Appelby Acquires Ansbacher's Trust Business

by Amanda Banks, Tax-News.com, London

29 May 2006

Appleby Trust (Cayman) Ltd has announced that it has acquired the business interests of Ansbacher (Cayman) Ltd in the Cayman Islands.

In a statement last week, Appelby said that the latest transaction is a natural extension of an earlier arrangement when, last year, a management agreement was signed between Appleby Trust (Cayman) Ltd and Ansbacher (Cayman) Ltd, appointing Appleby Trust to manage Ansbacher (Cayman)’s trust and fiduciary business.

Speaking with regard to the transaction, Huw Moses, Managing Director of Appleby Trust, commented: “I am very enthusiastic about this development. The Appleby Trust team is committed to preserving the standards of service to both its new and existing clients, who will experience uninterrupted service during the implementation of this transaction. The Appleby group of companies is dynamic and forward thinking and this transaction further strengthens our position as a leading financial service provider in the Cayman Islands.”

Hugh Titcomb, Ansbacher´s Group Chief Executive noted that: "We have worked closely with Appleby to ensure a smooth hand over. Our interests in the Caribbean now focus on our Bahamas business which complements our operations in Europe and the Middle East."

Appleby Trust provides sophisticated, specialised services in the primary areas of trust, estate and company administration services to local and international clients. Appleby Trust (Cayman) Ltd. is wholly owned and controlled by the partners of Appleby Spurling Hunter, a leading offshore-based legal and business service provider.

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