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Fiduciary business Fairway Group is planning to merge with Oak Group.
Headquartered in Guernsey, Oak is a private client, corporate services and fund administration business that launched in March this year.
It has offices in Guernsey, the Isle of Man, Jersey, Luxembourg, Malta and Mauritius with more than 200 employees.
“This is an exciting time for Fairway Group,” said Louise Bracken-Smith, Chief Executive Officer of Fairway Group. “Oak’s ethos on business and towards its employees is very much the same as ours. It is a people-centric organisation that strives to do the best for its clients and employees. Like us, they build long-lasting relationships with clients and intermediaries to understand their specific requirements and deliver them.”
“Expanding into multiple jurisdictions has been Fairway Group’s strategy for some time so a potential consolidation with Oak fast-tracks these plans and will make us a more significant player. Becoming part of a larger organisation will bring a host of benefits to our clients including an increase in experienced personnel, a wider range of solutions and services and the ability to keep pace with the demands of globalisation and the complexity of regulation.”
Stuart Platt-Ransom, Oak's CEO, added: “Fairway Group has excelled in Jersey creating sustained client growth and building a well-known brand primarily through its pensions and trusts offering. It is seen as the market leader in the pension business and is already making a significant impact with international products in the Middle East.”
“At Oak, our aim is to deliver financial solutions that exceed the expectations of our institutional and private clients worldwide. Fairway Group shares our ambitions and growth strategy so this potential consolidation is a good strategic fit for both businesses and I’m excited to work together to incorporate the team into Oak’s multi-jurisdictional business.”
The consolidation is subject to a process of due diligence and regulatory approvals.
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