Affinity Private Wealth has entered into an agreement to acquire Jersey-based Pinnacle Trustees, an independent provider of corporate, fiduciary and trust services.
Subject to regulatory approval from the Jersey Financial Services Commission (JFSC), the combined business will have over 50 professionals, serving in excess of 350 clients globally.
Pinnacle was founded in 1992 and works with a network of professional intermediaries across the world including in the Middle East.
Finances
Affinity Private Wealth said the “rationale for this acquisition is to increase market share, diversify our geographical reach, build capabilities and enhance efficiency”.
The deal has been financed through the support of existing and new shareholders, in conjunction with debt from Investec Bank.
The firm said there is no private equity involved, “ensuring stability and a focus on the long-term”.
The financial terms of the deal were not disclosed.
Changes
Iain Moodie, founder of Pinnacle, will be retiring, but remains available to assist with the integration, while James Wetherall, managing director of Pinnacle, will be joining the existing Affinity team as a group director.
David Stearn, chief executive of Affinity Private Wealth, said: “Despite the challenges of the covid-19 pandemic, we are proud to have completed this deal.
“We are confident the transaction is a win-win for our firms, clients, staff and other key stakeholders.
“Our vision, for the coming decade, is to build on our reputation and expertise to become a globally recognised wealth manager.”
Affinity is a Jersey-headquartered wealth manager, offering wealth consulting, trust and investment services.
