Legacy Trustee Ltd, an established Asian private trustee with a Digital Asset Infrastructure Platform that provides international wealth management services through custom-made trust portfolio services and education, has signed a Memorandum of Understanding (“MoU”) on Wealth Management Portfolio with multiple well-known financial institutions and organizations in Labuan International Business and Finance Centre (“Labuan IBFC”).
Alpine Advisory Sdn. Bhd., AMS Trust Company Limited, Estate Planning Practitioners (HK) Limited EPPL (HK), Fintech Bank Limited, GLP Consultancy Sdn Bhd (U Need Will), J.Rotbart & Co Gold Precious Metal, Pacific Invesco Capital Ltd, PFPFA Pte Ltd, UOB Kay Hian Wealth Advisors Sdn. Bhd., and VCI Global Limited are among the signing partners.
The Company hopes to provide clients with an integrated wealth preservation plan through these collaborations. This collaborative approach improves convenience while also protecting the best interests of settlors and beneficiaries.
Wealth management involves the strategic management of financial assets to achieve individual and family financial goals. Covers everything from retirement savings to asset protection for future generations. Trust plays a key role in achieving many wealth management goals. Among the main advantages of using a trust for investment management is that it provides flexibility in financial planning for wealth growth and preservation, separating the management, ownership and benefit of the trust’s assets. When assets are transferred under a trust, they are no longer considered part of the settlor’s estate, meaning that trust assets are not subject to traditional property distribution. This can be particularly important for high net worth individuals who may have complex succession planning needs for their estates, personal assets and business empires.
Labuan IBFC is a leading international business and financial center offering a wide range of financial products and services, including a new required asset management mechanism called Labuan Foundations. The main advantages of using a Labuan trust are that it offers asset protection and confidentiality. The assets of the foundation belong to the foundation itself, not to the founder or the beneficiaries. In addition, the names of the founder and beneficiaries are not disclosed, which ensures confidentiality. Labuan trusts are also flexible and tax efficient. Legacy Trustee Ltd and Bank Islam Trust Company (Labuan) Ltd have successfully announced their intention to work together to offer an innovative and attractive range of Labuan trust structures to high net worth individuals and families as part of their wealth management scheme. The Government of Malaysia, through the Labuan Financial Services Authority (“Labuan FSA”), is committed to developing Labuan into a world-class sustainable financial center with a wide range of financial products and services and an experienced workforce.
Mr. Nelson Goh, Principal Officer and Managing Director of Legacy Trustee said, “In our rapidly evolving digital age, digital assets are crucial, and collaboration among digital trustee companies, asset managers, and regulators is necessary. Labuan aims to become Asia’s top financial hub, offering tax efficiency, diverse financial products, and skilled professionals. To achieve this shared goal, both the public and industry players need access to knowledge and continuous education. Importantly, synergy and unity among industry players are vital to achieving the goals.”
He added, “Today’s MoU symbolises our commitment to enrich wealth management, estate planning, and cross-financial institutional and legacy academy collaborations. It’s a milestone for Legacy Trustee Ltd, Labuan, and the Malaysian financial industry.”
This MoU is also witnessed by representatives of Labuan IBFC Incorporated Sdn Bhd (“Labuan IBFC Inc.”), Bank Islam Trust Company (Labuan) Ltd and Malaysian Institute of Estate Planners (MIEP) President See Kok Loong, which marks an important step for trusts and in promoting the use of foundations in wealth management, estate planning and promoting legacy scholars among financial institutions in the Labuan International Trade and Finance Center. This initiative is likely to attract new businesses and investments to Labuan, which would benefit the Malaysian economy.