Salamanca Group, the London-based Merchant Banking business, has signed a binding agreement to complete the management buyout of its Trust & Fiduciary business, SGTF, which operates from Jersey, Mauritius and Geneva.
Financial details of the transaction were not disclosed and completion is subject to regulatory approvals in Jersey and Mauritius.
Established for more than 40 years, SGTF is a global trust and multi-family office firm that serves international families with cross-border assets. The business has grown to administer and oversee US$10bn of financial and non-financial assets, on behalf of wealthy families around the world.
The SGTF senior management team, led by Xavier Isaac (Geneva), Paul Douglas (Jersey) and Gordon Stuart (Mauritius), are all reinvesting in the business as part of the transaction, and will retain full operational control.
Dr Alexander Ospelt, a Liechtenstein lawyer, will take a minority stake in the business and will join the group board.
Advisers on the transaction were Hines Associates (Financial) and Addleshaw Goddard (Legal) for Salamanca Group and Taylor Wessing (Legal) for SGTF.