Appleby, the global provider of offshore legal and fiduciary services, has acquired two of Coutts’ trust businesses as part of the former’s strategy to grow its fiduciary and administration business.

Appleby, the global provider of offshore legal and fiduciary services, has acquired two of Coutts’ trust businesses as part of the former’s strategy to grow its fiduciary and administration business, it announced yesterday.

The firm said its acquisition of the trust administration books in the Cayman Islands and Geneva follows a strategic review by Coutts to divest itself of certain non-core trust business and focus on the expansion of its international trust business in Jersey.

The financial size of the acquisition was not disclosed by Appleby.

“We have continued to look for new opportunities to build on the success of Appleby’s trust business. Coutts’ business in Cayman is a great fit with our own – Coutts adheres to the high standards of service our clients are used to,” Richard McMillan, managing director of Appleby Trust (Cayman), said.

The Cayman Island book will become part of Appleby Trust (Cayman) Ltd. and will operate from Appleby’s Cayman office. The book in Geneva will become part of Appleby Trust (Isle of Man) Limited.

Martin Hall, managing director and head of Coutts’ International Trust Business said: “We see this transaction as a logical step in Coutts’ growth strategy, sharpening our focus on serving clients from key markets and investing substantially in our flagship Jersey trust company.”