Abacus Financial Services, the Channel Islands wealth manager, is looking to acquire another wealth manager, according to a statement from t...

Abacus Financial Services, the Channel Islands wealth manager, is looking to acquire another wealth manager, according to a statement from the group. The wealth manager said it has appointed Millenium Associates, the Swiss-based wealth management acquisition specialist, as an advisor. Huw Bolle-Jones, chief executive had confirmed that Abacus has had a number of discussions with third parties with the possibility of acquiring them. Abacus announced at the beginning of the year that assets under management had doubled over the last five years to €30 billion ($38 billion). The firm has successfully built an onshore wealth management business in recent years and has moved away from its traditional trust business. “We have changed our focus, emphasis and strategy over recent years, enabling us to grow our corporate and private client business and to further expand our onshore UK, European and international business in London, Edinburgh, Cheltenham and Amsterdam, as well as the Channel Islands,” said Mr Bolle-Jones. In recent months Abacus has been on a recruitment drive, having hired 17 professionals at the end of last year and is currently still looking to further hire.