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Oak acquires IAG on day of deals in Guernsey
25 April 2019
Guernsey-headquartered Oak has completed the acquisition of a fellow Guernsey business, corporate services and fund administration group International Administration Group (IAG).
IAG was founded in Guernsey in 2000, is still headquartered in the island, and employs more than 40 people, offering bespoke fund administration and depositary services to private equity and alternative funds. It will become the centre of fund expertise at Oak, a business launched earlier this year in the island, following the consolidation of Oak Trust, Consortia Partnership and Kreston IOM. It has offices in Guernsey, Jersey, Isle of Man, Malta and Mauritius, employing 160 people.
“The addition of IAG to Oak is an integral step in our strategy of developing a business that can offer a full range of administration services internationally,” said Oak CEO Stuart Platt-Ransom.
“The addition of IAG to Oak is an integral step in our strategy of developing a business that can offer a full range of administration services internationally.”
Oak CEO Stuart Platt-Ransom
“Our aim is to deliver financial solutions that exceed the expectations of our institutional and private clients worldwide. We build long-lasting relationships with our clients and intermediaries and director-led service delivery is customary, ensuring clients always receive a quality, personal and cost-effective service. Our people-led approach is shared by IAG which makes this new development a great fit for everyone involved.”
Alison Simpson, co-founder and CEO of IAG, said: “IAG wanted to capitalise on its growing reputation in the market for some time, but we recognised that we couldn’t do this alone. Oak provides us with a larger platform, opportunities in new jurisdictions, a broader range of services and solutions for our clients and complementary skills to help us achieve our goals.
“We agree on the fundamental importance of a personal, director-led approach to client service and Oak made the continued involvement of IAG’s directors a condition of the deal. We have made a long-term commitment by becoming shareholders in Oak, ensuring the continuity of all aspects of client service delivery, so IAG’s existing clients can be sure that it will be business as usual.”
In a day of deals in Guernsey today, it was also announced that Bank of Butterfield has agreed to buy ABN AMRO Channel Islands. The move will significantly expand the Butterfield presence in the islands.
Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said: “This acquisition underscores our continuing commitment to expand Butterfield’s presence in the Channel Islands and the importance of these two jurisdictions to our multinational clients.”
“This acquisition underscores our continuing commitment to expand Butterfield’s presence in the Channel Islands and the importance of these two jurisdictions to our multinational clients.”
Michael Collins, Butterfield’s Chairman and Chief Executive Officer
ABN Amro said the sale would conclude the divestment of its private banking activities.
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