Appleby wanted to open when the right team became available but as with all offshore jurisdictions, finding people can be difficult.
The firm was also busy with its Dickinson Cruickshank merger on the Isle of Man back in October last year (see story) that turned it into the world’s largest offshore firm.
“We haven’t planned to move so soon but we were approached by a recruiter with an opportunity that was too good to turn down,” Appleby global managing partner Peter Bubenzer told us (see story).
Bubenzer admitted that it will take a few years for the office to bed in.
But for Bubenzer’s rivals it will now take even longer for them to get a foothold. Rumour has it that other firms have also been looking at the region (more to come on this soon).
Finding teams to create an office from scratch isn’t easy and by poaching a ready-made team courtesy of Ozannes, Appleby has accomplished something of a coup.
It could push other firms towards a merger, meaning offshore watchers can expect more activity in the Channel Islands in the near future.