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Offshore firm Walkers is selling its fiduciary business, Walkers Management Services (WMS), to trust company Intertrust in a bid to focus exclusively on law.
Under the agreement, announced late last night (5 March), Intertrust will acquire 100 per cent of WMS’s shares. WMS’s management team, led by CEO Nancy Lewis, will move to Intertrust.
The financial terms of the transaction are not being disclosed, but annual revenues from WMS are understood to be more than $50m. Just over 100 people are currently employed by WMS.
Allen & Overy corporate partner Gillian Holgate and associate Spencer Collins led a team advising Walkers, while Simmons & Simmons corporate partner Arthur Stewart acted for Intertrust.
The last offshore firm to divest itself of its fiduciary businesses was Mourant Ozannes legacy firm Mourant du Feu & Jeune (2 February 2009), which sold off first its private wealth companies and then its funds services division prior to its merger with Ozannes (3 February 2010).
The acquisition of WMS gives Intertrust offices in the British Virgin Islands, Delaware and Dubai as well as expanding the company’s presence in the Cayman Islands. At present Walkers operates both legal and management services from all those offices except Delaware.
Walkers said in a client statement that it would continue to work in cooperation with Intertrust.
Regulatory approval is being sought for the transaction and it is expected to complete in “the coming months”, according to statements from both sides.