DSP Merril Lynch eyes 1,000 clients in trust service

New Delhi, July 22 (UNI) Targeting a client base of 1,000 in the first year, DSP Merril Lynch Trust Services Ltd (DSPMLTS), a subsidiary of DSP Merril Lynch Ltd today announced the launch of Trust Services for high net worth individuals.

''The booming economy has created large number of entrepreneurs in the country, creating wealth for themselves and their families at a young age. A Trust is a strategic tool for estate planning and wealth preservation enables clients to achieve their financial objectives for the family. It is a part of the financial planning process,'' said DSPMLTS Director Amitava Neogi.

The minimum fee to access the Trust Services is Rs 3-4 lakh, which will be proportionate to the clients assets, he added.

''Estate planning is considered an integral part of wealth structuring and the right step to achieve both individuals 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,'' said International Trust and Wealth Structuring Chief Trust Officer Kevin Horrocks.

A Trust is an estate planning solutions that allows high net worth individuals 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 settlor and the trustee.

The Trust services will be offered by DSP Merril Lynch Trust Services. It will have access to and support of Merril Lynch International Trust and Wealth Structuring, which has over 20 years experience in offering trust services to a global clientele.

Presently, the company has its presence in five cities namely Delhi, Chennai, Bangalore, Mumbai and Kolkata and will be soon rolling out otties across the country.

UNI