Trust and pensions provider, The UAP Group has completed its purchase of Concept Group in Guernsey.
With the acquisition of Concept, which was established in 2004, UAP hopes to "enhance the Group's scale and capabilities". It has made the Group one of the largest pension providers in Guernsey, employing over 50 people.
UAP was established by founders Rob Shipman and James Floyd and employs a team of professionals across Guernsey and London.
Concept is a Guernsey regulated and licensed fiduciary business and also a licensed pensions provider withlinks to a number of other jurisdictions.
Mr Shipman says the Aurora brand of pensions, which is recognised around the world, will add a number of innovative solutions to the UAP pensions provision, including products specifically designed for residents of the USA, UK, Spain, Portugal, Africa, Middle East, and Asia.
“The acquisition of Concept brings UAP a prestigious and globally recognised pension brand, Aurora, while also adding significant scale to the UAP business,” he said.
“By combining the innovative technological solutions of UAP with the expertise and strong reputation of Concept, we will be in a perfect position to continue enhancing our service while developing new and innovative solutions for the benefit of our clients.
“Expansion is our focus. We have exciting plans for additional acquisitions in the next 12 months which will further strengthen our offering.”
Both the local UAP and Concept pension offerings have been adopted by many companies in the island as the States of Guernsey brings in legislation that will make the provision of pensions for all employees based in Guernsey a legal requirement by 1 January 2023.
The acquisition was approved by the Guernsey Financial Services Commission on 17 September and UAP was advised on the acquisition by Appleby Corporate Partner Stuart Tyler.
Mr Shipman added: “I am also delighted to confirm that current Managing Director of Concept, Roger Berry, will become a Non-Executive Director of UAP, alongside Concept's current Non-Executive Director, Lyndon Trott.
“Kevin Le Moigne will continue as Group Operational Director while UAP Founder James Floyd will move into the role of Group Commercial Director.
“We value the experience of the whole team at Concept and look forward to a successful future.”
Pictured top: Kevin Le Moigne, Rob Shipman, Roger Berry and Lyndon Trott.
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