“In 1907, Henry Phipps formed Bessemer Trust as his family office
to manage the proceeds from the sale of Carnegie Steel, which he
founded with Andrew Carnegie. The name "Bessemer" is a tribute
to Sir Henry Bessemer, the inventor of the revolutionary steel making
process that was instrumental in the success of Carnegie Steel.”
Bessemer Trust Company Web Site
“When a family has completed its assessment of the advantages and disadvantages of the PTC, it is going to find it difficult to reject the PTC option out of hand. The PTC clearly offers a family of substantial wealth the possibility of excellent user-friendly services at slightly higher costs. More important, the PTC can become a family seat, or centre to which family members can look for leadership and services in their individual pursuit of wealth preservation. In this function, a PTC offers a communications network from which the family's human and intellectual capital can be collected and disseminated. Most importantly, the PTC offers a family a structure within which to create a long-term system of representative government from which the family can respond creatively to an ever-changing environment. The PTC practicing excellence offers its customers the highest level of administrative services, the boldest and most creative investment services, and Solomonic wisdom in its discretionary distribution discussions. It epitomises control without ownership.”
James E. Hughes Jr., Family Wealth, Keeping it in the Family

Private Trust Company structures are often promoted in Asia by Bank Trustees to allow their client families to set up trust structures to hold assets that the Bank Trustee would not like to hold were it to act as the trustee. Hence in the Asian scene it is common to see PTCs discussed in the context of trusts to hold the shares in the family business, especially if that business is a privately owned one.

PTCs are also popular for families that are looking for a formal structure to “house” their family council. The concept here is looking for ways to combine the benefits of “family governance” with the benefits of a trust structure.