Oak, a new private client, corporate services and fund administration group, has acquired International Administration Group (IAG).
Oak, which is headquartered in Guernsey, launched in March this year. The business is the consolidation of Oak Trust Group, Consortia Partnership and Kreston IOM which between them have offices in Guernsey, Jersey, the Isle of Man, Malta and Mauritius.
Founded in 2000 by Mark Woodall and Alison Simpson, IAG is a specialist fund administration business headquartered in Guernsey with a team of 43 people. IAG delivers bespoke fund administration and depositary services to private equity, open-ended, listed and alternative asset fund structures and will become the centre of fund expertise within the Oak business.
The acquisition of IAG with its established expertise and reputation in the provision of fund administration services will significantly enhance Oak’s multi-jurisdictional, high-quality fund services offering.
Stuart Platt-Ransom, Chief Executive Officer of Oak, said: “The IAG team has extensive experience within the funds industry – they are specialists in delivering a tailored and professional fund administration service, and I’m pleased that the highly knowledgeable team is joining Oak.
“Our aim is to deliver financial solutions that exceed the expectations of our institutional and private clients worldwide. We build long-lasting relationships with our clients and intermediaries and director-led service delivery is customary, ensuring clients always receive a quality, personal and cost-effective service. Our people-led approach is shared by IAG which makes this new development a great fit for everyone involved.
“The addition of IAG to Oak is an integral step in our strategy of developing a business that can offer a full range of administration services internationally.”
Alison Simpson, CEO of IAG, said: “IAG is very excited to be joining Oak to strengthen its fund administration services.
“IAG wanted to capitalise on its growing reputation in the market for some time, but we recognised that we couldn’t do this alone. Oak provides us with a larger platform, opportunities in new jurisdictions, a broader range of services and solutions for our clients and complementary skills to help us achieve our goals.
“We agree on the fundamental importance of a personal, director-led approach to client service and Oak made the continued involvement of IAG’s directors a condition of the deal. We have made a long-term commitment by becoming shareholders in Oak, ensuring the continuity of all aspects of client service delivery, so IAG’s existing clients can be sure that it will be business as usual.”
The acquisition is subject to regulatory approvals but once completed Oak will employ more than 200 people across six jurisdictions.
