Move backed by Bridgepoint
Appleby has announced a management buyout of its fiduciary business, AFB.
The deal, for an undisclosed sum, is backed by private equity firm Bridgepoint and completion of the transaction is subject to certain conditions including regulatory and legal approvals.
Farah Ballands, who will becaome Chief Executive of the independent fiduciary business, says the management team is delighted to be partnering with Bridgepoint, and they hope to be able to develop a greater range of products and services for clients.
Appleby's Group Managing Partner, Michael O'Connell, who will continue to lead the law firm post-completion, says its an exciting development:
"The transaction will enable two strong businesses to grow and prosper independently, whilst remaining close to where it suits the needs of clients".
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