Management Buyout For Appleby Fidcuiary
by Jason Gorringe, Lowtax.net, London
17 July, 2015
The fiduciary arm of Appleby Group has been bought out by its management, in a deal backed by private equity firm Bridgepoint.
Completion of the transaction is subject to certain conditions, including regulatory and legal approvals.
Partner and Global Group Head of Fiduciary, Farah Ballands, who will become Chief Executive of the independent fiduciary business, said: "The management team is delighted that we will be partnering with Bridgepoint. With Bridgepoint's support and expertise in growing businesses successfully, we will be able to develop a greater range of products and services for our clients. The Appleby Group has provided us with a solid foundation and enabled us to grow to the size, reach and scale that we enjoy today, but now is the right time to accelerate our growth plans."
Appleby's Group Managing Partner, Michael O'Connell, who will continue to lead the law firm post-completion, commented: "This is an exciting development for Appleby. The transaction will enable two strong businesses to grow and prosper independently, whilst remaining close where it suits the needs of clients."
William Paul, Partner and head of Bridgepoint's financial services team, said: "AFB is an exciting platform with a reputation for high quality, client-centric services, and the expertise to deal with the complex needs of its clients. It brings significant opportunity as a standalone business to accelerate its growth organically and via acquisition, in what remains a strongly growing market. "
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