British bank Barclays has completed the sale of a majority stake in its trust and fiduciary business to an independent investor group led by the Nielsen and Sarikhani families for an undisclosed sum.
The completion of the deal follows the receipt of regulatory approvals across all of its international jurisdictions.
Following the acquisition, Barclays will continue to hold a 19.9% stake in the new venture, which has been renamed as ZEDRA, for at least three years.
ZEDRA is a trust, fiduciary, corporate and fund services business with over 300 staff serving clients across seven key jurisdictions including Jersey, Guernsey, the Isle of Man, the Cayman Islands, Singapore, the UK and Switzerland.
In June 2015, Barclays Wealth & Investment Management said it intends to sell its trust and fiduciary business following an internal strategic review.
Under its new management team, ZEDRA is planning to double the size of the business within five years.
ZEDRA also intends to expand its engagement to a wider range of corporate and institutional clients in the future. It will strengthen working relationships with Barclays and other intermediary and advisory communities besides expanding its geographic focus to include new markets.
The company’s new independence delivers a platform from which the services it provides to clients and advisers can be extended in both existing and new markets.
ZEDRA group CEO Niels Nielsen said: "ZEDRA’s best-in-class processes and procedures are testament to the stewardship of Barclays and our plans will rely on maintaining and further enhancing these standards, thereby reaffirming the trust that our clients, our partners and the international advisory community place in us."
ZEDRA group deputy chairman Bart Deconinck said: "Our leadership team is well placed to provide the insight and industry expertise that will guide our ambitious growth plans, underpinned by the talent of our people and supported by the opportunities we will be offering to new colleagues moving forward.
"This is the first global trust business to be acquired outside the private equity space for almost a decade and we intend to invest in positioning the company for long term, sustainable growth."