New Delhi, (IndiaPRwire.com), DSP Merrill Lynch Trust Services Limited (DSPMLTS), a wholly owned subsidiary of DSP Merrill Lynch Limited (DSPML), today announced the formal launch of Trust Services for High Net Worth individuals in New Delhi and North India.
Launching Trust Services in Delhi, Mr. Pradeep Dokania, Head of Global Private Group at DSP Merrill Lynch said “Economic growth and market capitalization are the main drivers of wealth creation and there has been considerable shift in the planning needs of wealthy individuals and families. The booming economy has created large number of entrepreneurs in India and in Delhi, creating wealth for themselves and their families at a young age. A Trust is a strategic tool for Estate Planning & Wealth Preservation which enables clients to achieve their financial objectives as well as objectives for the family. It is a part of the financial planning process.”
Mr. Kevin Horrocks, Chief Trust Officer – International Trust & Wealth Structuring Merrill Lynch said “Globally, Estate Planning is considered an integral part of wealth structuring and it’s the right step to achieve both individual and family goals for the long term. There is a growing change in the mindset of people resulting in a better understanding of the benefits of using trusts to structure wealth.”
A Trust is an estate planning solution that allows either an individual or a married couple to structure their wealth effectively for the benefit of both current and future generations and is governed by a Trust Deed that sets out the terms of the trust agreed between the Settlor and the Trustee.
The Trust Services will be offered by DSP Merrill Lynch Trust Services. DSP Merrill Lynch Trust Services will have access to and the support of Merrill Lynch International Trust & Wealth Structuring, which has over 20 years experience in offering trust services to a global clientele.
A Trustee is responsible for administering the settled wealth of clients, both during and after their lifetime and for overseeing the management of assets in accordance with the financial goals of the clients/settlors. A Trustee has to ensure that trust assets are preserved, protected, carefully managed and distributed to the beneficiaries in accordance with the terms of the trust as determined by the settlor.
Pradeep Dokania further adds that “India is a very important market in the area of Trusts and DSP Merrill Lynch is well positioned to provide a credible solution for the special situations and estate planning needs for families, given our understanding of the local requirements backed by strong global expertise in managing various Trust Services across the globe.”
“We at DSP Merrill Lynch firmly believe that estate planning is for sophisticated and wealthy clients to ensure asset creation, preservation and distribution in a phased manner.”
Mr. Horrocks further adds “At Merrill Lynch we have robust systems and procedures to accommodate appropriate structuring and administration of clients wealth and we provide a high degree of service. We draw on the experience of Merrill Lynch International Trust & Wealth Structuring, which has been offering trust services to clients throughout the world. The biggest advantage of Trust Services is to structure and preserve wealth for the benefit of future generations and see that it passes to them in the most efficient manner.”
Initially, Trust Services will be offered to resident Indians. DSPMLTS offers high quality, comprehensive wealth management structuring services under one roof.
