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A trust enables an individual to own an asset on behalf of someone else.
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It pays pensions and invests plan assets on behalf of more than 300,000 teachers in Canada.
Others seemed more likely to liquidate the company and sell off its assets on behalf of creditors.
Based in Mayfair (where else?), today it manages $4bn of assets on behalf of some of the world's wealthiest people.
It is the regulator charged with overseeing the mortgage finance companies and acts as their conservator, trying to preserve the company's assets on behalf of taxpayers.
The company would be trying to sell assets on behalf of the government that were similar to assets it buys and sells for thousands of other private investors.
The state went from owning assets on behalf of the people to insisting that bureaucrats and well-connected entrepreneurs had a right to profit from those assets.
The former mergers and acquisitions banker at Deutsche Morgan Grenfell and Lehman Brothers will be expected to oversee the disposal of assets on behalf of concerned shareholders.
In a statement, Johannes Runar Johannsson, a member of the committee overseeing Kaupthing assets on behalf of creditors, said: "This is a very satisfactory outcome for Kaupthing Bank".
To recap: C12 will be managing these assets on behalf of Cayman Islands-based Protium, whose backers decline to identify themselves.
Mr. Neugebauer, chairman of the oversight subcommittee, ferreted out the total expense after requesting an accounting from the federal housing agency, charged with conserving Fannie Mae's assets on behalf of taxpayers.
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