Navigating Both Path and Business of Trust

Jamil is the Managing Director of ZICO Trust Singapore. He leads and helms the team at ZICO Trust and is responsible for overseeing the strategic and overall development whilst managing a strategic portfolio of clients in Southeast Asia. Jamil has over 20 years of broad experience in trust and estate planning, fund administration as well as business development. He has assisted various clients in establishing bespoke private trust structures as well as structuring clients’ financial transactions and cross-border transactions.

Give us a simple introduction of what a trust is, and what trust services are.

Trusts have a long history originating in England during the Middle Ages and are often used by families as a customised tool for succession and legacy planning. There are several benefits in setting up a family trust such as unlike a will, it avoids the need to carry out probate or obtain grant letters of administration (or its equivalent) on the demise of the Principal, commonly known as the Settlor.

Trustee holds the assets for the benefit of the trust beneficiaries and distribute in accordance to the terms of the Trust Deed or at the discretion of the trustee, based on the wishes of the Settlor.

What does the landscape for trust services look like in Asia? How different can it get across different parts of Asia? 

Jurisdictions offering trust services include British Virgin Islands, Cayman Islands, Hong Kong, Singapore with each jurisdiction having their own trust laws and variety of succession planning options. Singapore, as an international wealth management hub, offers many advantages including its robust infrastructure, political stability, strong regulatory framework and tax benefits. In Singapore, all trust companies are regulated by the Monetary Authority of Singapore.

What drives this market space? After over 20 years in this industry, what changes have you seen happening; and what key drivers, fundamentals or principles still remain true today?

Need for asset protection and transfer of wealth between generations. With increasing global mobility and diversification of assets into the different asset classes and types, trust structures, compared to the old days, are becoming more complex to hold the various assets. Younger generations are starting to get more involved in managing the family’s wealth and getting more sophisticated with different tools and solutions. One fundamental that remains true today is the emphasis on the need for wealth preservation for generations.

What are some past experiences that have helped you get to where you are today? What is your managing philosophy?

I started my career as a junior admin clerk where I was given the opportunities to learn the fundamentals and had the exposure to different areas of private and corporate trust practice. ZICO Trust Singapore focuses on Asia markets including Singapore, Indonesia, Thailand and Malaysia. Majority of our client base are from Indonesia as I had spent several years living in Jakarta to learn their language and culture. Trust services is a people business where human touch and interaction is key. I always believe in listening to others, whether is it clients or my employees. Despite being the Managing Director of the firm, I have an open-door policy in the office and remain approachable by my employees at all times. I also believe that an organisation is only as good as the people and culture we have. Ultimately, it is our employees and what we stand for as a company that will truly bind us and distinguish us from the competition. 

You have a Muslim name (Jamil Mohamed) and a Chinese name (马嘉明), can you share more about your background? Is this a conversation starter whenever you meet someone new?

I do have a Chinese family background as my paternal grandfather came from China, while my grandmother is Malay peranakan. My maternal side are both from Indonesia, Perkalongan.

Most of the time whenever someone sees my name card with my Chinese name on it, the same question will be asked on my ethnic background. So yes, it works well as an ice breaker.

"Younger generations are starting to get more involved in managing the family’s wealth and getting more sophisticated with different tools and solutions."

You wanted to work in civil service, how did you end up in finance?

Back in 1995, I was jobless after completing my 2 years of serving national service.While waiting to enrol back into school again, I came across a big job advertisement on Straits Times posted by HSBC Bank. I took a leap of faith and attended the interview.To my delight, I was shortlisted for the clerk admin work position. That was the start where I learnt the ropes in this niche trust industry market in Singapore till date. I have not looked back ever since as I really enjoy and find value in what I do.

Professionally, what is one most memorable compliment you have received?

Most memorable experience will be getting touching farewell notes from past interns and ex colleagues who had left the ZICO Trust family. The best thing I have noticed is that most of our business partners, clients and people around me will support me through the good and bad times. I really like this quote from Sir Winston Churchill which inspires me till today - “Success is not final; failure is not fatal: it is the courage to continue that counts.”

What does the future look like for yourself and ZICO Trust?

I co-founded ZICO Trust Singapore back in November 2012 and we have just celebrated our 10-year anniversary in operations earlier this year. By keeping myself fit and healthy, I hope to continue this journey with my team at ZICO Trust Singapore, at least for the next few years. From the start with only a handful of staff to a team of 28 today, we hope to bring the business to new heights in the next 1-3 years. I look forward to see the growth in South East Asia or even other part of Asia market. Emerging from the Covid-19 pandemic, we have seen an increased emphasis on the need for asset protection and succession planning. This is where we hope to provide trust solutions to more families and be part of their journey as their trusted advisor.