Increased demand for private trust management in Gulf drives Volaw expansion

Bekusch has recently been transferred to the Dubai office from Volaw's Jersey Head Office, demonstrating both Volaw's confidence in DIFC as well as in the region as a whole.

Having provided trust services to Middle East Residents for years from abroad, Volaw has seen interest in trusts increase and is forecasting double-digit growth for this investment tool. Bekusch's strategic move will enable Volaw to expand their services in Dubai by offering locally-based private trust management services for GCC national and expatriate families.

"Private trusts enable higher net worth families to invest more sensibly and not rely too heavily on real estate and other markets, safeguarding wealth for future generations. The region's growth as a financial center has enabled companies like Volaw to now offer locally-based trusts, which enable consolidated management of family assets here in the region. Better customer service and increased peace of mind are further benefits of locally-managed trusts, and we predict robust growth in this sector as more families recognize the value of their investments being managed in the region rather than off-shore," said Karl Bekusch, Senior Executive Officer for Volaw in Dubai.

"The concept of creating trusts to enable a smoother transition of wealth from one family generation to another in the Middle East is not a new concept, but we anticipate increased demand from families who want their financial advisors at arm's reach rather than an airplane ticket away," he added.

In addition to building Volaw's locally-managed private trust offering by providing both Jersey and DIFC Trusts, Bekusch will also oversee a specialist team with considerable knowledge and expertise in dealing with Shari'a-compliant financial structures for collective investment funds, property financing structures and family estate planning purposes. Bekusch brings almost two decades of wealth management and succession planning expertise to his new role as Volaw's senior executive in the region.