Ogier has advised an independent investor group led by the Sarikhani and Nielsen families on their acquisition of Barclays Bank’s offshore trust and fiduciary businesses in Jersey, Guernsey, Isle of Man, Cayman Islands, Singapore and Switzerland. Those businesses, which are now trading under the brand Zedra, have around 300 staff worldwide and will continue to offer trust and wealth management services in each of those jurisdictions.
Barclays will continue to hold a 20 per cent stake in the venture for at least three years. Zedra’s new management aims to double the size of the business within five years. New chief executive Niels Nielsen said: “We will be hiring in all our main locations and also offer additional services to existing clients – this is where the growth will come from.”
Ogier provided Jersey, Guernsey and Cayman Islands legal advice to the purchasers as part of the acquisition. The offshore team was led by partner Matthew Shaxson, based in Ogier’s Jersey office, with assistance from Marcus Leese in Guernsey and Angus Davison in the Cayman Islands. Shaxson was assisted by a team in Jersey which included fellow partner Nigel Sanders, managing associate Michael Little and senior associate Alan Stirling.
Mishcon de Reya acted as lead counsel to the purchasers.