Martin Bellamy, Chairman and CEO of Salamanca Group said: “The investment and strategic expertise we applied to the Trust & Fiduciary business over the last three years has yielded outstanding results and the management team have delivered in building both their client base and developing their people. The business is now on a strong platform for further growth and I wish them every success for the future.”
The SGTF senior management team, led by Xavier Isaac, Paul Douglas and Gordon Stuart are all reinvesting in the business as part of the transaction, and will retain full operational control.
Dr Alexander Ospelt, a leading Liechtenstein lawyer, will take a minority stake in the business and will join the Group board.
Xavier Isaac, CEO of SGTF said: “This is an exciting next step for our management team, as our independence places us in a unique position to secure our long-term destiny for the mutual benefit of our clients and employees. Unlike many of the recent transactions in the sector, this buyout is free from Private Equity investment. This is by design, as it allows us to pursue our long-standing strategy to take care of our clients’ families and wealth for the long-term. We look forward to partnering with Dr Ospelt to realise our ambitions.”
Financial details of the transaction were not disclosed and completion is subject to regulatory approvals in Jersey and Mauritius.