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Appleby acquires Caledonian trust and fund services

Forms part of plans to grow its fiduciary and administration business

31 May 2013

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By Manju Manglani, Editor (@ManjuManglani)

Offshore provider Appleby has expanded its presence in the Isle of Man with the acquisition of Caledonian Trust and Caledonian Fund Services (Europe).

The move, which was announced today, forms part of the group’s ongoing strategy to grow its fiduciary and administration business.

Commenting on the acquisition, Sean Dowling, office managing partner of Appleby (Isle of Man), said: “We have continued to look for new opportunities to build on the success of Appleby Trust (Isle of Man) Limited since its establishment in 2000. The staff at Caledonian are a great fit with our team.”

The new Isle of Man business will trade under the name of Appleby Fund Administration (IOM) from 6 June 2013. Approximately 20 staff will relocate to Appleby’s office in Douglas, increasing its total headcount to 140.

“With the recent growth across our four other regions and the decision to pursue new markets, the firm viewed this transaction as a well timed opportunity to refocus our global strategic positioning,” said Sandra Georgeson, chief executive officer of Caledonian, Isle of Man.

“Our in-depth discussions with the Appleby team confirmed our initial belief that the acquisition is a positive move, not only for our respective organisations but more importantly for our clients.”

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