Best trust firm for wealth management services 2018
Avic Trust is not the largest trust firm in China, but it has led the transformation of the domestic industry from mere distributors of investment products for infrastructure and real estate projects to wealth managers. Because of its strong capability in developing family trust products, the firm is poised to join the ranks of the top-tier trust firms in China.
Avic Trust is majority owned by Avic Capital Co., the investment arm of state-owned Aviation Industry Corporation of China. Its business transformation started in 2009 when it positioned itself as an integrated wealth manager service provider. In 2014, Avic Trust became one of the first trust firms to set up a private banking unit to accelerate the development of family trust products.
The firm has developed a proprietary IT system to support its family trust business. Coming online at the end of 2016, the system has not only standardized processes and improved the efficiency of its family trust business, but also introduced better protection of its customer data.
Avic Trust started to offer one-stop comprehensive, customized services in 2017 for family trust clients under its ‘One Trust’ concept by forming partnerships with domestic banks, securities firms, independent wealth management firms, as well as domestic and foreign law and tax advisory firms.
It efforts have paid off nicely. By the end of 2017, Avic Trust had more than 10,000 high and ultra-high net-worth clients. At the same time, the number of family trust clients topped 600, tripling the tally from a year earlier. The total assets under management of its family trust business also exceeded Rmb10 billion ($1.6 billion).
Avic Trust has become a leading family trust product provider in China. The firm continues to expand the range of its family trust product offerings to meet the diverse and changing wealth management needs of ultra-high net-worth families in China. That bodes well for the sustainable growth of its wealth management business.