Orangefield Group has acquired a significant, undisclosed interest in the fund administration business of the Legis Group in Guernsey. With this investment, Orangefield increases its assets under administration to over US$50bn.
As a result, Legis Fund Services will change its name to Orangefield Legis Fund Services. The business will continue to be headed up by Legis' Managing Director Patricia White with CEO Stuart Platt-Ransom’s involvement, and will be integrated into the existing Orangefield fund administration division.
Both White and Platt-Ransom will retain a shareholding in the business, as will the rest of the Guernsey employees and external investor Bailiwick Investments.
In a letter sent to Legis clients, Stuart Platt-Ransom, CEO of Legis Group, and Joep Bruins, CEO of Orangefield Group, wrote: 'In all other respects but the change of name, business activities will continue as normal and client service will not be interrupted in any way... In the meantime Legis Fund Services Limited will continue to operate from its existing offices with telephone numbers and email addresses remaining unchanged.'
Regulatory approvals have been obtained and the transaction is expected to be formally completed at the end of November 2014.
Orangefield has been a leading provider of financial services since the 1970s, when under the name of ING Trust it began offering its services in the Netherlands. After a management buy-out in 2007 the name was changed to Orangefield, and since then the company has expanded its global network to include offices in 19 countries and 600 professionals in the Americas, Europe, Africa, and Asia.
Earlier this year the Legis trust and corporate services business was acquired by The Bank of N. T. Butterfield & Son. Legis Tax Services, which was founded in October 2012, will continue to offer tax, compliance and advisory services.
On this acquistion, Carey Olsen acted on behalf of Orangefield, with Babbe acting for Legis shareholders. Wyvern Partners identified the deal for Orangefield and negotiated the investment.