AN assurance has been given that there will be no redundancies following the news that a deal has been agreed for the sale of boutique investment business Spearpoint.

The Jersey company founded by Jon Davey and other colleagues four and a half years ago is to be bought by London AIM-listed wealth management firm Brooks Macdonald Group plc for £34 million.

Mr Davey said that the jobs of all 54 staff in Jersey and Guernsey were safe, as the business was looking to recruit and grow rather than shed staff.

‘Brooks Macdonald is not in the Channel Islands so it is not a case of having to merge staff together. They were interested in us as we give them access to international markets,’ said Mr Davey.

He also said that he and other senior executives had signed long ‘lock-in agreements’ and they were definitely not retiring.