The merger between trust, fund and pension services provider Fairway Group and fund administrator Oak Group will not go ahead.
In August 2019, the firms said that joining forces would expand their international reach and that it was a “strategic fit”.
But less than six months later, the deal has collapsed.
Stuart Platt-Ransom, chief executive officer of Oak, told International Adviser: “The deal for Fairway Group to join Oak’s multi-jurisdictional business will not go ahead as the terms could not be agreed.
“We are continuing to look for the right businesses to acquire to grow Oak internationally, so our clients can benefit from our global reach.”
Fairway said: “The proposed merger between Fairway Group and Oak Group will no longer proceed as mutually agreeable terms for the partnership could not be established.
“2020 marks the 20th anniversary of Fairway Group’s formation, and with recent large-scale investment in technology and infrastructure to improve efficiencies and scalability, it was felt that the timing for a merger was not suitable.
“Fairway Group remains committed to its international and domestic clients and looks forward to continued growth into its third decade and beyond.”
Guernsey-headquartered Oak was unveiled in March 2019 following a triple acquisition.
It also has offices on the Isle of Man, Luxembourg, Malta and Mauritius, as well as Jersey.
