Suntera Global has acquired fiduciary services provider Nedgroup Trust, extending Suntera's reach into Guernsey.
The firm already operates from Jersey, Cayman, the Bahamas, the Isle of Man, Luxembourg, Malta, Hong Kong and Switzerland.
Nedgroup Trust, led by Managing Director Daniel Bisson, has a team of 70 across the Channel Islands, with 50 in Guernsey, and supports an international client base, particularly in South Africa.
All 70 staff across both islands are moving to Suntera and the business will come under the Suntera brand. Completion, subject to regulatory approvals, is expected early in the second quarter of this year.
Currently owned by Nedbank Private Wealth, Nedgroup Trust provides fiduciary services to high-net-worth and ultra-high-net-worth individuals, family offices and owner-managed businesses.
David Hudson (pictured), Group CEO of Suntera Global, commented: “This acquisition will strengthen our service offering, enhance our Channel Islands’ capability and expand our reach to an additional jurisdiction. Nedgroup Trust combines operational expertise with lasting relationships and a flexible service.”
Stuart Cummins, Chief Executive of Nedbank Private Wealth, said: “Under the new ownership of Suntera Global, our trust company clients will have access to enhanced global structuring capabilities. Once completed, this transaction will provide continuity of service to our clients in Guernsey and Jersey.”
Appleby advised Suntera Global on the Guernsey and Jersey aspects of the deal, led by Jersey Corporate Partner Andrew Weaver, with Jersey corporate and regulatory support from Senior Associates Chris Smedley, Gemma Whale and Associate Stephen Parnell.
Further Jersey law assistance was provided by Group Partner Niall MacDonald, Senior Associate Lara von Wildenrath (both dispute resolution) and Group Partner John Bisson (property).
The Appleby Guernsey team was led by Corporate and Regulatory Partner Stuart Tyler, with Guernsey corporate support from Oratile Jonas and further Jersey and Guernsey law assistance by Group Partner Richard Sheldon (employment) and Partner Richard Field (data protection).