Following the recent merger of Microgen and Touchstone, the company has today announced its new name and new brand for the combined business - TrustQuay.
TrustQuay is now the leading provider of technology to the trust and corporate services market, serving more than 450 clients and 15,000 users in over 30 jurisdictions. TrustQuay has 9 offices worldwide and an established physical presence in key markets including Australia, Guernsey, Jersey, Luxembourg, Singapore and the United Kingdom.
Since the first announcement of the merger in November last year, the two original businesses have been fully integrated into a single global organisation under the TrustQuay brand. During this time, the combined business has also signed two major agreements and started executing on global rollouts with major industry consolidators IQ-EQ and Ocorian. In addition, TrustQuay has signed six deals with specialist providers including DTOS, Schindlers and Isles of Knight.
Commenting on the market dynamics of the trust and corporate services sector, Keith Hale, Executive Chairman of TrustQuay, said:
“I see a once in a generation change in the corporate services, trust and alternative fund administration market, with the industry players either growing by consolidation or specialising in niche areas. Both drivers will act as a catalyst for a period of rapid digitalisation and the need for automation across the industry.
“We expect to see the biggest upheaval the sector has seen in the past 25 years and our prediction is that in the next 5 years the industry will shrink from thousands of players to hundreds, coalescing around a group of global players, surrounded by smaller specialist firms.
“In tandem, the corporate services, trust and alternative fund administration market has started to shift from a relatively sedentary industry from a technology perspective to one that is now being pushed to change by their clients and regulators alike, as well as rapidly changing business models.”
Commenting on how TrustQuay can help clients, Keith Hale continues:
“In the near future, the current highly fragmented industry will enter a new phase of consolidation, combined with the drive for accelerated digitalisation. Firms are coming under increasing pressure to rapidly modernise and digitalise their business models in order to survive and thrive in this fast-changing environment.
“My experience in conversations with clients is that firms are well aware of the challenges facing them, but need much more assistance in executing their plans for digital transformation in order to overhaul their entire business models, satisfy their clients’ digital expectations and deal with the ever-rising tide of regulation.
“I believe TrustQuay is uniquely placed with a strong product range, modern technology stack, global coverage and targeted R&D spend in the corporate services, trust and alternative fund administration market. We have the necessary scale and structure to deliver the rapidly changing needs of the industry, either for large global service providers or smaller specialist firms, to drive innovation across all levels of the industry.”
Keith is Executive Chairman at TrustQuay