IAG JOINS OAK GROUP
IAG is delighted to announce it has agreed terms, subject to formalities, to join Oak Group Limited (“Oak”), a newly-formed fund administration, corporate fiduciary and private client group. Oak brings together four existing businesses – IAG’s fund administration business and Oak Trust headquartered in Guernsey, Consortia in Jersey and Kreston in the Isle of Man.
IAG will provide Oak with its first substantial fund administration operation and become the centre of fund expertise within the whole of the Oak business.
Oak has its headquarters in Guernsey and will employ nearly 200 people across Guernsey, Jersey, Isle of Man, Luxembourg, Mauritius and Malta. Oak is majority-owned by the TISE-listed Financial Services Opportunities Investment Fund Limited (“FSOIF”) https://www.ravenscroftgroup.com/invest/specialist-funds/ci/#FSO-Investment-Fund. As a permanent capital vehicle, FSOIF has a long term commitment to the financial services industry, including through its investment in Oak.
IAG recognised some time ago that in order to capitalise fully on our growing reputation in the market we should seek a partner who can provide us with a larger platform and complementary skills to help us achieve our goals.
Recognising the needs of clients and staff, we entered into discussions with selected interested parties and concluded that Oak provided the most attractive option, the key benefits being:
Oak made the continued involvement of IAG’s Guernsey-based directors as shareholders and directors in Oak a condition for them to conclude the deal. Each of the Guernsey-based principals, has agreed to this and they will be making a long term commitment by becoming shareholders in the combined group, ensuring the continuity of all aspects of client service delivery.
What does this mean for IAG’s clients:
In summary, IAG’s clients can be sure that it will be business as usual, with no disruption to the existing business model and operations.
If you have any questions on any of the above, please contact any of the usual client directors:
Alison Simpson, CEO, +44 (0)1481 737910
Mark Woodall, Managing Director, +44 (0)1481 737911
Martin Scott, Director, +44 (0)1481 752969
A highly responsive, knowledgeable team at all levels. Strong contacts in relevant professional services companies and adept at problem solving. I wouldn’t hesitate to recommend them."
DAVID GRANT - GHP GROUP