A new private client, corporate services and fund administration group has launched.
Oak comprises three existing businesses - Oak Trust Group, Consortia and Kreston IOM - which between them have offices in Guernsey, the Isle of Man, Jersey, Malta and Mauritius.
The new business, which is headquartered in Guernsey, employs 160 people across the five jurisdictions.
Stuart Platt-Ransom has been appointed the chief executive officer of Oak. Previously chief executive officer of the Legis Group, he has more than 25 years’ experience in the financial services sector.
Oak is backed by the Financial Services Opportunities Investment Fund, a Guernsey-based, International Stock Exchange listed, closed-ended investment vehicle supported by Channel Island investors. The fund has the investment objective of attaining long-term capital growth and income streams by investing in a diversified portfolio, principally financial services businesses based in offshore financial centres.
“Oak’s innovative business model is a welcome alternative to the more common leveraged private equity-backed deal. Our approach, which is management-owned and backed by a local investment fund, offers the opportunity for the continued involvement of the original principals from each of the companies acquired and for employees to obtain an interest in the business,” said Mr Platt-Ransom.
“We think it’s hugely beneficial for Oak’s long-term success to have the ongoing support of the principals for client relationships, continuity of operations and the buy-in of our employees for the future development of the business. Our objective is to become the trusted provider of financial solutions that exceed the expectations of institutional and private clients around the world.
“I’m looking forward to completing the integration of all the businesses and implementing the new strategy to service the present and future requirements of our valued clients. Our focus is on preserving the family-feel and people-led cultures of the businesses, ensuring clients continue to receive a quality, personal and cost-effective service.”