Ocorian, the Jersey-based trust, alternative investment, corporate and private client services business that re-branded from Bedell Trust in 2016, has agreed to acquire a rival private client and corporate services business, Capco Trust, which is also based on the island.
In acquiring Capco, Ocorian will add expertise in “all aspects of international maritime structuring” to its service offering, in addition to increasing its client base, Ocorian said in a statement.
“In turn, Capco’s clients will now benefit from an enhanced range of specialist financial services across a much wider number of international jurisdictions,” Ocorian said.
Financial details of the deal, which is expected to close before the end of this month, weren’t given.
All 29 Capco Trust employees will join Ocorian’s staff, which currently stands at more than 350 internationally, Ocorian said.
The acquisition by Ocorian is the latest in a series of deals that have followed on from a management buyout of the Bedell Trust business from the Bedell Group that was backed by Inflexion, a London-based, internationally-focused private equity firm. Inflexion is still invested in and involved in backing the company.
With the completion earlier this month of Luxembourg- and Mauritius-based MAS International, Ocorian’s global footprint now comprises London, Luxembourg, Mauritius, Ireland, Singapore, the Cayman Islands, Guernsey and the US, in addition to Jersey.
Capco Trust group chairman David Capps said Capco’s management had been on the lookout for “a good home for our staff, in the form of a partner that would sustain and strengthen the development of our private client and niche corporate services businesses, to the benefit of our clients – who will now be able to access a greater array of specialist financial services across a wider range of international jurisdictions”.
Ocorian traces its roots back to 1939, when an advocate named George Bedell set up in practice in St Helier, Jersey, after previously helping to introduce income tax to the island. Bedell joined forces in 1958 with another lawyer, Dick Cristin, which subsequently led to the creation of the Bedell Cristin law firm.
The Bedell Trust business emerged out of Bedell Cristin in 1971, and received a boost in 1984 when Jersey enacted its first trust legislation, said to be the world’s first of its kind.