Guernsey-based financial services provider Bachmann Group has announced a partial management buyout, with 40 per cent of shares in the firm, one of the largest independent fiduciary services businesses in the Channel Islands, now owned by its 35-strong senior management team.
Founder Peter Bachmann will retain the remaining 60 per cent of the group, which was founded in 1974, includes operations in the UK, Switzerland and New Zealand and employs a total of 120 people.
According to chief executive Gerry Williams, the buyout aims to facilitate “positive growth” and new acquisitions for the fund administration arm of the group.
“Our business has grown significantly, and the management buyout is part of this process,” he says. “We will be looking at what new business and acquisition opportunities are available.
‘We would look to expand into areas such as hedge fund and private equity administration, to add to our proven property and general fund administration teams.”
The deal, which was finalised on April 1, recognises the “talent, drive and commitment” of senior management and their staff, Williams says: “The MBO enables them to further reap the rewards that their skills will inevitably create.”
According to Peter Bachmann, the deal marks “the next stage of growth” for the group. Bachmann Fund Administration provides full third-party fund administration to 36 investment schemes and has more than GBP1.5bn in assets under administration.
