Fairway Group, the Jersey-based fiduciary business, is planning to merge with recently-founded Oak Group, "to create a consolidated business which can continue to evolve across a global network."
Oak group was founded in March this year and has offices in Guernsey, the Isle of Man, Jersey, Luxembourg, Malta and Mauritius with more than 200 employees. Oak specialises in private client, coporate services and fund administration and is headquartered in Guernsey.
Fairway Group has over 100 employees focusing on trust, corporate, fund administration and pension services, with offices in Jersey and Dubai.
Expanding into multiple jurisdictions has been Fairway Group’s strategy for some time so a potential consolidation with Oak fast-tracks these plans"
Stuart Platt-Ransom, CEO of Oak, said: "Fairway Group has excelled in Jersey creating sustained client growth and building a well-known brand primarily through its pensions and trusts offering. It is seen as the market leader in the pension business and is already making a significant impact with international products in the Middle East."
He added: "At Oak, our aim is to deliver financial solutions that exceed the expectations of our institutional and private clients worldwide. Fairway Group shares our ambitions and growth strategy so this potential consolidation is a good strategic fit for both businesses and I'm excited to work together to incorporate the team into Oak's multi-jurisdictional business."
Louise Bracken-Smith, CEO of Fairway Group, added, "Expanding into multiple jurisdictions has been Fairway Group's strategy for some time so a potential consolidation with Oak fast-tracks these plans and will make us a more significant player."
"This wouldn't be a leveraged private equity-style deal that has been common in our sector in recent years. The merger will ensure the continued involvement of the original principals of Fairway Group and there is also the potential for employees to acquire an interest in the business thereby aligning their personal interests with the long-term success of the group."
The merger is subject to regulatory approval.