Mourant, a provider of offshore legal and administration services, has signed an agreement to sell Mourant International Finance Administration to State Street.
MIFA is the division of Mourant which handles fund and company administration.
Completion of the transaction remains subject to regulatory approval but is expected to close early next year.
Jonathan Rigby (pictured), managing partner of Mourant du Feu & Jeune, the Mourant legal practice, says: "This is an exciting development for MIFA. It should enable the administration business to reach its full potential. The partners of Mourant du Feu & Jeune will now be focusing exclusively on developing the Mourant legal practice, building on our position as one of the world’s leading law firms offshore.
"Mourant du Feu & Jeune and MIFA enjoy an extremely strong relationship, built over many years. We envisage that we will continue to build on this strong relationship after the sale of MIFA and that clients who work with both MIFA and Mourant du Feu & Jeune will continue to enjoy the benefits of that relationship in the future."
