STM said the sale to Imperium Group was part of a stategy to place more focus on pension administration and life assurance.
Imperium said the purchase was a statement of its intentions to create a solid platform in Jersey.
The sale completed on 8 May following regulatory approval from the Jersey Financial Services Commission.
“We are delighted that the Jersey businesses and our colleagues that work within them, as well as our clients, have gone to a good home at Imperium. Imperium have confirmed that there will be minimal changes, whilst at the same time bringing new business opportunities, and I am confident that this will ensure a smooth and seamless transition to new ownership,” said STM Group CE Alan Kentish.
“For STM, exiting the Jersey trust and company businesses is an important deliverable to allow the executive to focus on our core activities of pension administration and provision of life assurance wrappers. The additional cash resources will allow for further investment in our organic growth initiatives, as well as further potential M&A activity.”