Such transactions are fresh examples of consolidation in the trusts, fund administration and corporate advisory services space. Earlier this month ZEDRA Group, an international provider of trust, corporate and fund services, bought the Switzerland/Isle of Man-based LJ Fiduciary business from investment firm Alvarium.

Earlier in the summer this year, SMP Group of Companies, a global professional and financial services group based in the Isle of Man, bought Jersey-based Helm Trust Company, a trust and corporate services provider. A number of banks, such as Investec, ABN AMRO and Barclays have spun off trusts and associated businesses. ZEDRA bought the Barclays UK trusts business and completed that deal in April 2016. In December 2017, investor services firm SGG Group bought Jersey-based First Names Group from AnaCap Financial Services, the private equity organisation. Among other deals, in 2014, Butterfield Group, part of Bermuda-based Butterfield, completed its acquisition of Guernsey-based Legis Group, taking on its trusts and corporate services business.

Salamanca, the UK-based Investec Trust Group; ABN AMRO sold its trusts business a decade ago to Equity Trust. Rival Netherlands-based ING spun off its trusts business in 2007. In the Channel Islands, deals have included the investment by Close Brothers Private Equity in Jersey Trust Company and Kleinwort Benson’s acquisition of Close Brothers Offshore Group. In 2011, TMF and Equity Trust merged. Australia and New Zealand Banking Group has completed the sale of its ANZ Trustees business to Equity Trustees.