The new owners of one of Guernsey's largest trust businesses have given enthusiastic backing for the Island as a base for fiduciary business.

Family-owned Zedra has bought Barclays's trust and fiduciary business for an undisclosed sum. The Zedra business now operates in seven locations across the globe.

Group Chief Executive Officer Niels Nielsen told the Guernsey Press that Guernsey offered a positive environment for trusts, both private client and corporate, with open-minded regulation.

"Guernsey is a really important jurisdiction for us, and incredible base to build on. Guernsey is one of the largest offices and we see it the same way going forward. It offers some very strong possibilities," said Mr Nielsen.

The Guernsey business of Barclays had the strongest corporate bias in the group and also was the only office to run a funds arm, a very small niche part of the business aimed at ultra-high net worth clients.

Zedra now employs 50 people in the Guernsey office and 330 in total across its seven locations, which in addition to Guernsey consists of Jersey, the Isle of Man, Cayman, Singapore, the UK and Switzerland.

Zedra has announced ambitious plans to double the size of the business in five years and Mr Nielsen said the acquisition was based on growth.

"This is a business with a lot of legs to it and a lot of opportunities. We think the existing business has a lot of potential in terms of the existing client base, a larger suite of products and therefore more services to the clients, and this means expanding the existing offering, but also expanding the corporate side of the business and growth through additional geographical locations - Hong Kong, Holland and Luxembourg."

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