many of Jersey’s international banks.

The key to this is the Diversified Cash Management Service, which Minerva has run very successfully for 20 years. The service provides benefits such as:

  • Diversification of bank risk without the expense of multiple bank relationships.
  • Access to higher rates of interest than might otherwise be available on call or short term fixed deposits.
  • No bank account maintenance fees.
  • Automated bookkeeping and lower payment processing costs.

Minerva builds on what is already an attractive package, by placing the service at the core of the new Diversified Deposit Trust creating additional benefits including:

  • Estate planning, providing flexibility in a family’s succession planning.
  • Retaining wealth within the family.
  • Avoiding probate formality & cost in jurisdictions where bank deposits are held.
  • Privacy

…whilst the manner in which the trust is structured as a Reserved Powers Trust provides a mechanism by which it might evolve beyond a vehicle just holding bank deposits, allowing for:

  • The Settlor, or a person nominated by the Settlor to give investment direction to the trustees, and
  • The Trust to hold assets of a type which trustees of a conventional discretionary trust might otherwise avoid.

It can also overcome the sometimes onerous requirements families face when opening personal bank accounts in many international financial centres.

Although Minerva continues to believe in the value of diversifying trust assets across a broad range of asset classes, we know many families carry risk in their businesses, and in their other investments. As a result, some prefer that savings held in a family trust are administered so as not to be subject to the vagaries of market fluctuation, and the Minerva Diversified Deposit Trust satisfies this requirement perfectly.

The links to the following documents:

* Minerva compares its Diversified Cash Management Service rates to the call and 3 month fixed deposit rates offered by two of Jersey’s main international banks on a regular basis. This comparison is available upon request. As at 22 February 2017 Minerva’s Diversified Cash Management Service rates paid a premium to these banks for both call and 3 month deposits of £250/$375,000 and above.


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