Mercator, the Guernsey-based fiduciary services firm, has sold its investment management business, Nova Investment Management, to its managing director, Ross Preston. Terms of the deal were not disclosed.

“Mercator is very much focusing on its core fiduciary services as independent trust professionals, which is why we have agreed to sell the investment management business,” said Gavin St Pier, chairman of Mercator.

“Nova Investment Management has been a successful part of Mercator's business and we are confident that this independence will give both Nova Investment Management and Mercator the opportunity to develop their respective businesses, whilst continuing to work together where appropriate for clients and benefit from the longstanding relationship they have developed.”

Preston joined Nova Investment Management three years ago and since then he and his team have achieved sound results and substantially grown its assets under management, the firm said in a statement.