The acquisition, which has received regulatory consent from the Guernsey Financial Services Commission, will see Liberation's Guernsey-based employees remain with the business and join the New Street team in their Les Echelons offices, whilst Bruce Currie will join the New Street board.
New Street, an owner-managed business, has grown steadily since its launch in 2014. This acquisition will increase its total number of employees to 30 and will consolidate the company's fiduciary services offering which includes the establishment, ongoing management and administration of companies, trusts, foundations and family office services.
Liberation Management is an independent fiduciary group with offices in Guernsey, Luxembourg and the Netherlands. The Luxembourg and Dutch offices will continue as separate entities and will be unaffected by the acquisition.
New Street Managing Director Simon Graham said the transaction was an important step forward in the company's exciting evolution.
"Our previous year-on-year growth has been organic but we are confident that the combined business will benefit from the synergies on offer between ourselves and Liberation Management and we firmly believe that this acquisition will benefit our clients and staff," he said. "Growth is necessary to meet the challenges of servicing our clients' complex structures throughout Europe, the Middle East, South America and the Far East, as well as being able to meet the increased regulatory and reporting requirements that face the financial services sector."
Liberation Managing Director David Rowlinson said it became clear early on in discussions that the acquisition would be an excellent match for both parties.
"We are delighted that our staff and the management team will continue to work with our existing clients as part of the New Street Management team," he added.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.www.guernseyfinance.com
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