Global fiduciary and administration provider, Estera, has acquired the Heritage Financial Services Group (HFSG), an independent business providing third-party fund administration, depositary, trust and corporate services in Guernsey, the UK and Malta.
The transaction was finalised on Monday 5 June and is subject to regulatory approvals, following which the business will be rebranded under the Estera name. HFSG employs approximately 100 people across three jurisdictions and all employees will remain with the business and become part of the Estera team.
Farah Ballands, CEO of Estera, said: ‘We are delighted to welcome HFSG to the Estera family; a team with an excellent reputation in client service, a value which is core to Estera.
"This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, whilst also expanding jurisdictional choice for our trust and corporate clients."
Mark Huntley, CEO of HFSG, commented: "This transaction marks a significant development for Heritage, our clients and employees. While we will continue to deliver the highest standard of professional and personalised service, our business, our people and our clients will all benefit from the global resources and growth ambition offered by Estera in respect of our fund and fiduciary service offering."
Heritage Group’s insurance business is excluded from this transaction and will continue to operate as a separate entity.
Advisers involved in this transaction included: KPMG, Appleby and Travers Smith for Estera; and KPMG and Babbé for HFSG.
Pictured L-R: Mark Huntley, Managing Director of HFSG; Farah Ballands, CEO of Estera; Ethan Levner, Group Head of Corporate Development at Estera.