Following the merger of Microgen and Touchstone, the combined business has announced its new name and brand as TrustQuay
The announcement was made in a press release on Monday 1st June 2020.
TrustQuay has become the leading provider of technology to the trust and corporate services market, serving more than 450 clients and 15,000 users in over 30 jurisdictions. With 9 offices worldwide, we have an established physical presence in the market’s key locations including Jersey, Guernsey, Luxembourg, Cyprus, Singapore, Australia and the United Kingdom.
Keith Hale, TrustQuay Executive Chairman, states “In my experience, most firms are aware of the challenges facing them, but need much more assistance in developing a roadmap to deal with the regulatory pressure and at the same time digitally transform their businesses. I believe that we at TrustQuay are uniquely placed to help our customers deal with this rapidly changing environment, offering the global reach, strong product range, modern technology stack and focused R&D roadmap to meet the evolving needs of the industry.”
Also noted in the press release are projects starting on global rollouts with major industry consolidators IQ-EQ and Ocorian, as well as signing six new customers including DTOS, Schindlers and Isles of Knight.
Commenting on the market dynamics of the trust and corporate services sector, Hale said “I see a once in a generation change in the corporate services, trust and alternative fund administration market, with the industry players either growing by consolidation or specialising in niche areas. Both drivers will act as a catalyst for a period of rapid digitalisation and the need for automation across the industry.
“We expect to see the biggest upheaval the sector has seen in the past 25 years and our prediction is that in the next 5 years the industry will shrink from thousands of players to hundreds, coalescing around a group of global players, surrounded by smaller specialist firms.
“In tandem, the corporate services, trust and alternative fund administration market has started to shift from a relatively sedentary industry from a technology perspective to one that is now being pushed to change by their clients and regulators alike, as well as rapidly changing business models.”
In the few months since the merger of Microgen and Touchstone a tremendous amount of effort has been expended in integrating the two businesses. I am seeing positive evidence of this integration as I work with their team on behalf of many of my clients.
Whilst there is no doubt TrustQuay are now the market leader in software for the trust and fund administration market, this does not mean they have the perfect solution for all requirements. They are aware of this too and I am also seeing evidence of where they are bringing together the best of both their leading software products, NavOne and 5Series.
Later in the year I will be updating my guide to trust administration software to take into account the new vendor and product landscape.
In the meantime if you have questions or would like an independent view of the market please get in contact.