The purchase price was not disclosed.
Herald Fund Services’ existing clients, its assets under administration, and its three-member fund administration staff will join Vistra during the course of this month and next, Vistra Jersey said, boosting its fund admin team to a total of seven and increasing its total employment on Jersey to more than 70.
Robert Sharp, group finance director of the Herald Group, said the transaction would enable the Herald Group to focus on its traditional private client business, and to unlock capital to invest in that area.
For its part, Vistra, which is seeking to grow its funds administration business, said the deal would enable it to “accelerate our growth and build additional critical mass in Jersey”.
Alternative investment funds, such as hedge, real estate and debt funds, are the main focus of Vistra Jersey’s funds administration business.
Vistra Jersey is a part of the Geneva-based Vistra Group, of which IK Investment Partners is a major shareholder. Vistra, which has been growing rapidly over the last few years, has 20 offices in 18 jurisdictions, and around 350 employees worldwide.