Insinger de Beaufort Will Acquire Jardine Matheson's Offshore Financial Services Companies

Lisa Ugur, Tax-news.com, London

14 July 2000

Insinger de Beaufort, the Dutch private banking and trust group which is listed in Luxembourg, is to acquire the offshore financial services companies of Jardine Matheson, provider of asset management, stockbroking and trust services. Insinger de Beaufort will take over Jardine Matheson Trust Corporation and Matheson Investment International Limited, subject to formal approval by the Dutch Central Bank, the Guernsey and Jersey Financial Services Commissions and by regulators in the other jurisdictions in which Jardine Matheson operates.

The Matheson group has key offices in the Channel Islands, Hong Kong and the Caribbean and smaller operations in Mauritius and the Isle of Man, which provide a range of financial services including offshore trust and company administration, asset management and stockbroking.

Graham Davin, executive director of Insinger de Beaufort said of the deal: 'This acquisition is an important development for us. It creates critical mass and brings with it experienced staff and a well-developed client base. The addition of these businesses will provide the scale of operation that supports a complex fiduciary business and provide volume and distribution for our securities and asset management businesses.'

Insinger de Beaufort already has a strong asset management presence in the Channel Islands, which will of course be strengthened by the Matheson acquisition. Its current business there will be merged with that of Matheson, and the new entity will offer, in addition, offshore stockbroking and custodial services.

Peter Woodthorpe, chief executive officer of Insinger de Beaufort's trust & fiduciary division, commented 'This acquisition will make us one of the largest operations of its kind in the Channel Islands and strengthen our leadership in the British Virgin Islands. It represents exciting areas where we can take the business. This move will ensure that we continue to develop our key centres of excellence as well as moving into exciting new ones.'

The deal marks Insinger de Beaufort's first foray into the Isle of Man - Matheson Investment International has a stockbroking and investment management operation in Douglas. Its managing director John Greenwood, who has written personally to all clients promising a seamless changeover, said 'It is an exciting time for our company as we become part of a high quality global financial services group with $US4.4 billion of assets under management.'

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