The Bank of N.T. Butterfield & Son Limited
has announced that it has reached agreement in principle with Legis
Group Holdings Limited to acquire Legis
Group's Guernsey-based trust and corporate services
business, subject to regulatory and other approvals. The
acquisition is expected to be completed during the first quarter of
Legis Group's trust and corporate services business provides
trust and company administration services to private clients and
institutions. Butterfield also provides a wide range of trust and
fiduciary services in Guernsey, as well as private client,
institutional custody and administered banking services.
Bob Moore, Executive Vice President & Head of Group Trust at
Butterfield, said: "Legis is a high quality, well-managed
trust business with highly-qualified employees who are respected
within the industry for their expertise and professionalism.
We are very pleased to have them join the Butterfield team.
"The acquisition of Legis Group's Guernsey trust
operation adds further scale to Butterfield's international
trust business, and adds to the strength and depth of our
specialist trust team internationally."
Brendan McDonagh, Butterfield's Chairman and Chief Executive
Officer, said: "The Legis Group's fiduciary client base is
an excellent complement to Butterfield's existing book of
fiduciary and administration business. This acquisition fits with
our strategy to continue to enhance our core businesses in existing
markets as a means to build shareholder value. It is
Butterfield's first acquisition since 2007 and a transaction
that we are able to enter into as a result of the diligent
management of capital that has been our focus for the last several
years, which has strengthened our profitability and created a
platform for growth."
Stuart Platt-Ransom, Chairman and Chief Executive Officer of the
Legis Group, said that Legis had itself considered different ways
to respond to the increasing complexity of private client
structuring from a single jurisdiction, including growth through
acquisition, and had concluded that the sale to Butterfield was the
best option for achieving this.
He said: "This is good news for Legis' trust clients
and the employees who serve them. Butterfield has more than 70
years of experience in offshore trust administration and a
first-class reputation in the industry. Butterfield shares our
philosophy of relationship-led services and the scope and scale of
the combined operations of Legis and Butterfield will provide
significant benefits to clients.
"These will include a broader suite of fiduciary solutions,
additional resources and multi-jurisdictional service delivery,
positioning Butterfield as the premier partner in fiduciary
services meeting the needs both of private clients and
institutions. Our clients will continue to deal with their familiar
Butterfield Group's trust network comprises five separately
incorporated trust companies in key financial jurisdictions: The
Bahamas, Bermuda, the Cayman Islands, Guernsey and Switzerland. In
addition, Butterfield provides private banking and asset management
services in London and a full range of community banking and wealth
management services in Bermuda and the Cayman Islands.
The Legis Group has been established for more than 30 years and
was acquired by the management team in 2011. It will now focus its
energies on reinforcing and further growing its fund administration
and tax advisory services from its headquarters in Guernsey, where
it continues to employ more than 50 people.
"We have considerable experience and expertise within our
professional funds and tax teams and we enjoy an enviable
reputation in our chosen markets. We are excited at the prospect of
taking the business from strength to strength," said Mr.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).