Appleby, a provider of offshore legal and fiduciary services, has acquired two of Coutts’ trust businesses.
Appleby’s acquisition of the trust administration books, in the Cayman Islands and Geneva, follows a strategic review by Coutts to divest itself of certain non-core trust business and focus on the expansion of its international trust business in Jersey.
Farah Ballands, Appleby partner and global head of Fiduciary and Administration Services, said: “We are excited about this latest development that will build on the strength and depth of our fiduciary team across multiple jurisdictions and reinforce Appleby’s position as the first choice for clients in the offshore sector.”
Richard McMillan, managing director of Appleby Trust (Cayman), added: “We have continued to look for new opportunities to build on the success of Appleby’s trust business. Coutts’ business in Cayman is a great fit with our own – Coutts adheres to the high standards of service our clients are used to. We are committed to working to develop our position as an established and well-regarded business in the industry and are delighted to offer our clients increased resources and a broader choice.”
The Cayman Island book will become part of Appleby Trust (Cayman) and will operate from Appleby’s Cayman office. The book in Geneva will become part of Appleby Trust (Isle of Man).
Martin Hall, managing director and head of Coutts’ International Trust Business, said: “We see this transaction as a logical step in Coutts’ growth strategy, sharpening our focus on serving clients from key markets and investing substantially in our flagship Jersey trust company.
“Our in-depth discussions with the Appleby team have confirmed that the two businesses have closely aligned values and Appleby will be able to provide our transferring clients with the high standards of service that they have come to expect from Coutts. The strength and quality of Appleby’s existing operation made them a natural fit for the business and we are confident that our clients will experience a positive transition into the Appleby Group.”