The new private client, corporate services and fund administration group, Oak, has been launched in the Channel Islands.
It is the consolidation of three existing businesses - Oak Trust Group, Consortia and Kreston IOM - which between them have offices in Guernsey, Jersey, the Isle of Man, Malta and Mauritius.
The new business, which will be headquartered in Guernsey, will employ 160 people across the five jurisdictions.
Stuart Platt-Ransom has been appointed as the Chief Executive Officer of Oak. Previously Chief Executive Officer of the Legis Group, he has more than 25 years’ experience in the financial services sector.
“Oak’s innovative business model is a welcome alternative to the more common leveraged private equity-backed deal. Our approach, which is management-owned and backed by a local investment fund, offers the opportunity for the continued involvement of the original principals from each of the companies acquired and for employees to obtain an interest in the business,” said Mr Platt-Ransom.
“We think it’s hugely beneficial for Oak’s long-term success to have the ongoing support of the principals for client relationships, continuity of operations and the buy-in of our employees for the future development of the business.Our objective is to become the trusted provider of financial solutions that exceed the expectations of institutional and private clients around the world.
“The Oak brand is already well-known in Guernsey so our focus is on preserving the family-feel and people-led culture and expanding this across all our jurisdictions, ensuring clients continue to receive a quality, personal and cost-effective service.”
Oak Trust Group, the Guernsey, Malta and Mauritius-based business acquired by Oak, was founded by Mark Chasey in 1999 as a niche provider with strong South African connections and a focus on long-term client relationships.
“We recognised some time ago that in order for the business to continue its evolution and keep pace with the changing demands of our clients and worldwide regulations we needed a partner that could provide a robust platform, a strong vision for the future and added expertise,” said Mr Chasey, Chairman of Oak.
“Considering the needs of our clients and our employees, we chose to partner strategically with the fund to create Oakwhich will offer a multi-jurisdictional solution for our clients. I’m excited to be part of driving forward the integration of all the businesses and implementing the new strategy which will ensure Oak is best placed to service the present and future requirements of our valued clients.”
Oak is backed by the Financial Services Opportunities Investment Fund, a Guernsey-based, International Stock Exchange listed, closed-ended investment vehicle supported by Channel Island investors. The fund has the investment objective of attaining long-term capital growth and income streams by investing in a diversified portfolio, principally financial services businesses based in offshore financial centres.
Pictured: Stuart Platt-Ransom.
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