60-second interview with Ian Rumens

Ian Rumens, 28/10/2019

Ian Rumens TEP is Global Head of Private Wealth at Intertrust Group in Jersey.

What does your firm do?

Intertrust delivers private client services and corporate and trust administrative solutions to clients operating in a complex international business environment. We advise on structures through which clients can preserve and enhance their wealth in an ethical and sustainable manner.

What has STEP done for you, individually, or as a business?

STEP provides first-class training to our global Private Wealth team. Our firm continues to benefit hugely from this. In addition, its network of like-minded professionals provides a fantastic opportunity to meet peers, share business ideas and make new contacts.

What is the most important thing STEP does, in your opinion?

STEP provides the benchmark for expertise and knowledge in the industry, so I would say training the future generation of trust and estate practitioners.

You will be speaking at the MENA Wealth Structuring Historic New Horizons Conference in Dubai on 16-17 Nov. What will you be speaking on and what are the main issues?

My talk is on the emergence of UAE foundations and their part in global structuring for families.

I’ll be discussing a survey we conducted to look at trends in the Middle East around succession planning, transition of wealth between generations, governance issues and diversification of assets, and how the various structuring solutions in the global market can facilitate a family's needs.

What do you most like about your job?

The people, without a doubt, including our staff, clients and partners. I have a great degree of control and freedom within my job, to travel the world and work with a variety of clients across all cultures and backgrounds.

.. and what do you feel is most worthwhile?

For me, enabling others to succeed, and by that I mean clients and staff alike.

What would you say to a young person thinking of a career in this industry?

I’d advise them not to specialise too young, and recommend they gain experience in all areas of the offshore industry before settling on an area they feel passionate about.

Which sectors are likely to see the strongest future growth, do you think?

For private wealth, one of the primary growth areas is clients with larger, more complex needs. These clients will require tech-enabled solutions and platforms. I’d add that reputation management and cyber-security will continue to increase in influence.

What about jurisdictions?

It’s hard not to see Asia, and Singapore in particular, as a jurisdiction of fast growth. The more mature markets will continue to grow, but maybe not at the same rate. The US has huge unlocked potential and I look forward to seeing this progress.

What trends do you see in the global private wealth sector at the moment?

Many clients are experiencing rapid regulatory change and increased scrutiny of their structures. An emerging client trend sees them moving away from a traditional siloed approach to structuring, and beginning to embrace multi-discipline structures, often institutional in nature.

They are also increasingly looking to use technological solutions to manage their affairs, including accurate management of data to reduce risk. Trustees will need to add greater value to client relationships.

What do you feel are the main challenges facing your organisation at the moment, and how will you deal with them?

The size of the wealth now that’s being generated and the way in which families are deploying it, throw up far more issues than perhaps we saw 10-15 years ago. Combined with the speed of change, it can be a challenge to keep up. There’s a myriad of regulatory advances and laws which now need to be considered and managed.

Which social media channels do you use and why?

LinkedIn mainly, although I’m a bit of a Luddite – please feel free to send me a request and start a conversation!

Ian Rumens TEP is Global Head of Private Wealth at Intertrust Group in Jersey. He has extensive international experience in the legal and fiduciary fields and specialises in offshore structuring for wealthy families, family offices and owner-managed businesses. He acts for trusts, foundations and company structures as a platform for investing in various assets and is experienced in family governance, succession planning and philanthropy.