Stenham Wealth Management (C.I.) Ltd ("SWM") and ED Group Holding Limited ("ED Group") today announced that they are entering into a strategic partnership to create a privately-owned wealth management and investment advisory business in Jersey.
The partnership will see ED Group acquire a majority shareholding in SWM from departing shareholder Stenham Asset Management Holding Limited. The transaction is due to complete in March 2019.
SWM was founded in 2016, following a management buyout of the Credit Suisse Jersey investment business.
David Baker, Managing Director of SWM, commented: "This transaction will enable us to accelerate our ambitious growth plans to build a leading independent investment business in Jersey. We believe significant benefits and enhanced opportunities for our clients will be realised as a result of the new partnership."
ED Group is a privately-owned investment business based in Jersey with real estate, technology and financial services interests across the UK, Channel Islands, Europe and North America.
ED Group also owns ED Capital, a boutique trust company business based in Jersey. ED Capital provides administration, management and accounting services to private and institutional clients, primarily in relation to real estate.
Jamie Crawford, Director of ED Group, commented: "We have known David, Allan and the team for several years and are excited to work with them in the next phase of their growth. We share similar values and cultures, with a strong emphasis on client service. Their business complements our existing investment activities and adds an important dimension to our financial services offering in Jersey alongside ED Capital."
There will be no change to the existing team at SWM, which consists of David Baker, Allan Stewart and Tracey Walker as Directors, Gill Thompson-Daly, Compliance Officer and Sarah Lonergan, Executive Assistant.
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.