Carey Olsen advises on sale of Ardel Fund Services to JTC Group

Posted: 29/04/2013

Konrad Friedlaender-Carey Olsen
Offshore legal specialists Carey Olsen have advised Ardel Holdings Limited on the sale of Ardel Fund Services Limited (AFSL), one of Guernsey's premier third-party fund administration providers, to the JTC Group, a multi-jurisdictional, independent, provider of trust, corporate and fund services.

AFSL, formerly Bachmann Fund Administration, administers investment funds across a wide variety of asset classes and fund structures. The acquisition forms part of JTC Group's broader international expansion plans and adds to its existing, established fund services business in Jersey and Luxembourg. A total of 13 AFSL staff will join JTC Group, with the combined team operating from AFSL's premises in Guernsey.

The team from Carey Olsen was led by partner Konrad Friedlaender (pictured). He said: "We are delighted to have advised long-standing client Ardel on this sale to the JTC Group which will provide clients of AFSL a home in a multi-jurisdictional group and will allow Ardel to focus exclusively on the development and growth of its core fiduciary business.

"This sale, which is one of a number of high-profile M&A transactions Carey Olsen has advised on since January 2013, is evident of the trend we are seeing for organisations repositioning themselves and consolidating and enhancing core services. We wish both organisations every success."

Rick Brooks, CEO of Ardel Holdings, commented: "Ardel has been looking for some time at opportunities that exist to focus exclusively on investment in the development and growth of our core fiduciary business. We are delighted that, in doing so, we have been able to protect and enhance the opportunities that will be available to the AFSL team through their transfer to JTC."

Senior associate Natasha Kapp assisted Konrad Friedlaender advising AFSL on the Guernsey transactional and regulatory aspects involved in the disposal.

In 2010 Carey Olsen advised on the partial management buyout of Ardel (previously Bachmann Group).

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