Equiom has expanded its presence in Guernsey and entered the US market with the acquisition of trust and corporate services provider Virtus Trust Group.
Guernsey-headquartered Virtus has a diverse international client base and a presence in the Cayman Islands, New Zealand, UK and the USA, where they have a US public trustee licence in the state of South Dakota. Founded in 2005, it offers comprehensive private wealth management services such as succession planning, trust and foundation services as well as investment related solutions.
Virtus Co-Founder Roddy Balfour said Equiom was the perfect fit. "The market has been aware for some time that Virtus has felt the need for a larger strategic partner to expand our client offering in terms of services and geography," he said. "Taking Virtus from a standing start to its present substantial clientele has been very exciting and we look forward to the next chapter with equal anticipation given Equiom's dynamic history, outlook and plans."
Equiom's Global CEO Sheila Dean said of the union: "The acquisition of Virtus is a fantastic addition to Equiom. In addition to increasing our foothold in Guernsey, we will now be able to deliver structures for our clients in three brand new jurisdictions: Cayman, New Zealand and the US.
"As ever, I'd like to thank our equity partners LDC and our legal advisers Gowling WLG for their valued input and support throughout this acquisition project."
Twenty-five staff members from Virtus will join the Equiom team, operating from the Guernsey office and the company will complete the process of rebranding by June 2017.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.