Appleby, one of the world’s largest providers of offshore legal and fiduciary services, has acquired two of Coutts’ trust businesses as part of the Group’s ongoing strategy to grow its fiduciary and administration business.
Appleby’s acquisition of the trust administration books in the Cayman Islands and Geneva follows a strategic review by Coutts to divest itself of certain non-core trust business and focus on the expansion of its international trust business in Jersey.
The Cayman Island book will become part of Appleby Trust (Cayman) Ltd. and will operate from their Cayman office. The book in Geneva will become part of Appleby Trust (Isle of Man) Limited.
Sean Dowling, Managing Partner of Appleby Trust (Isle of Man) Limited says the addition follows the recent acquisition of Caledonian’s Isle of Man trust company and fund administration arm.
He adds that the company is pleased to be adding further strength to the trust administration services offered to domestic and international clients.