Nedbank Private Wealth announces the sale of its Channel Island trust business
Nedbank Private Wealth has signed an agreement, to sell its Channel Islands trust businesses, Nedgroup Trust Limited (Guernsey) and Nedgroup Trust (Jersey) Limited to Suntera Global, an independent global provider of fund, corporate and private wealth services.
Nedgroup Trust has a 70-strong team of staff and supports a significant international client base including a substantial proportion based in South Africa. This transaction will strengthen Suntera Global’s offering as well as extend its reach into an additional tier one jurisdiction.
Suntera Global is an independent global provider of fund, corporate, and private wealth services. The Suntera Group has over 300 specialists supporting a global client base from offices in the Bahamas, the Cayman Islands, Hong Kong, the Isle of Man, Jersey, Luxembourg, Malta and Switzerland.
“Under the new ownership of Suntera Global, our trust company clients will have access to enhanced global structuring capabilities. Once completed, this transaction will also provide continuity of service to our clients from their existing client teams in Guernsey and Jersey, together with certainty of employment and career opportunities for our people.”Stuart Cummins, Chief Executive of Nedbank Private Wealth said.
“Nedbank Private Wealth remains committed to the Channel Islands, with our wealth management team in Jersey providing investment management, wealth planning, lending and banking services to private clients and the fiduciary services sector. This is in addition to our teams in the Isle of Man, the UK and Dubai, together with our group wealth management operations in South Africa.”
Managing Director of Nedgroup Trust, Daniel Bisson, commented:
“Over more than 30 years, Nedgroup Trust has instilled its private and corporate clients with the confidence needed to support their ambitions. As a well-respected and established Channel Islands based fiduciary service provider, we believe becoming part of the Suntera Global family will allow us to broaden and internationalise our client service offering and in doing so give our people opportunities for growth and development that are so important in today’s market.”
David Hudson, Group CEO of Suntera Global, added:
“This acquisition will strengthen our current service offering, enhance our Channel Islands’ capability and expand our reach to an additional jurisdiction. Nedgroup Trust combines strong operational expertise with building lasting relationships and providing a personal, flexible and tailored service – attributes that align perfectly with our own emphasis on creating a high-quality international business established on a strong platform delivering sustainable, responsible growth. I am delighted that we will be shortly welcoming the Nedgroup Trust team and have no doubt their expertise will contribute considerably to the capabilities and growth of Suntera Global.”
This transaction relates solely to the ownership of the fiduciary operations in Jersey and Guernsey. Nedgroup Trust in South Africa is unaffected. The sale is expected to have an immaterial impact on the Nedbank Group’s financial performance.