Professional Holdings Ltd, the parent company of Professional Trust Company Ltd, has acquired Mutual Trust Management Ltd.
he two businesses will merge over the coming months, with Professional Trust, currently in New Street, moving to the Mutual Trust offices in Hilgrove Street, bringing the total number of staff to around 40.
he combined business will be owned by the senior management and private investors.
ike Cordwell, the chairman of Professional Trust, said: ‘We are pleased to be merging our trust company with that of Mutual Trust.
The businesses, staff and client bases are complementary and of a similar size.
The combined business will be one of the larger independent trust companies in Jersey.
Mr Cordwell said that the provision of fiduciary services now required scale, in order to maintain an efficient delivery of services to clients, meet the levels of regulatory and internal compliance, and attain margins commensurate with the responsibility and complexity of the service.
This merger will also enhance our business development opportunities in the future,’ he added.
