Consolidation in the international finance centres continues apace, with the merger announced on 19th October of IFM Trust Limited and Sector Trust Company Limited, creating a combined firm of 74 staff operating in Jersey, Switzerland, South Africa and New Zealand, with a representative office in the UK.
Like many small independent trust companies, it would seem that IFM and Sector have recognised that scale is needed in order to thrive in an increasingly competitive and complex international environment.
This deal follows a number of other consolidations in the sector, including Capita's acquisition of AIB Jersey Trust and Anson Fund Managers Limited's merger with Bordeaux Services (Guernsey) Limited.
The trend is probably good news for the many private equity houses who are becoming increasingly frustrated by the clear mismatch between appetite for investment in the sector (which remains extremely strong) and the number of attractive opportunities available of suitable scale and quality.
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