Financial services firm broken up

Tuesday 23rd December 2008, 3:01PM GMT.

A JERSEY-based financial services empire is being broken up and sold off.

Mourant is selling both its trust and fund administration divisions, which employ around 750 staff of a total of 1,000 worldwide. Mourant’s legal division, Mourant du Feu & Jeune – which is the original core of the business – will continue to operate from the Grenville Street office.

As reported in the JEP on Saturday, Mourant Private Wealth has been bought by Royal Bank of Canada. All 47 staff have been offered positions at the bank and the £3.5 billion of assets under administration will be transferred. In addition, Mourant International Fund Administration is in the final stages of a management buy-out. Talks are continuing with potential backers and this deal is expected to be completed in the early part of the New Year.

The financial terms of the deals have not been made public. A spokesman said that this information was ‘confidential’.

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1
gino risoli

December 23, 2008 at 8:25 pm

unfortunately a sale like this why local people are loosing influence in jersey.

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2
Lula

December 24, 2008 at 10:46 am

a very profitable move – build it up and sell it high. They got brains if nothing else

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3
Geno

December 24, 2008 at 1:32 pm

Gino. Given that one of the two divisions is being sold to a local management buyout, how do you see this as a loss of local control. Also, how many locals even knew that Mourant Private Wealth existed never mind had influence on it.

If you have concerns voice them but this is not an issue

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4
pcc

December 24, 2008 at 2:01 pm

i would have credited rbc with more intelligence unless they got 50% off in the sale. is jersey not at the top of the financial econmic cycle?

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