Jersey-based wealth manager Affinity Private Wealth has entered into an agreement to purchase corporate, fiduciary and trust services provider Pinnacle Trustees.
Subject to regulatory approval from the JFSC, the combined business will have more than 50 staff serving 350 clients globally. All Pinnacle directors and employees will stay with the group.
Having founded Pinnacle in 1992, Executive Chairman Iain Moodie is retiring but will assist with the integration. Pinnacle Managing Director James Wetherall will join Affinity as a Group Director.
According to Affinity, the transaction has been financed through existing and new shareholders, in conjunction with senior debt from Investec Bank, but no private equity is involved.
Affinity CEO David Stearn (pictured) commented: “Despite the challenges of the Covid-19 pandemic, the transaction is a win-win for our firms, clients, staff and other key stakeholders.
"Having established Affinity in 2011 in the midst of the European crisis and the shadow of the 2008/09 recession, we have first-hand experience in navigating challenging environments.”
Walkers (legal), KPMG and BDO (financial and tax) acted as advisers to Affinity, while Ogier advised Pinnacle. Financial terms have not been disclosed.
Walkers' team was led by Partner Jonathan Heaney and Group Partner Christopher Reed, with assistance from Senior Counsel Jon Le Rossignol, Daniel Read, Louise Hamilton and Stephen Ozanne, Senior Associate Dan Perkins, and Associates Meg McAuley, Ruth Donnellan and Ellen Jarvis.