Carey Pensions and Benefits, which is being sold as part of a strategic review by the group, will become part of Overseas Trust and Pension (OTAP) with effect from 3 May this year.
According to a statement by OTAP, the acquisition will give greater scale and capability, making it one of the largest international pension providers in Guernsey and accelerating its development into the global corporate pensions and benefits market.
OTAP previously acquired Kleinwort Benson’s Guernsey-based pensions business in 2012 and offers a range of retirement and pension solutions for international markets together with country specific products, covering countries including South Africa, Spain and the Middle East.
David Higgins, a director of OTAP, said that to acquire a firm with the reputation that Carey Pensions and Benefits has earned in the international market was a huge asset.
In addition to significantly increasing the scale of the business he said they also had “exciting plans for this enhanced group with new product initiatives and developments”.
OTAP was established in 2008 in response to demand for international retirement solutions and in particular Qualifying Recognised Overseas Pension Schemes (Qrops) and Qualifying Non UK Pension Schemes (Qnups).
Solutions were developed in conjunction with Nedgroup Trust Limited (formally Fairbairn Trust Company), a registered Guernsey business which is ultimately owned by Old Mutual.
