Carey Group has agreed to sell its international pensions business, Carey Pensions and Benefits Limited (CPBL), to Guernsey-based pension provider Overseas Trust and Pension Limited (OTAP).
The transaction, which was announced on Monday, is expected to be completed by 3 May.
The acquisition comes four years after OTAP acquired Kleinwort Benson’s Guernsey-based pensions business.
OTAP provides generic international pension products, as well as country- and region-specific products for places including South Africa, Spain and the Middle East.
OTAP director David Higgins (pictured) called the acquisition a “huge asset” adding that it would “significantly increase” OTAP’s scale.
OTAP was founded in 2008 as Overseas Pensions to meet rising demand for Qualifying Recognised Overseas Pension Schemes (QROPS) and Qualifying Non UK Pension Schemes (QNUPS).