This publication recently interviewed Maples and Calder's head of trusts and private wealth for Asia about a range of topics affecting the industry.

This publication
recently interviewed Richard Grasby, who is Maples and Calder's head of trusts
and private wealth for Asia and advises
institutional trustees and private individuals on all areas of trust law and
related private client issues.

He also advises
trustees, investment managers and investors on the establishment of investment
funds with a particular focus on unit trusts and private funds for wealthy
individuals and families. Grasby acts for trustees and settlors on the
establishment and administration of private and charitable trusts and the
establishment of private trust companies. He also acts in respect of estate
planning and administration of estates. He regularly writes for industry
journals and has spoken at several conferences in Asia.
He is also a member of the STEP Hong Kong Executive Committee.

Your firm is
described as a leading international law firm advising financial, institutional
and business clients around the world on the laws of the Cayman Islands, Ireland and the British
Virgin Islands. Is there any intention to broaden the range of
jurisdictions on which you provide advice and service?

We are always looking at additional markets from which
Maples and Calder – or “Maples” - can offer advice to best serve our clients.
It is important that such jurisdictions complement our current offering and
also enable us to maintain the high standards on which we pride ourselves. I
would expect that in the next few years the Maples offering will be enhanced –
but for the moment it is a case of watch this space!

How much demand have
you seen for your services in the Asia-Pacific region and what sort of services
do people want, and why?

There is a great deal of interest in planning for the future
– in particular wealth preservation and succession. Clients are becoming
increasingly aware of the issues relating to the transition of wealth from one
generation to the next. Clients are living longer; litigation and divorce are
more prevalent and families are becoming increasingly international. Outside of
the private wealth arena, we are seeing continued growth in our Cayman Islands
funds practice and renewed interest in listing Cayman
Islands and BVI companies.

What would you say
has been the most important recent trend in terms of the kind of advice you
have been asked to give?

We have seen increased interest from wealthy families as to
how they can manage their own affairs with less reliance on banks. This may be
done via the use of private trust companies and other family office related
structures. Some wealthy families also wish to establish their own investment
fund vehicles. In addition our advice frequently has to relate to client
families with connections to multiple jurisdictions whether through residence,
citizenship, domicile or investment and this can involve discussions with
multiple advisors.

How long have Maples
been present in the Asia region? (I see you
opened in Singapore
in 2012 - did you have any kind of presence there before)?

Maples opened in Hong Kong in 1995 and in Singapore in 2012. Lawyers from all
of the Maples and Calder offices have been travelling around Asia for many
years now including to places such as Mongolia
in the North and Vietnam
in the South. Prior to the opening of the Singapore
office in 2012, Maples consistently had lawyers in Singapore every month.

How many people work
in the Singapore
office? Who leads it and can you name some of the principal individuals there?

There are currently four lawyers permanently based in Singapore.
I am also a frequent visitor, as Singapore is a key location for
trust and private wealth work. James Burch is the managing partner in charge of
the office and his team is Tom Katsaros, Jess Stock and Catharina von
Finckenhagen. The team provides a wealth of experience from a range of
jurisdictions, including other offices of Maples.

The British Virgin
Islands and Cayman Islands have been in the
news quite a lot lately, given statements from the G8 and others about tax
havens and the like. Do you have any views on these jurisdictions' robustness,
ability to adapt to new circumstances?

The BVI and the Cayman Islands
are safe and secure jurisdictions, consistently ranked as market leaders for
their robust compliance regime and regulatory protocols, offering compliance
with the FATF Global Standards and an established and strong record of
transparency and co-operation with international regulators, such as the OECD
and the IMF.

The G8 proposals seek to enforce a transparency which
already exists on these shores. As forward thinking and compliant countries,
with a mature framework and reputation for vigorous investor protection and
transparency features, further responsible regulatory improvements are not
expected to have significant impact on the BVI or the Cayman
Islands.

How familiar are
clients in the Asia region with the kind of
jurisdictions that you advise on? Is awareness changing?

Clients are very familiar with the Cayman Islands and the British Virgin Islands – I would say more so than any
other jurisdictions. Many clients own BVI companies and are also familiar with
the use of Cayman Islands vehicles for mutual
funds and as listed companies. Ireland
is relatively new to Asia but awareness is changing particularly with recent
developments in Europe, such as AIFMD.

Do you have any
thoughts about the recent change to trusts legislation by the Hong
Kong government, as widely reported in the media?

Maples does not advise on the laws of Hong Kong but is very
keen that Hong Kong continues to be a leading
financial centre. Certainly the changes have been welcomed by the industry and
once they come into force we shall monitor closely the level of interest in Hong Kong law trusts.