Estera, a fiduciary and administration provider previously spun out of law firm Appleby, has acquired the Heritage Financial Services Group (HFSG), which provides third-party fund administration services in Guernsey, Malta and the UK.
Subject to regulatory approval for the transaction, the business will be rebranded under the Estera name. The cost of the deal was not disclosed.
HFSG has $70 billion (€62 billion) of assets under management and administration and it employs almost 100 people. All the employees involved in the deal will become part of Estera.
HFSG’s insurance business was excluded from the transaction and will continue to operate as a separate entity.
Estera provides offshore fiduciary and administration services and has 370 employees across ten jurisdictions.
Its fiduciary businesses are regulated by financial regulators in jurisdictions including Guernsey, Bermuda, the British Virgin Islands and the Cayman Islands.
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