Guernsey-headquartered Oak Group and Jersey-based Fairway Group are set to merge in a bid to broaden their combined reach to a global network.
Fairway is an owner-managed fiduciary business with over 100 employees offering trust, corporate, fund administration and pension services.
Oak; a private client, corporate services and fund administration business, launched in March this year.
It has offices in Guernsey, the Isle of Man, Jersey, Luxembourg, Malta and Mauritius with more than 200 employees.
Louise Bracken-Smith, chief executive of Fairway, said: “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.
“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 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.”
The merger is subject to regulatory approvals and the financial terms were not disclosed.