ABSTRACT
This chapter explores the circumstances where an asset management arrangement gives rise to fiduciary duties. Trustees are obliged to exercise their powers in the best interests of present and future beneficiaries of the Trust, and treat different classes of beneficiaries impartially. Professional Trustees such as pension scheme managers, lawyers, accountants, banks and investment firms, due to their expertise, play a large role in managing trust investment trusts. Most Trustee legislation sets out the rules in relation to the delegation of custodial services. Once a relationship of Trust is established in relation to crypto-assets, a Trustee must exercise the full suite of obligations in relation to those ‘funds’. The minimum necessary and sufficient duty to give substance to a Trust is the duty of the Trustee to perform the Trust ‘honestly and in good faith for the benefit of the beneficiaries’.
