Private trust companies
A private trust company (PTC) is a privately owned company that acts as appointed trustee, usually for a family trust or group of trusts. It is a trust company, albeit one that does not act commercially for any third-party trusts. PTCs are often, but by no means exclusively, at the heart of a family office established to run a family’s global financial affairs.
Traditionally, settlors have appointed professionals, family members or friends to act as trustees of their settlements. Although this has proved perfectly acceptable historically, the increased burden and risk on trustees currently means that many individuals are reluctant to accept the role. By appointing a corporate trustee this resolves the problem.