Appleby has agreed to sell its fiduciary business, which includes the corporate administration, trust administration and fund services businesses.
The fiduciary business will become an independent entity, owned and managed by its management team, led by Chief Executive, Farah Ballands.
The buy out, for an undisclosed sum, is backed by private equity firm Bridgepoint and completion of the transaction is subject to certain conditions including regulatory and legal approvals.
Advisers involved in this transaction included:
For Appleby: PWC (M&A, commercial and financial), Macfarlanes (legal), Kinetic (compliance).
For Bridgepoint: KPMG / Wyvern Partners (corporate finance), Stikeman Elliott (commercial / regulation), KPMG (accounting, tax/structuring), Intuitus (IT), Marsh (insurance), Travers Smith (legal).
For Management: Liberty Corporate Finance (M&A), Dickson Minto (legal), PwC (tax).