Who Is A Trustee ?

A trustee, also known as a fiduciary, is a person who has an obligation to act for another’s benefit and hold legal (but not beneficial) authority/ownership to the assets in a trust. A trustee occupies a position of trust and confidence to manage and protect assets (property and/or money) for someone else.

Who can be named a Trustee?

When naming a trustee, it is important to consider:

  • The complexities of the trust
  • Whether the trustee you select has the time, knowledge, expertise, objectivity, and desire to assume the important responsibilities that accompany this role.

A trustee can be an individual or a corporate entity. In Kenya, a Corporate Trustee must be a company incorporated under the Companies Act having a subscribed capital of not less than Kes 10 Million and is empowered to hold assets in Trust.

ICEA LION, your trusted Corporate Trustee

At ICEA LION, we have a wealth of experience that spans over 30 years in Corporate Trusteeship. We offer our services to:

  1. Private Trusts – where we act on behalf of an individual or a family
  2. Retirement Benefits Schemes – where we act on behalf of self-contributing groups or employer-funded schemes where we manage their retirement schemes.

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Our overall duty is to serve your private trust as a regulated, impartial third-party who has the professional experience and broad resources to manage even the most complex situations relating to your property and assets. We act with due care, diligence and good faith to avoid conflict of interest and ensure that the interests of all parties including your beneficiaries (e.g. minors, disabled persons, charities and foundations) are protected at all times.

As Corporate Trustees we perform the role of administration, asset management and custody over your estate and have the following legal responsibilities:

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What Is ICEA LION’s Duty As Corporate Trustee To A Retirement Benefits Scheme?

Managing a retirement scheme can be a time-consuming and possibly complex task for a self-funding group of individuals, the organization or the trustees; usually the employer or the nominated staff elected to act on behalf of the members of the scheme. The regulations and legal responsibility bestowed on these members can go beyond their specific resources and capabilities. We, as the Corporate Trustee, relieve the group, organization or trustees from this responsibility by managing the scheme professionally, as required by the regulators and the law.

The main advantage of having a Corporate Trustee is that you are able to transfer this responsibility to us and focus on your core business. We specialize in running and managing retirement schemes and remove the exposure of non-compliance as well as the personal responsibility of anyone acting as a trustee. By engaging us as your Corporate Trustee, you ensure your scheme is managed and run professionally. Further, we share regular updates with the Sponsor of the Scheme so that we carry the wishes of the employer and the members of the retirement scheme.

Our duties include:

What Are The Advantages of Having ICEA LION as a Corporate Trustee?

What Do I Need To Consider When Selecting A Corporate Trustee?

A Corporate Trustee’s role is to act in the interests of investors by being an independent supervisor of the investments and a custodian of assets. When you choose a Corporate Trustee, you may wish to consider:

Reputation:

Select a Corporate Trustee who has demonstrable track record, stable ownership, financial stability and credibility.

Experience:

Your Corporate Trustee should have a wide range of experience as this will enable them to proactively identify and assist you with issues and to offer innovative and timely solutions for your trust or scheme.

Network:

A networked Corporate Trustee is able to tap into a wider resources within the financial services sector and thereby likely to better address most of the needs of your trust or scheme.

Responsiveness:

Your Corporate Trustee should be flexible, consultative and innovative in their approach to better adapt and improve the way your trust or scheme is run.

Pragmatic:

Your Corporate Trustee should have the experience and pragmatism to balance the complexities of running the scheme according to legal regulations but still meet the investment goals of the scheme

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