CITIC Trust launched Wednesday its brand "CITIC Trust, Family Trust", under which it would supply six million yuan standardized products and 30 million yuan customized products for families.
CITIC Trust took the decision to seek fortune in family trust as early as in 2013 to satisfy growing demand for wealth management from people with high net worth. By the end of 2015, its clients who have established or planned to set up family trust funds exceeded 200, with capital under its management hitting several billion yuan.
According to the company, it requires a minimum amount of 30 million yuan funds for founding a customized family trust product with over 10-year duration and personalized trust clauses. For its standardized products, it sets the lowest capital requirement at six million yuan.
With standardized product designs, it lowers management costs and simplifies the establishment procedures to better serve customers. Since 2013, many trust firms began launching family trust fund products but so far, many of them failed to succeed in the market.
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