The purchase will significantly extend Ocorian’s service range and delivery capability into Africa, Asia and the Middle East– including additional representation in Côte d’Ivoire, Dubai, Mauritius, Singapore and South Africa.
In turn, ABAX clients will now be able to access a much wider range of specialist alternative investment, corporate and private client services, across both onshore and offshore locations in Europe and North America, including: Channel Islands (Jersey and Guernsey), Cayman Islands, Ireland, Luxembourg, Netherlands, Singapore, UK and the US.
Expected to close before the end of March 2018, the transaction “realises the next stage of an ambitious international growth strategy for Ocorian, following the management buyout and successful rebrand of Bedell Trust in 2016”, the company said.
All 275 staff currently employed by ABAX will join Ocorian, taking the combined business to 700.
Commenting on the acquisition Nick Cawley, chief executive of Ocorian, said: “This transaction reflects the sustained expansion and diversification of Ocorian’s newly defined business and our commitment to growth in leading jurisdictions. It will further strengthen our position as a leading global financial services provider and give enhanced range and scope across both Africa and Asia.”
Richard Arlove, chief executive of ABAX added: “Our priority for this transaction was to find a partner that would truly help us to realise our growth ambitions of being a leading provider of integrated advisory, corporate and business services for Africa while consolidating our offering for Asia.
“This transaction allows us to create further value for clients through synergies with an increased number of international jurisdictions, particularly within Europe and North America.”
Financial terms of the transaction have not been disclosed.