Global fiduciary and administration provider Estera has purchased Morgan Sharpe Administration, a Guernsey-based fund administration provider, for an undisclosed sum.

The deal will add an 18-member team to Estera, increasing the firm’s headcount to 370.

Estera CEO Farah Ballands said: “Estera is committed to enhancing its position as a leading player in existing and new jurisdictions.

“With this announcement, we are able to offer clients greater breadth of capabilities in private equity fund administration whilst strengthening Estera’s position in an important market – we are thrilled to boost our presence in Guernsey.”

The transaction is subject to regulatory approvals after which it will be renamed as Estera.

Morgan Sharpe founders Serena Tremlett and Mel Torode said: “Estera is the ideal partner for us given its global reach, excellent reputation, professionalism and commitment to both employees and clients. We are excited about the new opportunities for our clients and our team that will arise from this partnership.”