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MERGERS AND ACQUISITIONS IQ-EQ has completed its acquisition of US outsourced solutions provider Blue River Partners. The newly combined operation, in seven US locations, will operate as ‘Blue River Partners, part of IQ-EQ’ and Mark Fordyce, CEO and Founding Partner of Blue River, will become its CEO. Following the merger of Microgen and Touchstone last November, the company has rebranded as TrustQuay. Providing technology to the trust and corporate services market, the business now serves some 450 clients in more than 30 jurisdictions, including Jersey and Guernsey. A group of Jersey companies – recruitment firm Rowlands, financial strategist Purpose and tech specialist Vertix – has purchased service and software business Offshore Payroll, which specialises in jurisdictions with unusual tax rules. Affinity Private Wealth is to purchase financial services provider Pinnacle Trustees. Subject to regulatory approval, the business will have more than 50 staff serving 350 clients globally. All Pinnacle directors and employees will stay with the group. The transaction has been financed through existing and new shareholders, in conjunction with senior debt from Investec Bank, but no private equity is involved.
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BDO Guernsey has acquired local regulatory compliance specialist Cerberus. Under the deal, Cerberus will become BDO Cerberus Regulatory Consulting and market BDO’s regulatory consulting services across Guernsey. SMP Group has acquired RBC Corporate Services Hong Kong, a division of RBC Investor & Treasury Services, subject to approvals. SMP and RBC have worked together before to provide global solutions for private wealth structuring – SMP acquired RBC’s Bahamas and Cayman Islands corporate services businesses in 2016 and 2017, respectively. The latest deal was supported by UK PE house Palatine. Ocorian has completed its acquisition of Luxembourg thirdparty management firm Allegro. Allegro serves AIF, RAIF, non-AIF and UCITS funds. It has around €8.7bn in AUM, primarily in underlying investment strategies with a PE/RE focus, and its clients are institutional investors, global fund promoters and investment managers. Ocorian and Allegro will offer a one-stop shop for fund group administration. n
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INSURANCE LAUNCH Guernsey-based insurance services business Astaara Company Limited (ACL) has been launched, offering maritime companies improved protection from cyber threats. ACL is made up of three elements – Astaara Risk Management; Astaara Underwriting; and Astaara Analytics – and central to the firm is risk management solution AstaaraCyber. The company aims to work with ship owners and offshore and ports operators to navigate a route through the cyber world, making them a harder target and more effective in minimising the cost and disruption following a cyber event. Group Chief Executive Robert Dorey said: “The insurance business is behind the times when it comes to cyber threats to maritime companies. It is only by listening to and responding to what the maritime community needs that you can create a solution that is relevant and necessary.” CASH BOX SOLUTION Jersey fiduciary and administration solutions provider VG has launched its Jersey Cash Box structuring solution in response to recent market conditions. VG Manager Ross Crick said: “Jersey Cash Box offers PLCs listed on the Main Market of London Stock Exchange or Alternative Investment Market an alternative financing tool to expedite and raise cash by issuing shares without the time and monetary restrictions of the preemption rights regime under the Companies Act 2006.
“Jersey has become a jurisdiction of choice for Cash Box transactions among our established onshore and offshore legal and tax network, as Jersey Companies Law makes redemption of preference shares a quick and simple process.” CONNECTIVITY BOOST Sure is working on a project to futureproof the Channel Islands’ telecoms networks. The £3m-plus project, which will upgrade the infrastructure that connects the Channel Islands to the global internet, is part of the telecoms provider’s five-year infrastructure investment plan announced last year. Undersea fibre connectivity, which connects the islands to the UK and France, and from there to the rest of the world, will be replaced and upgraded. Engineers will commission new networking equipment in London and Paris, too. The upgrade will allow increased resiliency and extra capacity to be added in increments of 100 Gigabits – more than 10 times up on technology used today. Sure has selected systems integration firm Telent and equipment maker Juniper Networks to take part in the work, which is expected to complete in early 2021. n
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