Global trust and pensions provider The UAP Group has completed its purchase of Concept Group which it said will make the combined business one of the largest pension providers in Guernsey employing 50 people.
Concept Group was one of the biggest QROPs providers, and in 2017, Sovereign Group acquired the pensions business of Concept Trustees (Gibraltar).
UAP said in the statement that Concept Group, established in 2004, brings a globally recognised brand, Aurora, and significant scale.
We have exciting plans for additional acquisitions in the next 12 months which will further strengthen our offering.”
Roger Berry, managing director of Concept, will become a non-executive director of UAP alongside Concept's current non-executive director Lyndon Trott.
Kevin Le Moigne will continue as group operational director at UAP, while founder James Floyd will move into the role of group commercial director.
Rob Shipman, group CEO and founder of UAP, said: "Our company core values of challenging the status quo, working for our partners and doing things better have been built on our desire to deliver the best client experience."
He added: "By combining the innovative technological solutions of UAP with the expertise and strong reputation of Concept, we will be in a perfect position to continue enhancing our service while developing new and innovative solutions for the benefit of our clients.
"Expansion is our focus. We have exciting plans for additional acquisitions in the next 12 months which will further strengthen our offering."
The acquisition was approved by the Guernsey Financial Services Commission on 17 September 2021 and advised by Appleby corporate partner Stuart Tyler.
UAP is headquartered in the UK with offices in Malta and Guernsey.