Britney Spears: Wealth management firm seeks to pull out of conservatorship

Credit: AP

The wealth management firm set to become a co-conservator of Britney Spears' estate has asked to resign from the arrangement.

Bessemer Trust, which supervises more than $100 billion in assets, said in a court document filed on Thursday it wanted to resign "due to changed circumstances".

Last week, Ms Spears pleaded with a judge to end the “abusive” court conservatorship overseen by both her father and the Bessemer Trust. 

However, in November 2020, Ms Spears said she wanted the Bessemer Trust appointed as “sole conservator”.

The company said in its recent court filings that Spears' representatives had said the conservatorship was voluntary and the superstar consented to it.

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It has now acknowledged that Ms Spears "claimed irreparable harm to her interests" in last week's hearing. The firm added it "heard the conservatee and respects her wishes".

Following the emotive testimony cited by the Bessemer Trust, Judge Brenda Penny denied Ms Spears' request to remove her father from the conservatorship.At the same time, the judge rubber-stamped Bessemer Trust’s role as co-conservator.

The legal document states: “The conservatee’s request to suspend James P Spears immediately upon the appointment of Bessemer Trust Company Of California, N.A. as sole conservator of estate is denied without prejudice.”

Jamie Spears, father of Britney Spears Credit: AP

Ms Spears,39, was placed under the complex legal arrangement – usually reserved for the very old and infirm – after suffering a series of mental breakdowns.

She told a court on June 23 the conservatorship was “abusive” and she wanted it to end without the need for a medical assessment.

The mother-of-two said she was required to use a contraceptive device and was barred from marrying boyfriend Sam Asghari.

Earlier, Mr Spears, 68, filed court documents of his own, denying he was responsible for the restrictions apparently placed on his daughter’s private life.

He has overseen her estate for 13 years but has not been in charge of her personal affairs since September 2019, when he stepped down from that role due to ill health.