Close Investments, the Fund Management division of Close Brothers Group, has acquired Chartered Trust Services Limited (CTS), the Cayman Island based trust and company administration business from its owners, the local partners of Ernst & Young for an undisclosed sum.
CTS employees 20 people and provides company, trust and fund administration services mainly to international institutional clients. CTS, which has grown strongly over the last 5 years, will continue to be managed by Linburgh Martin, the current managing director, and will be looking to expand further under its new ownership. Linburgh Martin will remain a shareholder in CTS. Nual Bodden, a former senior partner of Ernst & Young Cayman Islands, will remain on the CTS Board as a non executive director.
Colin Keogh, chief executive of Close Investments said:
"We have been looking to increase our offshore activities with a base in the Caribbean and the acquisition of CTS marks the next step in our international expansion plans. CTS is a very profitable well run business with a strong management team. We will be preserving the close links with Ernst & Young and see significant opportunities to grow from this well established base."
Linburgh Martin said "We are delighted to be part of Close Brothers Group and are looking forward to developing our business still further."
Enquiries:
Colin Keogh, Close Investments 020 7426 4000
Rupert Young/Tricia Parish, Brunswick 020 7404 5959
