Guernsey-headquartered Oak Group and Jersey-based Fairway Group are planning to merge to create a consolidated business which can continue to evolve across a global network.
Fairway Group is an owner-managed fiduciary business with over 100 employees offering trust, corporate, fund administration and pension services in Jersey.
Oak, a private client, corporate services and fund administration business, launched in March this year. The group has offices in Guernsey, the Isle of Man, Jersey, Luxembourg, Malta and Mauritius with more than 200 employees.
“This is an exciting time for Fairway Group,” said Louise Bracken-Smith, Chief Executive Officer of Fairway Group.
“Oak’s ethos on business and towards its employees is very much the same as ours. It is a people-centric organisation that strives to do the best for its clients and employees. Like us, they build long-lasting relationships with clients and intermediaries to understand their specific requirements and deliver them.”
“Expanding into multiple jurisdictions has been Fairway Group’s strategy for some time so a potential consolidation with Oak fast-tracks these plans and will make us a more significant player. Becoming part of a larger organisation will bring a host of benefits to our clients including an increase in experienced personnel, a wider range of solutions and services and the ability to keep pace with the demands of globalisation and the complexity of regulation.”
“This wouldn’t be a leveraged private equity-style deal that has been common in our sector in recent years. The merger will ensure the continued involvement of the original principals of Fairway Group and there is also the potential for employees to acquire an interest in the business thereby aligning their personal interests with the long-term success of the Group.”
Stuart Platt-Ransom, chief executive officer of Oak, said: “Fairway Group has excelled in Jersey creating sustained client growth and building a well-known brand primarily through its pensions and trusts offering. It is seen as the market leader in the pension business and is already making a significant impact with international products in the Middle East.”
“At Oak, our aim is to deliver financial solutions that exceed the expectations of our institutional and private clients worldwide. Fairway Group shares our ambitions and growth strategy so this potential consolidation is a good strategic fit for both businesses and I’m excited to work together to incorporate the team into Oak’s multi-jurisdictional business.”
The consolidation is subject to a process of due diligence and regulatory approvals.
Pictured above: Louise Bracken-Smith, CEO of Fairway Group and Stuart Platt-Ransom, CEO of Oak Group.