Subject to regulatory approval from the JFSC, the combined business will have over 50 experienced professionals, serving in excess of 350 clients globally.
Founded in 1992, by Iain Moodie, Pinnacle has grown to become a very successful, private client business. Iain will be retiring, but remains available to assist with the integration, and their managing director – James Wetherall – will be joining the existing Affinity leadership team, of David Stearn, Ben Stott, Justin Thomas, Russell Waite and Julia Warrander, as an Affinity Group Director.
The rationale for this acquisition is to increase market share, diversify our geographical reach, build capabilities and enhance efficiency.
This transaction has been financed through the support of existing and new shareholders, in conjunction with senior debt from Investec Bank. Importantly there is no private equity involved, ensuring stability and a focus on the long-term.
Pinnacle brings a 30 year track record, an impressive network of professional intermediaries and strong connections in the Middle East. Affinity is a full service wealth manager, offering wealth consulting, trust and investment services – with a growing reputation in the sustainable space – alongside experience in leveraging technology as an enabler.
Both firms have a strong culture of governance and compliance. Maintaining our shared values and focus on all stakeholders, not just shareholders, will be critical factors in a successful integration.
David Stearn, Chief Executive, commented: “Despite the challenges of the COVID-19 pandemic, we are proud to have completed this deal. We are confident the transaction is a win-win for our firms, clients, staff and other key stakeholders. Having established Affinity in 2011, in the midst of the European crisis and the shadow of the 2008/09 Great Recession, we have first-hand experience in successfully navigating challenging environments. As a leadership team, we bring resilience, entrepreneurial drive and ambition. Our vision, for the coming decade, is to build on our reputation and expertise to become a globally recognised wealth manager.”
James Wetherall, Managing Director of Pinnacle Trustees Limited, added: “In choosing a suitable business to partner with, it was important that there was a strong alignment of culture and values and we sought a firm that would focus on retaining our high service standards, as well as taking good care of staff. All Pinnacle directors and employees will be joining the combined group.”
Justin Thomas, Managing Director of Affinity Trust Limited; remarked “Having built the business organically to-date, we have been actively seeking a suitable acquisition to fast-track the next stage of our growth. We are excited to move forward together, as one of the few truly independent trust companies operating from this jurisdiction.”
Walkers (legal), KPMG & BDO (financial and tax) acted as advisors to Affinity in this transaction. Ogier acted as advisers to Pinnacle. Financial terms have not been disclosed.