Citadel Trustee launches new trust to help Malaysians preserve wealth
Citadel Trustee Bhd staff and potential clients at the launch of the Citadel Dynasty Trust in Petaling Jaya today. (Citadel Trustee pic)
PETALING JAYA : Citadel Trustee Bhd has launched the Citadel Dynasty Trust, a new private trust structure aimed at helping Malaysian families preserve their wealth across multiple generations.
The trust is designed to operate within the 80-year framework permitted under Malaysian trust law and addresses common issues in legacy planning, including legal limitations, probate delays and high estate administration costs.
At the trust's launch here today, Citadel Group director Fred Chan noted that most Malaysians lacked awareness of estate planning, which often resulted in delays and complications in wealth distribution to their heirs and beneficiaries.
Chan said the trust allowed for full, partial or customised distributions triggered by specific events such as death or total permanent disability, with beneficiaries able to receive funds within three working days, substantially faster than standard probate timelines.
The Citadel Dynasty Trust only requires a one-time setup fee with no ongoing trustee charges.
'The Citadel Dynasty Trust offers a legally sound and flexible framework for families who want to secure their wealth for future generations,' he said.
'Unlike other trustees that charge an annual interest fee of up to 4.5%, which gradually erodes the initial trust capital, we require only a one-time payment of RM40,000.
'This ensures that the initial trust capital, for example, RM1 million, remains intact for up to 80 years until distribution,' he said.
He also said Citadel Dynasty Trust expects to achieve its asset under management (AUM) target of RM5 billion in five years after its launch.
Chan said Citadel Trustee was looking to promote the Citadel Dynasty Trust among senior citizens and clients from Hong Kong, Indonesia, Singapore and other countries with inheritance tax laws who were looking to invest their wealth in Malaysia.
'We will also have a shariah-compliant version for our Muslim clients in the future,' he said.
The launch coincides with Citadel Trustee's fifth anniversary. Since its establishment in 2020, the company has focussed on innovation and client service in the areas of estate and legacy planning.
Citadel Trustee is a subsidiary of the Citadel Group, a private trust management company providing wealth planning solutions to over 15,000 clients ranging from individuals, families and businesses.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
4 hours ago
- Malay Mail
Ringgit eyes stability next week as markets await US CPI, PPI
KUALA LUMPUR, June 7 — The ringgit is likely to trade around RM4.22 to RM4.23 next week, said an analyst. Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said that next week multiple United States (US) economic data will be out, namely the US Consumer Price Index (CPI) and Producer Price Index (PPI) for the month of May which plays a key role in shaping the market. 'While the data might show deceleration in inflation rate, the US Federal Reserve is likely to stay cautious as it is wary about the potential inflationary pressures arising from the tariff shocks. 'Already, responses from the US Institute for Supply Management (ISM) Index survey indicated that businesses have become more pessimistic as the higher tariffs have affected the supply chains and resulted in higher operating costs,' he told Bernama. The ringgit ended the week higher against the US dollar, closing at 4.2270/2360 on Friday from 4.2530/2605 a week earlier. The local note traded mostly higher against a basket of major currencies. The ringgit rose vis-à-vis the Japanese yen to 2.9324/9390 from 2.9531/9585 and inched higher against the British pound to 5.7212/7334 from 5.7284/7385 a week earlier. However, it depreciated versus the euro to 4.8268/8371 at Friday's close from 4.8169/8254 at the end of last week. The ringgit traded mostly higher against Asean currencies. The local note improved against the Singapore dollar to 3.2862/2934 on Friday from 3.2938/3002 the previous week, edged higher versus the Indonesian rupiah to 259.5/260.2 from 260.4/261.1 and stronger vis-a-vis the Philippine peso to 7.58/7.60 from 7.62/7.64 a week before, However, it weakened versus the Thai baht to 12.9599/9947 from 12.9507/9790 last week. — Bernama
Malay Mail
4 hours ago
- Malay Mail
Middle East-based engineer loses RM1.5m in online investment scheme, discovers scam only after failed withdrawal attempt
BUKIT MERTAJAM, June 7 — An engineer working in the Middle East lost over RM1.5 million to an online investment scam recently. Penang police chief Datuk Hamzah Ahmad sad the victim, 40, lodged a report with the Central Seberang Perai district police headquarters commercial crimes investigation division yesterday. 'In November last year the man got to know a woman through the phone and had a relationship before the woman invited him to join an investment scheme called GoldenCrimson that offered handsome returns. 'The man was interested to invest and was given a customer service number and a website link to register, and he invested RM90,510 and received returns of RM108,611,' he said in a statement tonight. The man grew confident in the scheme and made 103 transactions to 31 different accounts totalling RM1,532,563 from Dec 2 to March 8, and realised he was scammed when he failed to withdraw RM4,131,671 through the app but was asked instead to provide additional capital to be able to withdraw his profits. The case is being investigated under Section 420 of the Penal Code. — Bernama
The Star
4 hours ago
- The Star
Cuts hit contract workers
Meeting of minds: Anwar receiving a courtesy call from Muhammad Shahrul in Putrajaya. — Photo courtesy of Anwar's Facebook page PUTRAJAYA: The move by PETRONAS to trim its workforce by about 10% involves mostly contract workers, says Prime Minister Datuk Seri Anwar Ibrahim. 'It mostly involves contract (positions),' Anwar said when asked to comment on reports that PETRONAS would cut about 5,000 employees as part of a 'right-sizing' process. Anwar, who is also Finance Minister, said this after performing Friday prayers with over 500 congregants at Surau Al-Ikhwan, Jalan Pinggiran Putra, near here yesterday, Bernama reported. Also present was Selangor Mentri Besar Datuk Seri Amirudin Shari. On Thursday, PETRONAS president and group chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Kamadjaja Aziz was reported to have said that the national oil and gas company would cut about 10% of its workforce as part of its right-sizing and restructuring process. He also denied that the state-owned company would exit its business in Canada. PETRONAS had previously stated that it needs to right-size its workforce to ensure the company's sustainability in the decades to come. It has nearly 50,000 employees, according to its website. Separately, Anwar said he would contact his Thai counterpart, Paetongtarn Shinawatra, regarding the border dispute between Thailand and Cambodia. Anwar said that as the Asean Chair, Malaysia took note of the developments in both countries. 'We will issue a statement (on the outcome of the discussion with Paetongtarn) later,' he told reporters. On May 28, Thai and Cambodian troops were involved in a brief skirmish in Thailand's Ubon Ratchathani province and Cambodia's Preah Vihear province, which resulted in the death of a Cambodian soldier. Cambodia has since announced its intention to bring the border dispute to the International Court of Justice. Thailand, meanwhile, has reportedly reiterated its commitment to resolving the issue peacefully in accordance with international law, as well as existing agreements and memoranda with Cambodia. Earlier, Anwar received a courtesy call from the new Malaysian Ambassador to the United States, Tan Sri Muhammad Shahrul Ikram Yaakob. Anwar said that they discussed, among others, measures to strengthen bilateral ties between Malaysia and the United States, including strategic efforts to attract quality and high-impact foreign investments. 'Among (the topics) touched on included strengthening Malaysia-US ties as well as efforts to attract quality and high-impact foreign investments from the country,' he said in a Facebook post today. The Prime Minister also wished Muhammad Shahrul all the best on his appointment, while stating his confidence in the former to elevate Malaysia's aspirations, image and reputation to the highest level. On June 3, His Majesty Sultan Ibrahim, King of Malaysia, presented the instrument of appointment to Muhammad Shahrul in a ceremony at Istana Negara.
