A new private client, corporate services and fund administration group has been launched in the Channel Islands.
Oak is the consolidation of three businesses – Oak Trust Group, Consortia and Kreston IOM – which between them have offices in Guernsey, Jersey, the Isle of Man, Malta and Mauritius.
The new business, which will be headquartered in Guernsey, will employ 160 people across the five jurisdictions.
Stuart Platt-Ransom (pictured), previously Chief Executive Officer of the Legis Group, has been appointed Chief Executive Officer of Oak. He said: “Our approach, which is management-owned and backed by a local investment fund, offers the opportunity for the continued involvement of the original principals from each of the companies acquired and for employees to obtain an interest in the business."
Oak Trust Group, the Guernsey, Malta and Mauritius-based business acquired by Oak, was founded by Mark Chasey in 1999 as a niche provider with strong South African connections and a focus on long-term client relationships.
Chasey, now Chairman of Oak, commented: “We recognised that in order for the business to keep pace with the changing demands of our clients and worldwide regulations, we needed a partner that could provide a robust platform for the future and added expertise.
“Considering the needs of our clients and our employees, we chose to partner strategically with the fund to create Oak, which will offer a multi-jurisdictional solution for our clients.”
Consortia, the Jersey-based business acquired by Oak, is a mid-sized independent trust company providing tailored fiduciary, fund and corporate services to clients across the globe.
Kreston IOM is the Isle of Man business of Kreston International, a global network of accounting firms, and was founded in 1998 to provide tailored solutions for international corporations and private clients.
The new Oak business is backed by the Financial Services Opportunities Investment Fund, a Guernsey-based, TISE-listed, closed-ended investment vehicle supported by Channel Island investors.
The fund has the investment objective of attaining long-term capital growth and income streams by investing in a diversified portfolio, principally financial services businesses based in offshore financial centres.