Despite the shadow cast over trust groups after the Panama Papers controversy, TMF Group appears to be successfully attracting bidders.

The former Top 25 Trust Company last month said it was reviewing strategic options including a sale or stock market listing. It engaged Goldman Sachs as its financial adviser. TMF is one of a number of trust companies currently up for sale.

Since then the Panama scandal has broken, with the hacking of 11.5 million files from law firm Mossack Fonseco and controversy over the role of firms creating shell companies and “mailbox” trust identiti...