OTAP agree deal for Carey Group's international pensions business

14 March 2016

Overseas Trust and Pension Limited (OTAP) has reached an agreement with Carey Group to take over Carey's international pensions business, Carey Pensions and Benefits Limited (CPBL), with effect from 3 May 2016.

The acquisition gives OTAP greater scale and capability, making them one of the largest pension providers in Guernsey and accelerating their development into the corporate pensions and benefits market.

David Higgins, a Director of OTAP, said: "To acquire a firm with the reputation that CPBL has earned in the international market is a huge asset for us and indeed for our clients. The acquisition significantly increases our scale, ensuring we can continue to provide award-winning products at highly competitive prices well into the future. We have exciting plans for this enhanced group with new product initiatives and developments to further enhance the value for new and existing clients."

OTAP previously acquired Kleinwort Benson's Guernsey-based pensions business in 2012 and offers a full range of retirement and pension solutions for international markets together with a range of country specific products, including products for South Africa, Spain and the Middle East. The OTAP group has won numerous awards for the quality of its service and works with some of the world's largest institutions including FTSE 100 companies.

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