Offshore trust giant Appleby has announced the management buyout of its fiduciary & administration business, AFB, for an undisclosed sum.
The deal, which is backed by private equity firm Bridgepoint, is subject to certain conditions, including regulatory and legal approvals.
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The AFB business provides service including corporate administration, trust administration and fund services.
As per the terms of the deal, AFB will spin off into an independent entity that will re-brand. The name of the new entity will be disclosed in the next few months.
Also, the deal will see around 250 staff moving to the new firm and also Farah Ballands, global group head of fiduciary, will become CEO of the new business.
Upon completion of the deal, Bridgepoint will assist the business in its expansion plan including developing more products and services as well as potential acquisitions.
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By GlobalDataBallands said: "Bridgepoint’s support and expertise in growing businesses successfully, we will be able to develop a greater range of products and services for our clients."
Appleby group managing partner Michael O’Connell said: "The transaction will enable two strong businesses to grow and prosper independently, whilst remaining close where it suits the needs of clients."
Bridgepoint partner and head of financial services team William Paul said: "AFB is an exciting platform with a reputation for high quality, client-centric services, and the expertise to deal with the complex needs of its clients. It brings significant opportunity as a standalone business to accelerate its growth organically and via acquisition, in what remains a strongly growing market."
