Isle of Man News - POSTED Fri 16-06-2017

Estera continues expansion plan with Heritage Financial Services acquisition

by LC

Estera continues expansion plan with Heritage Financial Services acquisition - picture

Leading global fiduciary and administration provider Estera has acquired the Heritage Financial Services Group (HFSG), an independent business providing third party fund administration, depositary, trust and corporate services.

The transaction was finalised on Monday 05 June and is subject to regulatory approvals, following which the business will be rebranded under the Estera name. HFSG employs more than 100 people in Guernsey, the UK and Malta and all employees will remain with the business to become part of the Estera team.

Farah Ballands, CEO of Estera, said: ‘We are delighted to welcome HFSG to the Estera family; a team with an excellent reputation in client service, a value which is core to Estera.

‘This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, while also expanding jurisdictional choice for our trust and corporate clients.’

Ethan Levner, Estera Group Head of Corporate Development, said: ‘The funds market is a strategic priority for Estera and the acquisition of two leading fund administration businesses so far this year demonstrates our commitment to building an international presence in this segment. This acquisition also adds considerable scale and expertise to our existing corporate and trust service lines.’

The acquisition will increase the number of employees to more than 470 people across 10 jurisdictions, including more than 50 at its office in Athol Street, Douglas.

Sean Dowling, Managing Director of Estera Isle of Man, said: ‘This acquisition is a great opportunity to expand our global market share and client base. Welcoming new team members from HFSG strengthens the already extensive expertise and experience of the Estera Funds Services team allowing us to deliver enhanced standards of service across multiple jurisdictions.’ 

Mark Huntley, CEO of HFSG, added: ‘This transaction marks a significant development for Heritage, its clients and its employees. While we will continue to deliver the highest standard of professional and personalised service, our business, our people and our clients will all benefit from the global resources and growth ambition offered by Estera in respect of our fund and fiduciary service offering.

‘We appreciate that for our clients continuity is of great importance. To this end, they can take reassurance in the fact that all Heritage employees will transfer to Estera and that our senior management will take a meaningful stake in the enlarged business.’   

Heritage Group’s insurance business is excluded from this transaction and will continue to operate as a separate entity.

Advisers involved in this transaction included:

For Estera: KPMG (Financial, Regulation, Tax/Structuring), Appleby (legal), Travers Smith (legal)
For the Heritage Financial Services Group: KPMG (advisory) Babbe (legal)

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