What is Bessemer Trust and how is it linked to Britney Spears conservatorship?
BESSEMER Trust is a Registered Investment Advisor whom popstar Britney Spears would like to take control of her conservatorship. Britney failed in her latest attempt to remove her 68-year-old father Jamie Spears as head of her conservatorship. Britney has been living under a complex legal arrangement - usually reserved for the very old and infirm - after suffering a series of mental breakdowns in 2007. Britney had her bid to get her father, who is in full control of her conservatorship, removed from a guardianship arrangement thrown out by a judge. The singer's lawyer, Samuel Ingham, asked a court in Los Angeles to oust Jamie from his position managing the popstar's multimillion dollar estate. When calling for Jamie to be removed in November last year, Mr Ingham said Britney, 39, was scared of her father and wanted him gone from the conservatorship that has controlled her life since 2008. In court filings, the singer said she wanted private wealth management firm the Bessemer Trust appointed as "sole conservator." Bessemer Trust is a "private, independent multi-family office that oversees more than $140 billion for over 2,500 families, foundations and endowments." Founded in 1907, the firm has its headquarters in New York City, with 19 regional offices elsewhere in the world. Britney has compared her "abusive" conservatorship to sex trafficking as she spoke out in June 2021 for the first time since her public breakdown in 2007. In California, the only similar thing to this is called sex trafficking, making anyone work against their will," she said. "And taking all their possessions away, credit card, cash, phone, passport." Also during the hearing, Britney said she wants to marry and take out her IUD to have another baby but is unable to grow her family because her "conservator won't let her." Penny acknowledged Spears testimony to the court on the day of her conservatorship hearing on June 23, 2021. The judge said: Ms. Spears, you're quite welcome. "And also, I just want to tell you that I certainly am sensitive to everything that you said and how you're feeling and I know that it took a lot of courage for you to say everything you have to say today. Adding: And I want to let you know that the court does appreciate your coming on the line and sharing how you're feeling." Penny also explained to Spears that the conservatorship could not be removed until a petition to terminate it is submitted to the court. Spears claimed she was not aware of the process. Her lawyers are expected to file the petition, though it is unclear when that will be. The singer will then have another hearing with Penny once the paperwork is complete to determine the fate of the conservatorship.