Fiduciary and administration provider Estera has acquired the Heritage Financial Services Group, an independent business providing third party fund administration, depositary, trust and corporate services in Guernsey, the U.K. and Malta.

The transaction was finalized on June 5 and is subject to regulatory approvals. The business will be rebranded under the Estera name. HFSG’s approximately 100 employees in three jurisdictions will remain with the business and become part of Estera.

“We are delighted to welcome HFSG to the Estera family. It is a team with an excellent reputation in client service,” said Farah Ballands, CEO of Estera.

“This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, whilst also expanding jurisdictional choice for our trust and corporate clients,” she added.

Ethan Levner, Estera Group Head of Corporate Development, said the funds market is a strategic priority for Estera. “The acquisition of two leading fund administration businesses so far this year demonstrates our commitment to building an international presence in this segment. This acquisition also adds considerable scale and expertise to our existing corporate and trust service lines,” he said.

Mark Huntley, CEO of Heritage Financial Services Group said the transaction marks a significant development for Heritage, its clients and employees. “While we will continue to deliver the highest standard of professional and personalized service, our business, our people and our clients will all benefit from the global resources and growth ambition offered by Estera in respect of our fund and fiduciary service offering.”

He added that the continuity of services and existing relationships is of great importance to the company’s clients.

The transaction does not affect Heritage Group’s insurance business, which will continue to operate as a separate entity. Estera is the former fiduciary business of Appleby and was formed by a management buyout from the Appleby Group in December 2015.

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