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An investor group announced on Monday it has acquired a majority shareholding in Barclays' trust and fiduciary business. The new corporate name of the business was unveiled as Zedra. The investor group is led by the Sarikhani and Nielsen families, which has over 30 years of experience in building and operating financial services businesses in the trust, financial planning, tax, advisory, regulatory advisory and payments sectors.

Barclays Wealth & Investment Management had announced in June of last year that it intended to sell its trust and fiduciary business following an internal strategic review. Barclays said it approached the management of Zedra based on its previous experience in building and growing businesses in the trust and corporate services sectors.

Barclays will retain a 19.9% stake in Zedra to maintain and support continuing relationships with clients. The company has a client base of some of the world’s high net-worth individuals, influential families, entrepreneurs, investors and other organisations, and it intends to expand its engagement to a wider range of corporate and institutional clients in the future. Established over 50 years ago, Zedra’s core operational locations are Jersey, Guernsey, the Isle of Man, the Cayman Islands, Singapore, the UK and Switzerland.

Zedra’s board of directors includes Yves Deschenaux as Chairman, Bart Deconinck as Group Deputy Chairman, Niels Nielsen as Group Chief Executive Officer and Ali Sarikhani as Non-Executive Director.

"Today represents a pivotal moment in the life of this outstanding business and a unique opportunity to further build a global market leader in this dynamic sector,” Niels Nielsen, Group Chief Executive Officer of Zedra, said. “This is one of the longest-established trust businesses in the world with a heritage which, combined with our own experience in the sector, creates a powerful platform for growth.”

Nielsen, who is also the founder of Azure Trust in Jersey and the Chairman of Tuxedo Money Solutions, added, “This is an exciting time for the business, as we seek to double in size within five years. We relish the challenge ahead, which we approach with renewed energy and drive."

Zedra plans to double the size of the business within five years. This growth will be driven by attracting and retaining talented people to complement and build on its considerable experience and expertise, the company said. Azure Trust will also be merged into Zedra.

According a statement by Zedra, the acquisition has received approval from regulators in all jurisdictions in which it operates, and its new independence provides a platform on which its services can be expanded in both existing and new markets.

The company says Zedra is also the first global trust business to be acquired without a private equity investor for almost 10 years.