In this insight, Jonathan Harris-Lowe and Josianne Avedis from our specialist marine services team speak to Superyachts.com about what has made Trident Trust a success and what the maritime industry can expect from yacht enthusiasts of today, and tomorrow.
For those who aren’t aware, who are Trident Trust, and what services do you offer your clients?
Established in 1978, Trident Trust is a leading independent corporate, fiduciary and fund administrator employing almost 1,000 staff worldwide. The Group provides services, including an extensive range of marine services, to professional advisers and other qualified intermediaries, financial institutions, asset managers, private clients and family offices.
Over 40 years in the industry has enabled the organisation to develop a global breadth and depth of knowledge, understanding and experience that is invaluable to its clients. Trident Trust is steadfastly committed to remaining privately owned, meaning it offers its clients a stable, sustainable, private partnership that will not be compromised by conflicts of interest or changes in ownership.
"Our Marine Services include a comprehensive range of products for the commercial vessel and luxury yacht sectors, including registration, payroll and human resources services, accounting support and administration of the ownership structures of vessels,” says Jonathan.
Trident Trust’s marine capabilities are delivered though several key hubs across the Americas, Caribbean, and Europe, supported by a dedicated marine services team in Guernsey.
How do you ensure that each client receives a tailored, personal approach?
"We take pride in our core values of reliability, responsiveness, attention to detail and personal service, as well as our ability to put our clients at the heart of what we do by providing tailored services that precisely suit their needs.”
What countries are you currently operating in?
"We operate worldwide with offices in more than 20 jurisdictions spanning Africa, the Americas, Asia, the Caribbean, Europe and the Middle East."
In terms of technology and security, what kind of processes has Trident Trust invested in?
With more than 12,000 seafarers currently employed by structures under Trident's management, data management is of vital importance. Technology is constantly evolving, allowing Trident to use the latest tech to enhance its services and keep its clients’ data safe.
"We only work with software developers who understand the needs of our industry. We have been able to develop bespoke systems that simplify mundane, error-prone and complex tasks, freeing up valuable time to focus our attention on specific client needs."
Do you have any exciting new projects or collaborations on the horizon?
"Every day offers new challenges and provides for an exciting environment in which to work. In recent months, our focus has been on broadening our Marine offering to a wider audience across the globe. We have a packed schedule ahead this year, attending many of the big shows, including SIBS, Cannes, MYS, Limassol and FLIBS. We want to keep our message fresh and reach out to as many people as possible, the boat shows provide an excellent platform to do this,” explains Jonathan.
"We are aiming to open a physical office in Monaco in the next 12 months which is exciting. We really want to build Trident Trust's presence in the South of France; our high touch service and company culture is a perfect match for the clients who operate out of the Côte d’Azur," adds Josianne.
Trident Trust has won numerous awards for its services, what would you say are the key factors that make your company award-winning?
According to Trident, consistency and hard work are all part of being an award-winning business. More than that, their staff care. They put themselves in other people’s shoes to truly understand the experience they are creating for their customers, colleagues, partners, and the community around them.
"Our teams work very closely together," says Josianne. "As individuals we have a lot of experience within the yachting world, that we bring together for our clients. Our teams around the world have different specialisations, but we all communicate regularly and have a community mindset. There is a real team mentality here at Trident."
Over the span of four decades, what changes have you noticed throughout the marine industry?
"I cannot imagine our industry will ever stand still, there have been so many changes in the past decades it would be impossible to list them all. Change though is usually a good thing, resulting in higher standards and better working practices. The Maritime Labour Convention was introduced to help ensure that all seafarers, regardless of their nationality and the flag of the ships they work on, can enjoy decent working and living conditions, although not mandatory on all private yachts the standards are more likely to be adopted today than in previous years, this is because people are more socially aware,” explains Jonathan.
After amassing a wealth of experience working within the superyacht industry, what kind of future do you predict for luxury clients’ needs moving forward?
"We are definitely seeing a generational change, particularly with young people in their twenties and thirties," says Josianne.
"The new generation of clients are increasingly eco-conscious and care more about the environment, pollution, their reputation and having a positive impact. Owners' demands today are different and continually evolving, and it's about adapting to that."
"Being environmentally aware is more important to our clients than ever. From initial build to how the vessel is being operated, our clients care about their environmental impact and want realistic and viable ways to reduce this," adds Jonathan.