Appleby Acquires Caledonian Fund Services

Legal and fiduciary services provider Appleby has acquired Caledonian Trust (IOM) and Caledonian Fund Services (Europe) as part of the group’s ongoing strategy to grow its fiduciary and administration business.

Sean Dowling, office managing partner of Appleby in the Isle of Man said: “We have continued to look for new opportunities to build on the success of Appleby Trust (Isle of Man) since its establishment in 2000. The staff at Caledonian are a great fit with our team – they strive for the high standards of service our clients are used to and we are pleased to welcome them on board.”

The new business will trade under the name of Appleby Fund Administration (IOM) Limited with effect from June 7 2013 and will operate from Appleby’s office on Athol Street in Douglas. The move will see approximately 20 staff relocate to Appleby bringing the total headcount of their Athol Street office to 140.

Sandra Georgeson, CEO of Caledonian, Isle of Man said: “With the recent growth across our four other regions and the decision to pursue new markets, the firm viewed this transaction as a well timed opportunity to refocus our global strategic positioning. Our in-depth discussions with the Appleby team confirmed our initial belief that the acquisition is a positive move, not only for our respective organisations but more importantly for our clients. The strength and quality of Appleby’s existing operation made them the obvious choice and I look forward to seeing the business continue to flourish.”

The acquisition does not include any of Caledonian’s operations in the Cayman Islands, New York, Orlando or the BVI.