Guernsey-based Oak, the newly launched private client, corporate services and fund administration group, has acquired International Administration Group (IAG).
Founded in 2000 by Mark Woodall and Alison Simpson, IAG is a specialist fund administration business also based in Guernsey. It delivers bespoke fund administration and depositary services to private equity, open-ended, listed and alternative asset fund structures and will become the centre of fund expertise within the Oak business.
Oak launched in March, bringing together Oak Trust Group, Consortia Partnership and Kreston IOM.
Stuart Platt-Ransom, CEO of Oak, said: “The IAG team has extensive experience within the funds industry. The addition of IAG to Oak is an integral step in our strategy of developing a business that can offer a full range of administration services internationally.”
Alison Simpson, CEO of IAG, added: “IAG wanted to capitalise on its growing reputation, but we recognised we couldn’t do this alone. Oak provides us with a larger platform, opportunities in new jurisdictions, a broader range of services and solutions for our clients.
“We agree on a personal, director-led approach to client service and Oak has made the continued involvement of IAG’s directors a condition of the deal.
"We have made a long-term commitment by becoming shareholders in Oak, ensuring the continuity of all aspects of client service delivery.”
The acquisition is subject to regulatory approvals but once completed Oak will employ more than 200 people across six jurisdictions.