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JFSA licenses first managed trust company for mainland Chinese wealth firm

Chris Hamblin, Editor, London, 18 August 2016

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Jersey’s financial regulator has granted JTC, a provider of institutional and private client services, a licence to establish the first ever managed trust company in Jersey for a mainland Chinese financial institution.

The Jersey Financial Services Commission issued the new licence to Ark Trust (Jersey) Ltd, a subsidiary of a major Chinese firm called Noah Wealth Management. This means that Noah will now be able to offer Jersey trust structuring services to its 100,000 clients.

JTC will provide continual administration services for Ark and any trusts for which it acts as trustee.

To mark this triumph, JTC 'pushed the boat out' and staged a ceremony in Hong Kong with 120 guests. The CEO and chairman, Nigel Le Quesne, and Iain Johns, the group head of private client services, were there.

Noah was founded in 2005 as a wealth and asset management services provider for HNWs and businesses in China, with 166 branches and sub-branches in 68 cities. It manages financial products denominated in currencies of every kind. In 2010 it became the first mainland Chinese wealth manager to be listed on the NYSE.

JTC Kensington (the Asian arm of the JTC Group) has offices in Singapore, Hong Kong, Labuan and New Zealand.

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