The wealth management firm that was due to become a co-conservator on Britney Spears’ nearly $60 million estate no longer wants the job, according to news reports.
Bessemer Trust, which oversees more than $100 billion in assets, says it wants to resign in light of the pop star’s recent criticism of the conservatorship, the New York Times writes, citing a court filing by the company.
“As a result of the conservatee’s testimony at the June 23 hearing, however, Petitioner has become aware that the Conservatee objects to the continuance of her Conservatorship and desires to terminate the conservatorship,” Bessemer Trust says in the court filing filed Thursday, according to the publication. “Petitioner has heard the Conservatee and respects her wishes.”
Last month, in a 23-minute recorded statement made to plead her legal case, Spears called the conservatorship that she had been placed into 13 years ago “abusive,” asked for it to end and said that “anyone involved in this conservatorship and my management, who played a huge role in punishing me when I said no — ma’am, they should be in jail,” the Times reported earlier.
The conservatorship granted oversight of her finances as well as her personal life to her father, James Spears, amid concerns about the singer’s mental health, according to the publication. The court approved Bessemer Trust at the time to be added as a co-conservator of the estate, but in its Thursday court filing, the firm said it hasn’t taken any action as it’s “not currently authorized to act,” and hasn’t collected any fees, the Times writes.
Samuel Ingham III, Britney Spears’ court-appointed lawyer, had requested that James Spears be suspended as the conservator because the singer was “afraid of her father,” but the request was denied, according to the newspaper. Ingham hasn’t yet filed a formal request to terminate the conservatorship, the Times writes.
Bessemer Trust is a shareholder of Bessemer Investor Services, a brokerage firm registered with the Financial Industry Regulatory Authority, according to BrokerCheck. George Wilcox, the president of Bessemer Trust, is a board director of Bessemer Investor Services, according to the company’s website.
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