The family office of the Crosslands – the entrepreneurs behind the Airtours and Going Places holiday operators – is set to begin offering its services to other families.
Crossland Private Office is teaming up with wealth management company Bedell Trust to form a multi family office under the Bedell Trust name.
Richard Joynt, co-director of CPO, told CampdenFB: “We started the Crosslands' family office 10 years ago. Four of our staff members have been with us throughout the 10-year period and the fifth has been with us for five years. We have enough experience between us now to reach out to other wealthy families.”
To become an MFO in its own right, Jersey-based CPO would have needed to registered with Jersey Financial Services Commission, the island's regulatory body. CPO had the option of going through this process or joining another firm that was already registered.
It choose the latter, said Ian Slack, co-director of the family office, because, as a small SFO, registration with the JFSC would have proved very time consuming.
Bedell Trust is regulated by JFSC. Joynt told CampdenFB: “We chose Bedell because they had the services, experiences and resources to help us grow. They were also keen to expand their family office division.”
Bedell Trust is a wealth management company, which, according to a spokesperson, "manages many billions of pounds-worth of assets". It has offices in the Channel Islands, London, Geneva and south-east Asia. Joynt and Slack will join the company as directors and will head the Bedell FO division.
In a statement from Bedell concerning the new venture, Nick Cawley, chief executive of Bedell Trust, said: “We are delighted that the family behind CPO and the CPO team unanimously chose Bedell and were impressed with our strong reputation for delivering quality client-focused services."
Under the alliance with Bedell, the CPO team will continue to manage the Crosslands' assets, as well as developing the new Bedell FO division.