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Cains advise on acquisition of Barclays Bank plc's offshore trust business

Businesses trading under Zedra brand

Law firm Cains has advised an independent trust group led the Sarikhani and Nielsen families on their acquisition of Barclays Bank plc's offshore trust and fiduciary businesses in the Isle of Man, Jersery, Guernsey, Cayman Islands, Singapore and Switzerland.

The businesses, which have now begun trading under the brand name Zedra, currently have around 300 staff worldwide and will continue to offer trust and wealth management services.

Barclays will also continue to hold a 20% stake in the new venture for at least 3 years.

Under its new management, ZEDRA aims to double the size of the business within five years.

Cains provided Isle of Man legal and regulatory advice to the purchasers as part of the acquisition.

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