Ocorian, the global financial services group, said the acquisition would enhance its ability to provide a comprehensive service to private clients and international corporates in Guernsey alongside its existing strength in fund administration.
Trust Corporation, one of Guernsey’s major fiduciary firms, said the deal will take the 55-strong business to the next level thanks to Ocorian’s global reach as well as offer a greater range of services to clients.
There would also be new career opportunities for staff.
In an interview with the Guernsey Press, Ocorian chief Nick Cawley said his group had been a global growth journey expanding out of Jersey since a management buyout in 2016.
This had been achieved both by winning new clients and acquisitions of other businesses – including in Guernsey, where Ocorian already had an office for several years.
‘We bought the Estera business last year.
‘So that gave us a bigger office in Guernsey, but very much a fund dominated office with a smaller trust and corporate [team],’ added Mr Cawley, who is head of UK/ Ireland and global private clients’ service at Ocorian.
‘The opportunity to invite TCI to come and join us and be part of the Ocorian family was really for us too good an opportunity to miss. They have got an amazing reputation locally – very strong on private client.
‘Now with Michael and his team joining us, where we get the appropriate consents, we’re going to have a really well balanced business in Guernsey with about 170 people.’
As ‘thoughtful’ acquirers, Ocorian would also only buy businesses that were culturally aligned as well as being strong and based in a location with a future.
‘If we didn’t think Guernsey, or Jersey for that matter, didn’t have a future we wouldn’t be looking to invest.
‘For us, we see this as a real endorsement by ourselves and our investors, Inflexion, in the strength of Guernsey as a franchise.’
Mr Cawley continued the plan was to create centres of excellent across Ocorian’s global network.
‘Michael and the team have got a very strong and market recognised skill-set in dealing with contentious trust matters. That is a very niche skill. Not many people have got that, so you can see a centre of excellence in Ocorian being centred here in Guernsey for things like that.’
Ocorian was also skilled at integrating acquired businesses, which meant that TCI would ‘not miss a beat’ when it came to servicing their clients.
The deal, which is subject to regulatory approval, is expected to be completed by October and will see TCI rebranded under the Ocorian banner. The ultimate plan will be to bring staff together over the next few years with logistics and details being finalised in the time ahead. Ocorian is based at Admiral Park, while TCI’s office is on the Grange in St Peter Port. The value of the acquisition has not been disclosed.