Salamanca Group acquires Investec Trust
The Investec Trust business with over ¬£4.5billion in assets under administration which will be rebranded Salamanca Group Trust Services, will be run as a stand-alone division and currently has offices in Jersey, Switzerland, South Africa and Mauritius employing around 100 people, administering some 600 trust structures on behalf of clients. Clients include high net worth individuals and entrepreneurs; financial and professional intermediaries; family offices and corporate entities.
Commenting on the acquisition, Martin Bellamy, Chief Executive of Salamanca Group said: “The addition of Trust services has been a strategic objective for Salamanca Group for some time and having undertaken an extensive analysis of the market place, the Group concluded that the acquisition of Investec’s Trust business represented the ideal opportunity.
Xavier Isaac, CEO of Investec Trust Division said: “The acquisition by Salamanca Group and our existing management of the Investec Trust Group is an opportunity to deliver on our vision. High and ultra-high net worth individuals are no longer looking for traditional trust and fiduciary services in an increasingly complex environment. They expect independent thinking and high touch administration services complemented by multi-family office capabilities. By joining forces with a dynamic company like Salamanca Group, we will retain the entrepreneurial spirit that characterised us when we were operating under the Investec banner.‚Äù
Fenchurch Advisory Partners acted for Investec Bank Plc and Salamanca Advisory acted for Salamanca Group and management.