Oak, a recently launched fund administrator based in Guernsey, has agreed to acquire local peer International Administration Group (IAG).

The transaction, whose financial terms were not divulged, is subject to regulatory nod.

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Oak will have a staff headcount of over 200 in six jurisdictions after the completion of the deal.

IAG was set up by Mark Woodall and Alison Simpson in 2000.

The business has 43 employees and caters to private equity, open-ended, listed and alternative asset fund structures.

Simpson said: “Oak provides us with a larger platform, opportunities in new jurisdictions, a broader range of services and solutions for our clients and complementary skills to help us achieve our goals.

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“We agree on the fundamental importance of a personal, director-led approach to client service and Oak made the continued involvement of IAG’s directors a condition of the deal.

“We have made a long-term commitment by becoming shareholders in Oak, ensuring the continuity of all aspects of client service delivery, so IAG’s existing clients can be sure that it will be business as usual.”

Oak CEO Stuart Platt-Ransom said: “The addition of IAG to Oak is an integral step in our strategy of developing a business that can offer a full range of administration services internationally.”

Oak was formed through the consolidation of Oak Trust Group, Consortia Partnership and Kreston IOM.

The business has a presence in the Isle of Man, Guernsey, Jersey, Malta and Mauritius.

Announcement of the deal comes a day after Butterfield Bank (Guernsey) agreed to buy ABN AMRO Channel Islands business.