Mon, 03/06/2013 - 06:33
Appleby has acquired Caledonian Trust (IOM) and Caledonian Fund Services (Europe) as part of the group’s ongoing strategy to grow its fiduciary and administration business.
Sean Dowling (pictured), office managing partner of Appleby (Isle of Man), says: “We have continued to look for new opportunities to build on the success of Appleby Trust (Isle of Man) Limited since its establishment in 2000. The staff at Caledonian are a great fit with our team – they strive for the high standards of service our clients are used to and we are pleased to welcome them on board.
“Appleby is committed to working with the Isle of Man Financial Services Commission to develop our position as an established and well-regarded player in the industry and we are delighted to offer our clients greater resources and a broader choice.”
Farah Ballands, Appleby partner and group head of fiduciary and administration services, says: “We are excited about this latest development that will build on the strength and depth of our fiduciary team across multiple jurisdictions and reinforce Appleby’s position as the first choice for clients in the offshore sector.”
The new business will trade under the name of Appleby Fund Administration (IOM) with effect from 6 June 2013 and will operate from Appleby’s office on Athol Street in Douglas. The move will see approximately 20 staff relocate to Appleby bringing the total headcount of their Athol Street office to 140.
Sandra Georgeson, chief executive officer of Caledonian, Isle of Man, says: “With the recent growth across our 4 other regions and the decision to pursue new markets, the firm viewed this transaction as a well timed opportunity to refocus our global strategic positioning. Our in-depth discussions with the Appleby team confirmed our initial belief that the acquisition is a positive move, not only for our respective organisations but more importantly for our clients. The strength and quality of Appleby’s existing operation made them the obvious choice and I look forward to seeing the business continue to flourish.”
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