Law firm Appleby has acquired two of Coutts’ trust businesses as part of its ongoing strategy to expand its fiduciary and administration business.
Appleby’s acquisition of the trust administration books in the Cayman Islands and Geneva follows a strategic review by Coutts to divest itself of certain non-core trust business and focus on the expansion of its international trust business in Jersey.
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Richard McMillan, managing director of Appleby Trust (Cayman), said: "We have continued to look for new opportunities to build on the success of Appleby’s trust business. We are committed to working to develop our position as an established and well-regarded business in the industry and are delighted to offer our clients increased resources and a broader choice."
According to Appleby, the Cayman Island book will become part of Appleby Trust (Cayman) and will operate from the firm’s Cayman office. The book in Geneva will become part of Appleby Trust (Isle of Man).
Sean Dowling, managing partner of Appleby Trust (Isle of Man), said: "This addition to Appleby Isle of Man follows the recent acquisition of Caledonian’s Isle of Man trust company and fund administration arm. We are pleased to be adding further strength to the trust administration services we can offer to our domestic and international clients."
Martin Hall, managing director and head of Coutts’ International Trust Business, said: "We see this transaction as a logical step in Coutts’ growth strategy, sharpening our focus on serving clients from key markets and investing substantially in our flagship Jersey trust company."
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