Oak Group, under the new private ownership of Opera Limited, has acquired Bahamas-based fiduciary business Amber Trust Ltd.
The firm said Amber is a “well-established” trust company that offers proactive fiduciary services and concierge-level service to ultra-high-net-worth individuals and families.
The business is led by Managing Director Katie Booth, a “highly experienced professional” with a background in managing the assets of some of the world’s wealthiest entrepreneurs.
Amber will operate under the Oak brand, using its resources and technology.
The firm said the acquisition of Amber was part of Project Overture, Opera’s five-year strategic plan focused on “platform optimisation, organic growth and inorganic growth”.
Opera is backed by Pula, the family office of Stephen Lansdown, co-founder of Hargreaves Lansdown, along with shareholders such as Sealyham, the family office of Tom Scott.
The name Opera stands for O for Oak, P for Pula, and E-R-A for a new era in financial services, the firm added.
“This acquisition is an exciting opportunity to enhance our global reach and provide deeper, more focused services to our ultra-high-net-worth clients,” said Kim Sgarlata, Group Chief Executive Officer at Oak.
“We believe that Amber’s expertise and strong client relationships, combined with Oak’s resources and technology, will create a powerhouse of bespoke services for our clients across the globe.”
Managing Director of Amber, Katie Booth, said she was “thrilled to be joining the Opera family under the Oak brand”.
“Their strong commitment to delivering personalised, high-quality services to ultra-high-net-worth clients aligns perfectly with our approach at Amber. I look forward to contributing to Opera’s ambitious plans for the future.”
For Amber’s clients, Oak confirmed there will be no change to the service they currently receive, adding that the integration will begin immediately, “ensuring continuity”.