Advisory and fund administration firm Maitland has agreed to acquire R&H Fund Services (Guernsey), a unit of accounting firm Rawlinson & Hunter, for an undisclosed sum.
The deal excludes other Rawlinson & Hunter entities in the Channel Islands such as R&H Trust Co (Guernsey), Rawlinson & Hunter and R&H’s Jersey businesses.
Through the new office in Guernsey, Maitland plans to provide institutional client services including long-only fund administration, transfer agency, hedge funds, private equity and real estate administration services.
All R&H Fund Services (Guernsey) staff will join Maitland as part of the deal.
Maitland CEO Steve Georgala said: “This acquisition will be our third management company and its location in Guernsey marks a significant step in our ambitious global growth strategy, as we look to establish a management services capability in each of the major European fund administration centres.”
Rawlinson & Hunter Jersey Craig Stewart said: “Following a strategic review, we decided to focus on developing our Jersey operation and so a decision was taken to sell our six-person Guernsey fund services subsidiary. We are committed to growing our independent and locally owned Jersey fund services, corporate services and private client businesses, which between them employ in excess of 150 people in Jersey.”