Guernsey-headquartered Oak Group and Jersey-based Fairway Group are planning to merge to create a consolidated business that can continue to evolve across a global network.
Fairway Group is an owner-managed fiduciary business with over 100 employees, offering trust, corporate, fund administration and pension services in Jersey.
Oak, a private client, corporate services and fund administration business, launched in March. The group has offices in Guernsey, the Isle of Man, Jersey, Luxembourg, Malta and Mauritius and more than 200 employees.
“This is an exciting time for Fairway Group,” said Louise Bracken-Smith, Chief Executive Officer of Fairway Group. “Expanding into multiple jurisdictions has been Fairway Group’s strategy for some time so a potential consolidation with Oak fast-tracks these plans. Becoming part of a larger organisation will bring a host of benefits to our clients, including an increase in experienced personnel, a wider range of solutions and services and the ability to keep pace with the demands of globalisation and the complexity of regulation.
“This wouldn’t be a leveraged private equity-style deal that has been common in our sector in recent years. The merger will ensure the continued involvement of the original principals of Fairway Group and there is also the potential for employees to acquire an interest in the business.”
Stuart Platt-Ransom, Chief Executive Officer of Oak, said: “At Oak, our aim is to deliver financial solutions that exceed the expectations of our institutional and private clients worldwide. Fairway Group shares our ambitions and growth strategy so this potential consolidation is a good strategic fit for both businesses and I’m excited to work together to incorporate the team into Oak’s multi-jurisdictional business.”
The consolidation is subject to a process of due diligence and regulatory approvals.
Pictured:Louise Bracken-Smith and Stuart Platt-Ransom