Smith & Williamson International, a part of Tilney Smith & Williamson, has concluded its acquisition of Trust and Private client book of 7IM Jersey.

Financial terms of the deal were not disclosed.

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As part of the transaction, 7IM Jersey director Grant Hamilton will join Smith & Williamson International’s office in St. Helier, Jersey.

7IM Jersey offers investment management services to private clients and trusts. The business is expected to complement Smith & Williamson International’s service that provides investment management strategies for a spectrum of clients.

Commenting on the deal, Hamilton said: “This is a wonderful outcome for both the clients and myself. Smith & Williamson International have an experienced and growing team in Jersey, tailored investment solutions for offshore and local clients and the backing of a leading wealth management firm in the UK.

“I am looking forward to engaging with the clients who are moving across to offer them the best of Tilney Smith & Williamson group.”

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Smith & Williamson International managing director Matt Falla added: “We have seen considerable growth in our Jersey business in recent years and, as we prepare to re-brand to Evelyn Partners in the coming months, this deal recognises our ambition to continue expanding in the international market.”

The deal comes as 7IM move to close the Jersey branch following a strategic review of the business.

7IM CEO Dean Proctor said: “We launched the 7IM Jersey Branch nearly four years ago, based on the increased demand for our investment services from outside of the UK. However, due to a range of extenuating circumstances, and following a strategic review, we intend to close the Jersey Branch, subject to regulatory approval.”

This will allow us to focus on our core business areas and clients,” he added.