Bessemer Trust Company, a wealth management and investment advisory firm, and Jamie Spears will continue to be co-conservators over Britney Spears' estate

By Gabrielle Chung and Melody Chiu
February 11, 2021 09:22 PM
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Britney Spears, Jamie Spears
Britney Spears and Jamie Spears
| Credit: Steve Granitz/WireImage; Shutterstock

Britney Spears' legal battle with her father, Jamie Spears, over her conservatorship was once again before the court.

On Thursday, a Los Angeles Superior Court Judge Brenda Penny ruled that Bessemer Trust Company, a wealth management and investment advisory firm based out of California, will continue to be co-conservators along with Jamie, PEOPLE can confirm.

Objections raised by Jamie's lawyer, Vivian Thoreen, on how the co-conservatorship would be delegated were rejected.

Jamie's objections over language in a proposed order of co-conservatorship filed by Britney's lawyer, Samuel D. Ingram III, were also denied.

Britney Spears
Britney Spears
| Credit: Jordan Strauss/Invision/AP/Shutterstock

According to Variety, Ingram argued in court that the original proposal of co-conservatorship was to give Bessemer and Jamie "an equal division of responsibility, in the hopes that they would sit down and figure out together the best way to handle this complex estate for the benefit of my client."

"It's no secret that my client does not want her father as co-conservator, but we recognize that removal is a separate issue," Ingham said.

In a statement to PEOPLE, Jamie's lawyers, Vivian L. Thoreen, Holland & Knight LLP, say their client "has diligently and professionally carried out his duties as one of Britney's conservators" and the court's rulings showed "the court's confidence in our client Jamie Spears and Bessemer Trust to manage the conservatorship of Ms. Spears' estate together."

His lawyers also say that on Thursday it was clear that "his love for his daughter and dedication to protecting her" was apparent to the court.

"My client looks forward to working with Bessemer to continue an investment strategy in the best interests of his daughter," the lawyers tell PEOPLE in their statement.

"The Probate Court is highly experienced in these matters and takes them very seriously. From the beginning, the court has closely monitored Britney's situation, including annual accountings and in-depth reviews and recommendations from a highly experienced and dedicated court investigator," the statement continues.

"Britney's Conservatorship of the Estate was co-managed by a private professional fiduciary and her father until early 2019.  At that time, Britney requested in court papers that her father be the sole conservator of her estate. Her Conservatorship of the Person is not managed by her father but by a licensed personal care professional, and is similarly subject to the scrutiny of interviews, audits and detailed reports to the judge by the court investigator."

A representative for Britney did not immediately respond to PEOPLE's request for comment.

Bessemer and Jamie are expected to work together on a budget and investment plans for Britney's estate, according to Variety.

Additional hearings have been scheduled for March 17 and April 27.

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Britney was first placed under a conservatorship in 2008, with the court originally naming her father the permanent conservator of her person and attorney Andrew Wallet the permanent co-conservator of her estate. Wallet retired from his role as co-conservator in June 2019.

In September 2019, Jamie stepped down as the permanent conservator due to "personal health reasons" and Jodi Montgomery, the licensed conservator, took his place.

Last summer, Britney filed court documents stating that she is "strongly opposed" to having her father return as sole conservator of her estate and instead "strongly prefers to have a qualified corporate fiduciary appointed to serve in this role."

"We are now at a point where the conservatorship must be changed substantially in order to reflect the major changes in her current lifestyle and her stated wishes," Ingham said in an August 2020 filing obtained by PEOPLE.

The pop star suggested Bessemer Trust Company to serve as conservator of her estate in a later filing. The nomination was supported by Britney's mother, Lynne Spears, in a separate document.

In November, Penny appointed Bessemer and Jamie as co-conservators of Britney's estate.