19 January 2022
Carey Olsen advises Nedbank Private Wealth on sale of Channel Islands trust business to Suntera Global
A pan-island Carey Olsen corporate team has advised Nedbank Private Wealth on the sale of its Channel Islands trusts businesses, Nedgroup Trust Limited (Guernsey) and Nedgroup Trust (Jersey) Limited to Suntera Global, an independent global provider of fund, corporate and private wealth services.
Nedgroup Trust has a team of 70 staff across the Channel Islands and supports a significant international client base of high net worth and ultra-high net worth individuals, family offices and owner-managed businesses, including a substantial proportion based in South Africa.
The transaction relates solely to the ownership of the fiduciary operations in Jersey and Guernsey. Nedgroup Trust in South Africa is unaffected.
The Channel Islands Carey Olsen team advising Nedbank Private Wealth was led by Jersey corporate partner David Taylor, assisted by associate Tim McAlpine-Scott. Corporate partner Tom Carey and senior associate Colin Calvert also advised on the Guernsey aspects of the transaction, with counsel Huw Thomas also providing specialist employment law input throughout. The Carey Olsen teams acted alongside Gowling WLG in the United Kingdom.
Completion of the transaction is subject to regulatory approval.