Cains advise Zedra on acquisition of Barclays’ Offshore Trust and Fiduciary Businesses

Cains has advised an independent investor group led by the Sarikhani and Nielsen families on their acquisition of Barclays Bank plc’s offshore trust and fiduciary businesses in Jersey, Guernsey, Isle of Man, Cayman Islands, Singapore and Switzerland.

Those businesses, which have now begun trading under the brand name Zedra, currently have around 300 staff worldwide and will continue to offer trust and wealth management services in each of those jurisdictions. Barclays will also continue to hold a 20% stake in the new venture for at least 3 years.

Under its new management, ZEDRA aims to double the size of the business within five years.

“In terms of expansion plans, we will be hiring in all our main locations and also offer additional services to existing clients – this is where the growth will come from,” new Chief Executive Niels Nielsen said. “Barclays’ keeping a stake in the new company sends a signal to clients and staff that it stands behind the business.”

Cains provided Isle of Man legal and regulatory advice to the purchasers as part of the acquisition. The team was led by director Tristan Head, with assistance from fellow director Richard Vanderplank (corporate and regulatory), Ben Hughes (pensions) and Katherine Sheerin (employment). Ogier provided Jersey, Guernsey and Cayman Islands legal advice to the purchasers as part of the acquisition and Mishcon de Reya LLP acted as lead counsel to the purchasers.

Tristan Head said “We are delighted to have advised the purchasers as part of such a significant transaction, which demonstrated Cains’ ability to provide M&A and regulatory support in conjunction with other offshore legal advisers to enable a holistic offshore solution to the multi-jurisdictional transaction.”