Law firm Appleby, which has offices in Athol Street, says buying a local trust company fits the organisation's global growth strategy.
Appleby has bought Caledonian Trust and Caledonian Fund Services – and the new business, called Appleby Fund Administration Ltd began operating from Appleby’s Douglas offices on 6 June.
The move sees 20 staff join Appleby, which employs a total of 140 people in the Isle of Man.
Caledonian’s chief executive Sandra Georgeson says joining Appleby gives the company an opportunity to refocus its global strategic positioning.
Sean Dowling office managing partner of Appleby in the Isle of Man, said the acquisition is part of the group's strategy to grow its fiduciary and administration business. He added the firm is delighted to offer clients greater resources and a broader choice.
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