The move follows a strategic review by the private bank to divest itself of certain non-core trust businesses and focus on the expansion of its international trust business in Jersey.
The Cayman Island book will become part of Appleby Trust (Cayman) and will operate from Appleby’s Cayman office. The book in Geneva will become part of Appleby Trust (Isle of Man).
Martin Hall, managing director and head of Coutts’ International Trust Business said: “We see this transaction as a logical step in Coutts’ growth strategy, sharpening our focus on serving clients from key markets and investing substantially in our flagship Jersey trust company.
The strength and quality of Appleby’s existing operation made them a natural fit for the business and we are confident that our clients will experience a positive transition into the Appleby Group.”
Richard McMillan, managing director of Appleby Trust (Cayman) agreed that Coutts’ business in Cayman was a 'great fit' with Appleby's. "Coutts adheres to the high standards of service our clients are used to. We are committed to working to develop our position as an established and well-regarded business in the industry and are delighted to offer our clients increased resources and a broader choice,” he said.
The acquisition of the Coutts business by Appleby, one of the world’s largest law firms, is part of the group's growth strategy and follows its purchase in June of Caledonian Trust (IOM) Limited and Caledonian Fund Services (Europe) Limited.
Sean Dowling, managing partner of Appleby Trust (Isle of Man) Limited added: “We are pleased to be adding further strength to the trust administration services we can offer to our domestic and international clients.”
Appleby became one of the largest law firm in terms of partners in March 2010, following its merger in 2009 with the Isle of Man’s Dickinson Cruickshank and currently employs more than 800 lawyers and professional specialists.
It has offices in such key offshore jurisdictions as Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius, and the Seychelles, as well as in London, Hong Kong, Shanghai and Zurich.
