Trust and Corporate Services market is bouncing back from COVID-19 pandemic according to new TrustQuay research
TrustQuay, the leading technology provider to the corporate services, trust and fund administration markets, has today announced the signing of 4 new agreements with clients in Switzerland, Cyprus and Mauritius, as new research shows the majority of the industry expects the impact of COVID-19 to be short term.
In a recent global survey of wealth managers, private banks, fund administrators, trust and corporate services providers, TrustQuay found that 50% of respondents said they expected business activity to return to pre-COVID levels within 6 months, with a further 26% saying business would bounce back within a year. Those expecting recovery to take more than 12 months equated to only 24% of respondents.
The new technology deals signed by TrustQuay are to put in place new administration and accounting platforms for Treuco, Crystalserve Fiduciary Services, Tri-Pro Administrators and an additional client in Cyprus.
Treuco, headquartered in Zurich, is upgrading its operations and centralising its business onto the TrustQuay system across multiple jurisdictions. Crystalserve Fiduciary Services, based in Cyprus, and Mauritius based Tri-Pro Administrators are migrating from legacy systems to TrustQuay as their core platform in order to deliver enhanced functionality. An additional Cypriot client is also migrating its current legacy systems to TrustQuay.
Keith Hale, Executive Chairman of TrustQuay, comments:
“We are delighted to have closed four new technology deals over the summer and to be working in partnership to support these clients to increase efficiencies, reduce costs and support their growth plans.
“Despite the restrictions brought about by the coronavirus pandemic, we at TrustQuay have continued to see strong interest from clients looking to digitalise their business models, and this is reflected in the wider market with 76% of businesses anticipating the impact of COVID-19 to be short term.”
Simon is Global Head of Product and Marketing at TrustQuay