Jersey administration firm Anglo Saxon Trust has been bought out by a London-based asset management consultancy.
MJ Hudson has contracted to acquire AST, subject to regulatory approval.
MJ Hudson says the acquisition will add to its existing operations in Jersey, while helping consolidate a growing pan-Channel Islands business.
All existing staff will transition to MJ Hudson, while the new business will trade initially under the MJ Hudson Anglo Saxon Trust brand.
Pictured: AST is based on Grenville Street.
The acquisition separates AST from its sister company, Jackson Fox, a chartered accountancy practice. Two of the founders of AST, Gordon Angus and Nick Walker, will exit AST and concentrate on running Jackson Fox. The third co-founder, Roger King, will continue to run the AST administration business with MJ Hudson.
“We have been talking to the team at AST for some time and we are delighted that they have decided to join our group," Matthew Hudson, MJ Hudson CEO, commented. "AST is a well-established trust and company services business with a strong reputation and a highly experienced team. We are already present in Jersey as a law practice and listing sponsor, and in Guernsey also in administration and law.
"For our group, therefore, AST represents a valuable and timely cornerstone in our Channel Islands operations. In particular, the success of the legal and administration services we already have in Guernsey encourages us that we can scale the AST business initially in its core offering and then later through the addition of wider MJ Hudson group services. More generally, we can offer AST the benefits of our London presence, alternatives focus and proven marketing expertise."
AST Co-founder Mr King added: “MJ Hudson is a compelling partner in AST’s next phase of growth. We look forward to helping them to build out their Channel Islands offer. There will be no immediate changes to the way we service clients or the teams involved.”
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