Kenyan trust company appoints new Managing Director from Jersey

Monday 30 March 2015

Minerva’s affiliate business in Kenya, MTC Trust & Corporate Services Limited has appointed Bob Turmel as its Managing Director.

Mr Turmel, who was born in Jersey and spent his career on the Island, brings with him over 30 years of experience in the fiduciary and wealth management industry, specifically in advising both private and corporate clients in asset structuring. Mr Turmel moved to Kenya in 2012 and before joining MTC last year, held senior roles and directorships with Ashburton, UBS and JP Morgan Chase.

He has been covering sub-Saharan Africa for the past 15 years, advising families on succession planning through the use of fiduciary structures, including trusts and corporate vehicles, and advising both families and corporates on asset management. Bob is also a member of the Chartered Institute for Securities and Investment.

Based in Nairobi, MTC specialises in helping East African-based families and corporate entities effectively deal with the challenges raised in connection with the ownership, administration and succession planning around high value Kenyan domiciled assets such as shares in family businesses and other more liquid investments. MTC also provides corporate and professional intermediaries with a wide range of more specialised corporate trustee services where the independent administration of assets is desirable.

Commenting on his recent appointment, Bob Turmel said: “I am delighted to be joining an organisation which has such deep-seated roots in Africa. With a highly qualified and experienced team that fully understands the local market, MTC is very much tuned into the way in which people and businesses work within this rapidly developing region.”

Nicholas Nganga, Director of MTC and Chairman of Safaricom Limited, the largest company listed on the Nairobi Securities Exchange, commented: “This is an exciting appointment, which along with our affiliation with Minerva provides us with a great opportunity, as well as the fundamentals required to add further value in pioneering a compliant local trust and fiduciary services industry here in Kenya.”

Sailesh Navsaria, who heads Minerva’s group strategy on Africa, commented: “We are delighted that our affiliate business in Kenya has appointed someone of Bob’s calibre and experience, and that with Bob’s background, this strengthens the links between Jersey and Africa. We believe that Jersey’s value for Africa is all about how we can leverage Jersey’s credibility and robust regulatory regime to use it as a hub to facilitate investment into the continent to fuel its growth. Bob’s appointment provides another bridge and set of relationships to add value through transferring Jersey’s depth of knowledge and experience of trustee and fiduciary services to a new market.”