Insinger de Beaufort, the Netherlands-based international private banking and trust group, announced earlier this week that it had completed the acquisition of Guernsey-based insurance and pensions provider Channel Financial Services (Offshore) Ltd and its subsidiaries (collectively known as "Channel"), a deal which was originally announced last year. The group will be rebranded as Insinger de Beaufort.
A statement from Insinger de Beaufort said the acquisition had reinforced its presence in the Channel Islands where it currently employs 325 people. This makes it the firm's largest operation outside Amsterdam.
Channel Financial Services (Guernsey) Ltd provides financial planning advice to individuals, companies and partnerships, as well as being licensed to give investment advice. The group's products include Protected Cell Companies (PCCs) and Retirement Annuity Trust Schemes (RATS), which are of benefit in particular to expatriates wishing to build up a pension fund in a tax-free environment and UK residents who wish to build a fund in addition to an approved pension scheme
Commenting on the deal, Raymond Page, managing director of Insinger de Beaufort’s trust & fiduciary division in Guernsey, said: 'Through the completion of this acquisition, Insinger de Beaufort can diversify its business through offering a wider range of financial products. The deal reflects our commitment to provide integrated financial solutions to our high net worth and corporate client base, underpinned by our enviable track record in trust management. Channel Financial Services’ innovative approach to business made it an ideal fit with Insinger de Beaufort.'
The acquisition of Channel is one of three acquisitions by Insinger de Beaufort in the Channel Islands over the past year. It announced its intention to acquire Jardine Matheson Trust Corporation and Matheson Investment International Limited last summer and in December 2000 agreed to acquire Guernsey-based Riverdale Group, which is active in trust and fiduciary services and investment management.
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