Ludlow Trust Company has completed the acquisition of the NatWest Group and Coutts UK trust business, which will be rebranded under the Ludlow Trust banner
Ludlow Trust is an independent trust company, backed by the Wickers and Sarikhani families, with three former senior Barclays executives on the board. The management team incudes directors with management experience running Vistra, Zedra, the Chiltern Group and the Intertrust Group.
The new trust specialist has been granted ‘trusted partner’ status and will have non-exclusive access to NatWest Group clients to help grow future business. The company will continue to operate from its twin bases in London and Bristol, with all staff being retained, whilst at the same time substantial new capital will be injected to deliver best in class administration systems and offices.
The owners are planning an ambitious expansion strategy to create, in the long term, a new, independent, international trust group.
In the UK, the team will work closely with NatWest Group, together with trusted intermediaries across the legal, accounting and wealth management sectors to deliver growth.
Independent trust groups are rare in an industry dominated by private equity and institutional ownership. Ludlow Trust’s independence will provide an innovative and fresh platform from which it will be able to service clients and advisers, allowing it to expand in both existing and new markets.
Matthew Wickers, chief executive officer, said: ‘The launch of Ludlow Trust will deliver a vibrant new player in the market, one offering a combination of innovative flair and fleet-footedness, supported by the heritage and reputation of the two underlying businesses.
‘Longer term, we are planning to expand into the international market, to offer trust and related services to clients globally.’
Wickers added: ‘An increasingly complex regulatory and compliance landscape demands expertise, attention to detail and deep resources to ensure that clients’ interests are best served and regulatory requirements met. Our leadership team is well placed to provide the experience and industry expertise that will guide our ambitious growth plans. Meanwhile, the wider team will ensure all-important continuity for both clients and intermediaries, as we move forward.’
A NatWest Group spokesperson said: ‘As part of NatWest Group’s new strategy, simplification of the bank’s portfolio is a priority and we can confirm the transfer of the bank’s trust administration business to Ludlow Trust Company. We look forward to continuing our strong relationship with Ludlow and are delighted to be working alongside them, and other trust companies, to ensure the future trust needs of our clients.’