Maitland acquires Insinger De Beufort's Luxemborg business

International professional services firm Maitland has increased its fiduciary and asset management capabilities through acquiring Insinger de Beaufort's boutique fiduciary business in Luxembourg. The deal is subject to Luxembourg regulatory approval.

Firm-wide Maitland now administers approximately $25 billion in fiduciary assets and administers $38 billion in assets on behalf of over 70 fund management businesses. The asset management business of Insinger Luxembourg will add a further $65 million to the current $800 million under management in Maitland's asset management division.

Maitland MD Steve Georgala says that the acquisition will benefit South African clients as it further strengthens Maitlands capabilities in Luxembourg. "Both South African corporates and individuals are increasingly international and we are seeing an increase in interest in the legal and financial structures offered in that jurisdiction," he says.

Maitland was formed in Luxembourg over 30 years ago, but has grown an office network in 11 locations around the world, including Johannesburg, Cape Town and Durban. With a combined staff total of 75, Maitland will now be one of the largest independent service providers in Luxembourg offering local and cross-border services.

Insinger de Beaufort (Luxembourg) S.A. is a wholly-owned subsidiary of the Insinger de Beaufort group. Providing largely fiduciary services, as well as corporate and asset management services, it has been functioning autonomously within the Insinger de Beaufort group. In 2003 the group sold its "trust" businesses to Candover but retained Insinger Luxembourg. The group has now made a strategic decision to sell its remaining Luxembourg trust business to Maitland so that it can focus on its core businesses.

Frans Peijster of the Insinger de Beaufort group says: "The fit is logical. Our Luxembourg business of fiduciary services, as well as corporate and asset management services are strongly synergistic with Maitland's business."

The deal does not affect Insinger de Beaufort group's ongoing relationship with Maitland who will continue to provide services to the group.

Upon the receipt of regulatory approval, Insinger Luxembourg's business will be integrated with Maitlands.