TVPX establishes chartered trust company in Wyoming

Aviation services provider TVPX has formed TVPX Trust Co LLC, a Wyoming regulated trust company.

The launch of TVPX Trust forms the next step of company growth, according to Jeffrey Towers, general counsel of TVPX. “We are making sure that our structure and our systems are all compatible with the size of our company and our expected growth over the next few years,” he told CJI.

Since establishing in 2002, TVPX has facilitated billions of dollars in aircraft trust transactions. Today, it holds more than 2,800 aircraft in trust.

Tobias Kleitman, founder and president, said: “Transitioning to a chartered trust company enhances TVPX’s ability to provide aviation services to an expanded range of clients while reinforcing its commitment to providing secure and reliable trust solutions.”

Addressing TVPX’s growth in recent years, Towers said the company was able to “capture a significant part of the marketplace” for aircraft owner trusts.

“I think we’ve pretty consistently over the last several years been the leader in that field, but we were doing it against – or with – our competitors being banks,” he explained.

“I think we’ve reached a point where, in order to continue our growth, we need to have a regulated structure. This puts us more on par with our competitors and will appeal to potential customers out there who traditionally had worked with institutional trust providers.”

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Towers said the draw for clients will be in the perception being a regulated company brings. “We’re not going to have authority to do more than we were able to do under the authority we had before, but as a regulated entity TVPX will now be able to offer our clients even greater confidence and security.”

He added that TVPX is not envisioning (at this point) expanding into trusts on other kinds of property. “We’re really very focused on aviation and business aviation in particular, as we’ve always been,” he said.

Josh Eyre, vice president of Sales & Marketing, said: “Becoming a chartered trust company represents an important expansion of our trust service platform. It allows the TVPX team to better serve our aviation clients while maintaining the same responsiveness and professionalism that clients and aviation professionals worldwide have come to expect.”

Unable to launch the trust company in Utah because state laws only allow banks to do so, TVPX Trust is based in Evanston, Wyoming, about one hour 30 minutes drive from TVPX’s office in north Salt Lake City. This convenience was the main attraction for establishing there.

“Some of our companies were already set up in neighbouring Wyoming. We also had counsel in the state,” said Towers. “From a business efficiency perspective, it made the most sense in the world, because rather than flying to one office and then having to fly to another, senior management can fly to one office and hit them both.”

TVPX Trust Co LLC is open for business.