May 24, 2019

Ogier advises Zedra on acquisition of Barclays’ Offshore Trust and Fiduciary Businesses


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angus-davisonFrom Ogier

Ogier has advised an independent investor group led by the Sarikhani and Nielsen families on their acquisition of plc’s offshore trust and fiduciary businesses in Cayman, , , Isle of Man, Singapore and Switzerland.

Those businesses, which have now begun trading under the brand name Zedra, currently have around 300 staff worldwide and will continue to offer trust and wealth management services in each of those jurisdictions. Barclays will also continue to hold a 20% stake in the new venture for at least 3 years.

Under its new management, Zedra aims to double the size of the business within five years.

“In terms of expansion plans, we will be hiring in all our main locations and also offer additional services to existing clients – this is where the growth will come from,” new Chief Executive Niels Nielsen said. “Barclays keeping a stake in the new company sends a signal to clients and staff that it stands behind the business.”

Ogier provided Cayman, Guernsey and Jersey legal advice to the purchasers as part of the acquisition. 

and James Heinicke in Cayman worked with Matthew Shaxson in Jersey and Marcus Leese in Guernsey. Mishcon de Reya LLP acted as lead counsel to the purchasers.

Ogier partner Angus Davison said: “We are delighted to have advised the purchasers as part of such a significant transaction, which demonstrated Ogier’s ability to provide M&A and regulatory support across multiple jurisdictions and to co-ordinate and work closely with other offshore legal providers to provide a holistic offshore solution to multi-jurisdictional transactions.”

IMAGE: Angus Davison

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