At UTGL, earning your trust and serving our clients are our utmost priorities. We are trustees and custodians in legal title. Yet all assets are held by licensed financial institutions or best-in-class custodians.
We also pride ourselves on our high legal compliance. All our most important legal documents, from account opening forms to trust deeds are supported by our external Barrister’s legal opinion. This top-notch standard we hold ourselves to will result in better servicing and trust arrangements such that we are confident it provides quality protection to our customers from potential regulatory and litigation risks.
Part (iii) Section 77(2) of the Trustee Ordinance requires all public company Trustee licensees to place a substantial deposit with the Government’s Department of Accounting Services.
UTGL is a licensed Trust Corporation in Hong Kong, and it is also a member of the Hong Kong Trustees’ Association. Some other relevant legal obligations are below for our customer’s understanding.
s2 of Recognition of Trusts Ordinance (Cap. 76) - Trust assets are not a part of the trustee's own estate, the settlor can have certain rights and powers on the trust assets.
s3A Trustee Ordinance (Cap.29) states that the trustee must exercise the care and skill that is reasonable in the circumstances, having regard to any special knowledge or experience that the trustee has or holds out as having and if the trustee is acting in that capacity in the course of business or profession, any special knowledge or experience that is reasonably expected of a person acting in the course of that kind of business or profession.
According to s89 Trustee Ordinance (Cap.29), all moneys, property and securities received or held by any trust company in a fiduciary capacity shall always be kept distinct from those of the company and in separate accounts, and so marked in the books of the company for each particular trust as always to be distinguished from any other in the registers and other books of account to be kept by the company, so that at no time shall trust moneys form part of or be mixed with the general assets of the company; and all investments made by the company as trustee shall be so designated that the trusts to which such investments belong can be readily identified at any time.
s97 Trustee Ordinance (Cap.29) further provides that employees of a trust corporation shall be personally responsible to the court and subject to the process of the court as if he is appointed as a Trustee personally.
The structure of trust provides a greater scope of protection to clients’ assets than the Banking Ordinance offered to the banking account customers. We, UTGL, comprise experts from different fields. Together, we form a well-experienced team to manage your account and assets.