Butterfield To Acquire Guernsey Trust Company

By ExpatBriefing.com Editorial 21 January, 2014

Wealth management firm The Bank of N.T. Butterfield & Son Limited announced on January 13, 2014 that it has reached agreement in principle with Legis Group Holdings Limited to acquire Legis Group's Guernsey-based trust and corporate services business, subject to regulatory and other approvals.

The acquisition is expected to be completed during the first quarter of 2014.

Legis Group's trust and corporate services business provides trust and company administration services to private clients and institutions. Butterfield also provides a wide range of trust and fiduciary services in Guernsey, as well as private client, institutional custody and administered banking services.

"This acquisition fits with our strategy to continue to enhance our core businesses in existing markets as a means to build shareholder value. It is Butterfield's first acquisition since 2007," Brendan McDonagh, Butterfield's Chairman & Chief Executive Officer said.

Stuart Platt-Ransom, Chairman and Chief Executive Officer of the Legis Group said that Legis had itself considered different ways to respond to the increasing complexity of private client structuring from a single jurisdiction, including growth through acquisition, and had concluded that the sale to Butterfield was the best option for achieving this.

Butterfield Group's trust network comprises five separately incorporated trust companies in key financial jurisdictions: The Bahamas, Bermuda, the Cayman Islands, Guernsey and Switzerland. In addition, Butterfield provides private banking and asset management services in London and a full range of community banking and wealth management services in Bermuda and the Cayman Islands.

The Legis Group has been established for more than 30 years and was acquired by the management team in 2011. It will now focus its energies on reinforcing and further growing its fund administration and tax advisory services from its headquarters in Guernsey, where it continues to employ more than 50 people.

Tags: Wealth | Tax | Investment | Business | Bahamas | Banking | Bermuda | Cayman Islands | Guernsey | Switzerland | Services | Expats |


News Archive