Estera, a fiduciary and administration business spun out of law firm Appleby, has agreed to acquire Heritage Financial Services Group (HFSG), a provider of third party fund administration, depositary, trust and corporate services in Guernsey, the UK and Malta, for an undisclosed sum.
The deal excludes HFSG’s insurance arm, which will continue to be a separate entity.
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All 100 employees of HFSG will join Estera as part of the transaction. HFSG will also be rebranded as Estera after the deal secures regulatory nod.
Commenting on the deal, Estera CEO Farah Ballands said: “This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, whilst also expanding jurisdictional choice for our trust and corporate clients.”
Estera group head of corporate development Ethan Levner added: “The funds market is a strategic priority for Estera and the acquisition of two leading fund administration businesses so far this year demonstrates our commitment to building an international presence in this segment.”
