Bermuda
head-quartered Bank of NT Butterfield & Son Limited (“Butterfield”) has
announced that it is to acquire the trust and corporate services business of Guernsey
based Legis Group (“Legis”).
Thirty-five
staff will move from Legis to Butterfield in the deal, which is Butterfield’s
first acquisition since 2007, when it acquired the Bentley Reid Group. Butterfield Group operates it trust business
from five jurisdictions: the Bahamas, Bermuda, the Cayman Islands, Guernsey and
Switzerland.
Essentially,
the deal (which remains subject to regulatory approval) will hive off Legis’s
private client business to Butterfield, leaving Legis, and the 50 or so staff
who will remain with it, to focus on fund administration and tax advisory
services.
Legis was established
over 30 years ago by partners of Ozannes law firm (now part of Mourant Ozannes)
and was acquired by the management team in 2011. The Butterfield transaction follows a trend
for specialization within the industry.
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