Leading global fiduciary and administration provider, Estera, has acquired the Heritage Financial Services Group (HFSG).
The deal was finalised on 5 June and is subject to regulatory approvals, following which HFSG will be rebranded under the Estera name. As an independent business providing third party fund administration, depositary, trust and corporate services, HFSG, employs approximately 100 people across Guernsey, the UK and Malta.
Estera Chief Executive Farah Ballands said: "We are delighted to welcome HFSG to the Estera family; a team with an excellent reputation in client service, a value which is core to Estera. "This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, whilst also expanding jurisdictional choice for our trust and corporate clients."
HFSG Chief Executive Mark Huntley commented: "This transaction marks a significant development for Heritage, our clients and employees. While we will continue to deliver the highest standard of professional and personalised service, our business, our people and our clients will all benefit from the global resources and growth ambition offered by Estera in respect of our fund and fiduciary service offering.
"We appreciate that for our clients continuity of people and service is of great importance. To this end, they can take reassurance in the fact that all Heritage employees will transfer to Estera and that our senior management will take a meaningful stake in the enlarged business."
Heritage Group's insurance business is excluded from this transaction and will continue to operate as a separate entity.
Ethan Levner, Estera Group Head of Corporate Development, added: "The funds market is a strategic priority for Estera and the acquisition of two leading fund administration businesses so far this year demonstrates our commitment to building an international presence in this segment."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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