For those in the business of holding and managing private wealth,
turbulence like we experienced in 2009 is the ultimate “stress test” for
trusts. Weaknesses become apparent in existing structures, often
requiring the structure itself to be amended. Investments perform badly
and beneficiaries look for someone to blame. Tensions within the family
or between various branches of the family become more acute.
“I’m sorry, Double-Oh, it’s completely out of my hands” she said, avoiding eye contact and nervously shuffling the papers on her desk. “You may have thought that taking out the entire Owner’s Box at the European Cup Final disguised as an assistant referee was a clever thing to do...