Coutts & Co Trustees (Jersey) Ltd, which as reported has been the subject of a management buyout, has re-launched itself, under what it is calling its “new, boutique private client brand”, as Highvern Trustees Ltd.
The rebranding is effective as of today, the company said in a statement.
The re-branded Jersey-based company, like its predecessor organisation, is regulated by the Jersey Financial Services Commission, and will be providing specialist trust and company administration, family office, real estate and corporate services to an international client base, it said in the statement announcing its new name.
Highvern says its team is “also experienced in supporting clients with family governance and business succession planning services”.
Highvern managing director Martin Hall said that he and his Highvern colleagues were looking forward to investing in their newly-acquired business and making the most of it, on behalf of its existing and prospective clients.
According to Highvern group director Naomi Rive, (left, in photograph above, with fellow MBO team-members Hall, centre, and Miles Le Cornu, right), the Highvern name is a bespoke name that was designed to “remain classy” in the mode of “Coutts”, by referencing such words as “high” (aspirational, as in “high quality”) and “governance”, connoting “credibility and integrity”.
The company’s new website, which went live earlier today, is www.highvern.com.
As reported, the MBO of Coutts & Co Trustees involved the entity’s existing management team, including CEO Hall, which acquired the business from its parent, Royal Bank of Scotland plc’s Coutts & Co.
In a statement, Coutts said that the MBO was coming in the wake of a decision by Coutts to “[continue] to focus on its strategy of being a UK-focused bank”.
“The decision to sell our Jersey Trustees company is a natural one, as we continue to focus our attention on the UK following the sale of Coutts International earlier this year,” Coutts’ chief operating officer Grant Parkinson said, in a statement accompanying the announcement.
“I am very pleased we have agreed a sale with the current management team…such an outcome will result in minimal disruption to our clients.”
Last year, RBS revealed it had reached an agreement to sell Coutts International, its internationally-managed private banking and wealth management business, to Switzerland’s Union Bancaire Privée. The deal, which resulted in a £200m goodwill write-down for RBS in 2015, completed earlier this year.