The Tribune

A Guernsey-headquartered financial services provider is expanding into The Bahamas with the acquisition of Amber Trust.

Oak Group, which describes itself as a fiduciary, corporate and fund administration business, said in a statement that it will grow its global reach and presence after its own new owner, Opera, purchased the Bahamian-based trust and fiduciary services business. 

Opera is backed by Pula, the family office of Stephen Lansdown, co-founder of Hargreaves Lansdown, a UK-based investment management company focusing on retail investors and which manages some £155bn in savings and investments on their behalf. Broken down, the name Opera stands for O for Oak, P for Pula, and E-R-A for a new era in financial services. 

The Amber Trust acquisition was described as boosting Opera’s ambition to grow its high net worth client portfolio and build a dedicated service offering. Amber was described as “a well-established trust company that offers proactive fiduciary services and concierge level service to ultra high net worth individuals and families.

“Amber’s asset structuring services support families with a global asset base seeking long-term wealth succession. Their service portfolio also includes family governance advice and assistance with establishing and operating single-family offices,” the statement added.

Amber will now operate under the Oak brand, leveraging the latter’s resources and technology. Oak Group, which traces its roots back to 1999, now operates from offices in Guernsey, Jersey, Isle of Man, Mauritius and The Bahamas.

Kim Sgarlata, Oak Group’s group chief executive, said: “This acquisition is an exciting opportunity to enhance our global reach and provide deeper, more focused services to our ultra high net worth clients. We believe that Amber’s expertise and strong client relationships, combined with Oak’s resources and technology, will create a powerhouse of bespoke services for our clients across the globe.”

Katie Booth, Amber’s managing director, said: “We are thrilled to be joining the Opera family under the Oak brand. Their strong commitment to delivering personalised, high-quality services to ultra high net worth clients aligns perfectly with our approach at Amber. I look forward to contributing to Opera’s ambitious plans for the future.”

Amber’s clients were reassured there will be no change to the services they currently receive. Oak Group and Opera said the integration of Amber and its clients into the group will begin immediately, ensuring continuity and an enhanced service offering through access to Oak’s resources and expertise.

Amber’s acquisition was said to be part of Project Overture, Opera’s five-year strategic growth plan. “By 2029, Opera will have a significantly larger portfolio of businesses, expanded its geographic reach, and accelerated revenue and value growth, all while maintaining a client-first ethos,” the statement said.