A blind trust gives trustees full discretion over its assets, and the trust beneficiaries theoretically have no knowledge of its holdings.

Withers has advised the Mayor of Venice Luigi Brugnaro on the creation of what is said to be the first blind trust-style structure structure to be formed by an Italian politician. 

The international law firm said yesterday that Ivan Sacks, partner and chairman, will also act as trustee for the Brugnaro Blind Trust, established under New York law. 

The trust will remove Brugnaro’s business interests from any personal ownership control and further subject them to information and influence constraints for the remainder of his time in public office, Withers said. 

A blind trust gives trustees full discretion over its assets, and the trust beneficiaries theoretically have no knowledge of its holdings. They are often set up when a wealthy individual is elected to a political office in cases where their investment holdings could potentially cause conflict of interest.

Giulia Cipollini, head of Withers' Italian private client and tax practice, said: "It has been a great privilege to act for Mayor Brugnaro in this landmark new step in political transparency.  We have worked closely with our colleagues in the US to bring the very best of international trust law procedures into effect to structure the trust."