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Appleby Fiduciary Business has confirmed that the management buyout from the Appleby Group by private equity firm Bridgepoint completed on 31st December.
The move means that Appleby Fiduciary Business (AFB) and the Appleby law firm are two independent businesses.
Farah Ballands, who will lead the AFB team as Chief Executive Officer, said: “AFB has grown significantly over the years with over 350 staff located across nine offshore jurisdictions.
"With Bridgepoint’s expertise and support we look forward to building on this success and investing in new infrastructure to give our clients an unrivalled standard of service.
“The Appleby Group has provided us with a solid foundation from which to build our new fiduciary brand, which we expect to launch in the first quarter of 2016.
"The team is also busy working on a number of strategic initiatives that we look forward to communicating over the next few weeks, including the appointment of our new Chairman. This is the beginning of an exciting journey for us as an independent fiduciary business.”
William Paul, partner and head of Bridgepoint’s financial services team, said: "The buyout brings significant opportunity for AFB as a standalone business to accelerate its growth organically and via acquisition, in what remains a strongly growing market."
Advisers involved in this transaction included:
For Appleby: PWC (M&A, Commercial and Financial), Macfarlanes (legal), Kinetic (Compliance).
For Bridgepoint: KPMG / Wyvern Partners (Corporate Finance), Stikeman Elliott (Commercial / Regulation), KPMG (Accounting, Tax/Structuring), Intuitus (IT), Marsh (Insurance), Travers Smith (legal).
For Management: Liberty Corporate Finance (M&A), Dickson Minto (legal), PwC (Tax).
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