Financial services firm Peregrine International Wealthcare (PIW) has acquired Stenham Wealth Management (SWM)’s Guernsey private client business.
This comes a week after SWM’s Jersey business was sold to ED Group for an undisclosed sum.
SWM’s financial advisers Adrian Starr and Matthew Bailey have joined PIW, where they will continue to provide discretionary investment and bespoke advisory services.
Starr will also be joining the company’s board of directors.
Managing director of PIW, Hennie Esterhuizen, said: “Adrian and Matt’s experience in wealth management combined with the infrastructure and support from the wider Peregrine Group will result in excellent services to clients and enable us to accelerate the growth of our private client business in Guernsey.”
The financial terms of the deal were not disclosed.
Founded in 1996, Peregrine Group is listed on the Johannesburg Stock Exchange and is responsible for over $7bn (£5.3bn, €6.2bn) of client assets, providing wealth management, asset management and advisory services.
Peregrine International Wealthcare established a presence in Guernsey in 2002 as the group’s principal offshore services provider and has over $1.1bn in assets under management.