Intertrust authorised as a GATS global trust provider
Intertrust, a provider of tech-enabled fund and corporate solutions, announced today that it has been authorised by the Aviation Working Group (AWG) to act as trustee service provider for the Global Aircraft Trading System (GATS), a fully electronic platform for buying and selling aircraft engines on lease.
Courtesy GATS
Intertrust is the only GATS trustee to be approved in Ireland and Singapore and the first company outside the US to be authorised to do so. The GATS trustee offering complements the full service offering Intertrust provides to the aviation finance industry. Intertrust see the GATS trustee offering to be an important addition to the current SPV, managing agent and aviation fund services.
Created by AWG to streamline the trading and financing of leased aircraft equipment, GATS reduces the burdens on lessees, lessors and financiers by using advanced technology, a sophisticated e-platform and digitally executed standardised form documents. GATS will include a live and searchable electronic ledger displaying ownership details and security interests.
As the first approved regulated GATS trustee to the trading scheme in Ireland and Singapore, Intertrust is integral to ensuring the scheme works smoothly.
GATS has attracted support from many of the top global lessors, which have confirmed their support for aircraft being placed in a GATS Trustee structure. With over 12,000 aircraft currently owned by the major lessors and a further 3,526 aircraft on order, Intertrust anticipates a high level of demand for its GATS trustee services once the platform goes live.
The new GATS trustee service enhances Intertrust’s comprehensive range of Aviation Solutions. The company holds over $29 bn aircraft assets under administration and manages over 700 aircraft SPVs across eight jurisdictions including Ireland, Hong Kong, Singapore and the Cayman Islands.
Anne Flood, Head of Capital Markets and Aviation Finance at Intertrust said: “We are delighted to have been authorised by AWG to provide trustee services to GATS, a ground-breaking platform that will revolutionise the trading and financing of leased aircraft equipment. This new mandate further strengthens Intertrust’s leading reputation as a trusted partner to airlines, lessors and financiers and underlines our expertise in producing sophisticated tech solutions that increase efficiency and transparency to financial markets.”
The GATS trustee service follows Intertrust’s recent acquisition of Wells Fargo Trust Corporation Limited in London which includes a portfolio of security trustee roles on 48 aircraft transactions. This strengthens even further Intertrust’s presence and experience in the aircraft sector by providing security trustee service to many of the major lessors in Ireland and around the world, as well as airlines and banks globally.