Management buyout of Ogier Fiduciary Services set

The partners of Ogier Fiduciary Services agreed terms on Feb. 1 to complete a management buyout of the Ogier Fiduciary Services business from the Ogier Group.

Final completion is subject to regulatory approvals.

The management buyout of Ogier Fiduciary Services is being backed by Electra Partners, an independent private equity fund manager with more than 25 years’ experience in supporting businesses, including those in the financial services industry. On behalf of its major client, Electra Partners has agreed to invest £83 million (US$135 million) of equity in the £180 million (US$293 million) transaction.

The deal will provide Ogier Fiduciary Services with significant additional funding to realize its growth plans by taking advantage of market opportunities as they arise, Ogier said.

Ogier Fiduciary Services will continue to be led by CEO Paul Willing, supported by the current executive team, and there will also be no change to the current client service and relationship teams, the firm said.

Ogier Fiduciary Services will employ 450 people across 10 jurisdictions.

“We expect the business to grow strongly over the next five years, building on our track record of 13 years of consecutive growth, underpinned by the very broad range of services we provide through Ogier Capital Services, Ogier Corporate Services, Ogier Fund Services and Ogier Private Wealth,” the group’s announcement stated.

Ogier Legal will remain an independent, partner-led law firm and continue to be led by CEO Nick Kershaw, supported by the legal executive board.

Ogier Legal will employ 350 people providing legal advice in the key offshore jurisdictions of BVI, Cayman, Guernsey and Jersey as well as Luxembourg, with Asian offices in Hong Kong, Shanghai and Tokyo.

“We have started the process of transitioning to two separate businesses and are filing for the necessary regulatory approvals in each of the jurisdictions in which Ogier Fiduciary Services operates. We expect to receive regulatory approval in due course,” the group said.

“Although the Ogier Group will be splitting into two independent businesses, it is anticipated that Ogier Legal and Ogier Fiduciary Services will continue to benefit from a close relationship. We will continue to share premises and facilities, and Ogier Fiduciary Services will continue to use the Ogier brand for a period to help ensure a smooth transition,” the firm said.

“Throughout the transition process, our focus is to ensure we complete the MBO with no disruption to our clients and our day to day business.”

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