Maitland Group has expanded its presence in Guernsey after obtaining a full fiduciary licence.

It has been eight years in the coming but at last – on 11 July 2016 – South Africa moved to a shorter settlement cycle for equities, from five to three days.

With sovereign bond yields and credit spreads trading at near historic lows, traditional bond portfolios are no longer looking that compelling.

The frustrating thing about trust is that it is earned over time, and there is no fast track to get there.

Recent years have seen meagre returns relative to equities for the average global hedge fund, while most cheap and cheerful index trackers have produced solid gains.

Traditionally each country has its own conflict of law rules to determine the jurisdiction and the applicable law of succession.

Few money managers would be willing to describe today's global equity markets as cheap or offering great long-term value (they certainly offer less than 18 months ago).

In the run-up to the credit crisis, hedge funds became increasingly popular and were often held out as the panacea for all investment objectives.

"I was in Chicago recently. A German pension fund said they had a USD500m allocation in a Chicago-based fund.