Investment business ED Group is to acquire a majority shareholding in Stenham Wealth Management CI (SWM) from Stenham Asset Management Holding, to create a privately owned wealth management and investment advisory business in Jersey. The transaction is due to complete in March.
SWM was founded in 2016, following a management buyout of the Credit Suisse Jersey investment business. Managing Director David Baker said: “This transaction will enable us to accelerate our plans to build an independent investment business in Jersey.”
ED Group is based in Jersey and has real estate, technology and financial services interests across the UK, Channel Islands, Europe and North America.
It also owns ED Capital, a boutique trust company business in Jersey, which provides administration, management and accounting services to private and institutional clients, primarily in relation to real estate.
Jamie Crawford, Director of ED Group, commented: “We have known David, Allan and the team for several years. Their business complements our investment activities and adds an important dimension to our financial services offering in Jersey alongside ED Capital.”
No decision has yet been made about a name or brand for the new business, but no changes will be made to the SWM team.
SWM Guernsey changes
In addition to its decision to sell the Jersey business to ED Group, SWM's parent company, Peregrine Holdings, has transferred the Guernsey private client business of SWM to the ownership of Peregrine International Wealthcare (PIW).
Stenham’s Adrian Starr and Matt Bailey will join the team at PIW as wealth managers, where they will continue to provide discretionary investment and advisory services to high-net-worth private clients. Following regulatory approval for the transaction, they will also oversee the transition of the Guernsey client book from SWM to PIW.