Trends indicate continued strong demand for aviation trust services
UMB, operating as UMBF Trust and Agency Services (Ireland) Limited (UMBFT&A), has opened its first office in Dublin, Ireland. Mark Flannagan, executive director of specialty trust and agency solutions at UMB, provides background on how the new office in Ireland helps meet client needs.
What products will the new office focus on?
Initially, the new office will primarily focus on Irish bearer trusts (also called owner trusts). These are trusts for the equity/beneficial ownership assets—in this case, aircraft—and are increasingly a vehicle of choice for aircraft leasing companies seeking to optimize their ownership and financing structures.
As the aviation industry evolves and responds to ever-changing environmental, economic and regulatory challenges, we believe the use of Irish owner trusts will play a greater role within leasing and aviation globally.
Ireland (specifically Dublin) is the international economic center for aircraft leasing transactions. The Industrial Development Authority of Ireland reports that Ireland has 14 of the top 15 lessors by fleet size, equating to over 40% of the world’s fleet of leased aircraft.
There are more than 40 aviation finance and aircraft leasing firms located in Ireland, and the country is home to thousands of people working in this business. Two leading Irish universities even offer specialist aviation finance and leasing programs.
Will you be serving existing clients as well as new ones?
Yes. We are honored to work with the aircraft leasing community already, and it is this same audience that recognizes value in Irish owner trusts.
The opening of the Irish office follows UMB’s commitment in the corporate trust arena. From the growth and expansion of the corporate trust group in Salt Lake City, to the inclusion as an approved trustee for the Global Aircraft Trading System (GATS), developed by the Aircraft Working Group in 2020.
Do you anticipate expanding the product offerings from the Dublin office in the future?
Although UMB’s business activities in Ireland are limited at this time to trust powers (not banking powers), we see a wide range of potential ways to assist our clients in addition to our initial focus areas.
Our specialty trust and agency solutions reach beyond traditional corporate trust offerings to include a full-range of trust services, escrow and agency assignments for large-scale and uniquely-structured transportation, infrastructure, real estate and other structured-financing projects.
Services are available through our domestic and international affiliates. Not all services are available through every domestic and international affiliate or in all jurisdictions.
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