Independent funds business acquired
Offshore fiduciary firm Estera, which employs 50 people at its Douglas office, has expanded its fund administration business with the acquisition of Heritage Financial Services Group (HFSG).
HFSG will be re branded under the Estera name and its 100 staff in Guernsey, the UK and Malta will remain within the business.
The transaction, still subject to regulatory approval, follows the purchase of Guernsey-based Morgan Sharpe earlier this year.
A former independent business, HFSG provides third party fund administration, depositary, trust and corporate services.
Farah Ballands, CEO of Estera said the expansion ".. demonstrates our commitment to building an international presence in this segment. The acquisition also adds considerable scale and expertise to our existing corporate and trust service lines."
The move will increase Estera's employee tally to more than 470 across 10 jurisdictions.