Corporate, fund and private wealth service provider Suntera Global has acquired Channel Islands-based Nedgroup Trust for an undisclosed sum.
The acquisition, which is subject to regulatory approvals, will strengthen Suntera Global’s offering as well as extend its reach with an operation in Guernsey.
Nedgroup Trust has a 70-strong team across the Channel Islands, with 50 of those based in Guernsey, and supports an international client base including in South Africa.
Currently owned by Nedbank Private Wealth, Nedgroup Trust provides a range of services to high net worth, ultra-high net worth individuals, family offices and owner managed businesses.
The Nedgroup Trust team will add expertise to Suntera Global’s existing office in Jersey and the firm’s wider international footprint in Cayman, the Bahamas, the Isle of Man, Luxembourg, Malta, Hong Kong and Switzerland.
David Hudson, group chief executive of Suntera Global, said: “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.”
Stuart Cummins, chief executive of Nedbank Private Wealth, added: “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.
“We have exciting plans for the Nedbank Private Wealth business as we continue to provide investment advice, wealth planning, lending and banking services to our clients, through our wealth management teams in Jersey, Isle of Man, UK and Dubai, together with our group wealth management operations in South Africa.”