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Sovereign Group Acquires STM Fidecs Management Limite
The Sovereign Group, the leading independent provider of corporate, private client and retirement planning services, is pleased to announce the acquisition of STM Fidecs Management Limited (FML), the Gibraltar-based trust and company management arm of the AIM-listed STM Group and one of the longest-standing and most prominent fiduciary businesses in Gibraltar.
Under the terms of the deal, 18 of FML’s existing staff will be relocating to the new offices of Sovereign Trust (Gibraltar) Limited at Sovereign Place, 117 Main Street, Gibraltar, and the company will be rebranded as Sovereign Fiduciary Services Limited.
The rebranded entity will trade alongside Sovereign’s own trust and company management division, headed by Sovereign Trust (Gibraltar) Managing Director John Blake. The acquisition brings staff numbers on that side of the business to 54. Sovereign currently employs a further 87 staff in Gibraltar across its retirement planning, wealth management and insurance broking arms.
Commenting on the acquisition, Sovereign Group CEO Gerry Kelly said: “We are delighted to complete this acquisition and to welcome the FML staff to the Sovereign team. It was precisely with acquisitions like this in mind that Sovereign moved to occupy larger premises in Gibraltar last year.
“This acquisition of FML comes hard on the heels of our acquisition of First Rock Trustees in Gibraltar in October 2020. We expect to see further consolidation in the trust and company sector over the coming few years and Sovereign will be actively looking for other opportunities in Gibraltar and elsewhere that match our investment criteria.
“This acquisition further strengthens our position as one of the leading privately-owned private client and corporate services providers worldwide, with approaching 500 employees across a network of 23 offices. It is our intention to continue to grow our international footprint,” said Kelly.
STM Fidecs Management Limited is regulated by the Gibraltar Financial Services Commission (GFSC), which has granted regulatory approval for the acquisition.
As part of the deal, the Sovereign Group has also acquired the Gibraltar-based tax advisory company STM Fiscalis Limited, which is to change its name to Sovereign Fiscalis Limited. We are pleased that an additional staff member will also join us under the terms of this acquisition.