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STM to acquire Jersey-based St George Financial Services

Aim-listed financial planning firm STM Group is acquiring Jersey-based St George Financial Services.

STM Group is a cross-boarder financial services firm operating in the international corporate and trustee service provider sector.

Its main business, STM Fidecs, operates principally from Gibraltar and specialsing in financial planning for high net worth clients moving overseas.

STM’s acquisition of St George Financial Services is for a maximum consideration in cash and shares of £0.6m and is conditional on approval by the Jersey Financial Services Commission.

St George is a privately held corporate and trustee service provider managing approximately 108 companies and 208 trusts, which are mainly Jersey-domiciled.

St George reported audited revenues of approximately £0.5m in the year ended in December 2007 and an operating profit of approximately £0.1m.

STM chief executive Tim Revill says: “We are delighted with the acquisition of St George, which now gives a stable platform on which to build up a significant presence in the Channel Islands.”

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