Appleby to sell fiduciary business

Offshore legal, fiduciary and administration service provider Appleby has announced 'the management buyout of its fiduciary business (AFB) for an undisclosed sum, backed by private equity firm Bridgepoint'.

AFB provides trust and corporate services (TCS) administering over 10,000 structures for almost 6,000 clients from nine locations. It has a strong position in niche markets such as employee benefit trusts in Jersey, the insurance market in Bermuda, and collateralised loan obligations in the Cayman Islands, according to Bridgepoint.

As well as TCS services, the business provides fund services, advising in the launch and incorporation of funds.

The new independent fiduciary operation, will be led by Farah Ballands, Appleby's former Global Group Head of Fiduciary.

Bridgepoint believes the global market for trust, corporate and fund services will grow at 7 per cent a year, 'driven by increases in private wealth, foreign direct investment/trade flows and increasing regulation'.

Sources

• Appleby
• Bridgepoint
• Cayman News Service