Capita Group is set to acquire the trust administration business of PricewaterhouseCoopers CI LLP in the Channel Islands for a cash consideration of £12.75m.
PricewaterhouseCoopers CI LLP provides trust formation and on-going
administration services in accordance with Jersey, Guernsey and English law.
It will provide corporate trustees, the maintenance of bank accounts and investment portfolios, the regular reporting of financial information as required and the liquidation, restructuring and termination of trust structures.
Capita Group chief executive Paul Pindar says: “The acquisition is a natural fit for Capita, in terms of our client base, client services and professional staff. The deal also further demonstrates Capita’s commitment to, and investment in, Jersey and the financial services industry.
“The increased capacity will help ensure our continued growth in this sector and
we expect the acquisition to bring clear benefits to both new and existing
customers. We look forward to welcoming the team to Capita.”
PwC LLP Jersey senior partner Philip Taylor says: “We are delighted that Capita intend to acquire the trust and company administration business. We believe this option provides excellent prospects for the business and the people to grow and develop in the future.”