Two Jersey trust businesses, IFM Trust Limited and Sector Trust Company Limited have announced a merger with immediate effect.

The combined companies will operate under the banner of IFM Group Limited and brings together all 63 staff from IFM and 11 from Sector under a team of eight directors. These are Eric Axford, Heather Doull, Richard Kearsey, John Medina and Brian Morris of IFM, and Kevin Costello, Stuart McInnes and Peter Culnane of Sector.

IFM has been in business since 1972 and is an independent company which offers the full range of fiduciary services. It has its head office in Jersey, offices in Switzerland, South Africa and New Zealand and representation in UK and Ireland.

Sector is an independent trust company that has been in the Island since 1988. They offer trust and company services through Sector Trust and are a major provider of corporate pension schemes, RATS and SIPPs in Jersey. In addition they provide investment advice and financial planning services through Sector Investment Services Limited and accountancy and ancillary services through Edwards & Co (Jersey) Limited, (Chartered Certified Accountants).

Eric Axford, Chairman of IFM, commented: ‘The merger will not only increase the firm’s market position in fiduciary business but will also enable the newly enlarged Group to offer complementary services not just to existing and new clients, but also to intermediaries through United Ventures Limited, Sector Investment Services and Edwards & Co.’

Kevin Costello, Director at Sector Trust, added: ‘We look forward to working with our new colleagues at IFM and building a successful partnership with them. We firmly believe that this merger is in the best interests of our clients and will bring many benefits, not least a far greater management resource in support of our existing clients who will also have access to a wider range of services.’

Globally the new team will have 74 staff and will remain independent of any large financial institution.