We'll look back on 2020 as a time our lives changed - the way we work, the way we socialise and the massive impact and knock-on effects to some sectors of the global economy due to national lockdowns.
Prior to this year, the trust and corporate services market was forging ahead, experiencing an unprecedented pace of change and consolidation. But what has been the impact of COVID-19 on trust and corporate services businesses?
Well, a recent survey conducted by TrustQuay of 90 wealth managers, private banks, fund administrators, trust and corporate services providers, has 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.
This is positive news for the industry given the overall negative economic backdrop, with three-quarters of businesses anticipating the impact of COVID-19 to be short term.
Robert is Managing Director at TrustQuay