Management buyout of Appleby Fiduciary Business completed

Appleby Fiduciary Business confirmed the completion of the management buyout from Appleby Group by private equity firm Bridgepoint on Dec. 31, 2015. 

As a result, AFB and Appleby are now two independent businesses. 

Private equity firms have shown a growing interest in the fiduciary activities of Cayman law firms and caused considerable restructuring activity. In the past three years alone, the Cayman Islands Monetary Authority received 16 applications for shareholder changes from local service providers. 

The Appleby buyout follows a similar management buyout at Ogier’s in 2014, which formed a new fiduciary company called Elian. 

In May 2015, Walkers announced it would relaunch its professional services business after it had sold its fiduciary business in 2012 to Intertrust. 

Farah Ballands, who leads AFB as chief executive officer, said the business had grown significantly over the years, with more than 350 staff located across nine offshore jurisdictions. 

“With Bridgepoint’s expertise and support, we look forward to building on this success and investing in new infrastructure to give our clients an unrivalled standard of service,” she said. 

Appleby Group had provided the fiduciary business with a solid foundation from which to build a new fiduciary brand, she added. 

The firm expects to launch the new branding in the first quarter of this year. 

“The team is also busy working on a number of strategic initiatives that we look forward to communicating over the next few weeks, including the appointment of our new chairman,” Ms. Ballands said. “This is the beginning of an exciting journey for us as an independent fiduciary business.” 

William Paul, partner and head of Bridgepoint’s financial services team, noted that “the buyout brings significant opportunity for AFB as a standalone business to accelerate its growth organically and via acquisition, in what remains a strongly growing market.” 

The contact details for AFB and Appleby will remain the same, the firm said. 

Farah Ballands
Farah Ballands