EARLIER this year global financial services firm The Caledonian Group was acquired by New World Holdings Inc, a privately held investment company in the Cayman Islands.
Last month Isle of Man regulatory approval in respect of the acquisition was granted for Caledonian Fund Services (Europe) Limited (CFSEL) and Caledonian Trust (IOM) Limited (CTIOM), the European arms of the group.
The new parent company, Caledonian Global Financial Services, will form one of the largest, specialised financial services providers in the Cayman Islands.
Under the terms of the acquisition agreement New World will invest additional capital into all business lines of Caledonian, strengthening the financial stability of the group and targeting further diversification and growth.
Caledonian was founded 40 years ago in the Cayman Islands and currently has offices in the Cayman Islands, the British Virgin Islands, the Isle of Man, Connecticut, Orlando, and Cape Town. The organisation specialises in banking, fund administration and management, captive insurance management, fiduciary, trust and director services and has assets under administration and management of more than $16bn.
CTIOM was established in 1996 to service clients within the European region with CFSEL following in 2005 to concentrate on expanding the fund services offering of the organisation. CFSEL provides fund administration to a wide range of hedge funds, together with accounting/reporting services for managed account platforms and standalone investor services. It also offers manager services for the orderly wind down of distressed funds.
As a result of the acquisition, New World’s principals, Kobi Dorenbush and Barry McQuain, have been appointed as joint CEOs of Caledonian Global Financial Services. Both Mr Dorenbush and Mr McQuain, now based in the Cayman Islands, share a vision to diversify Caledonian’s financial offerings through pioneering services and technology.
Caledonian’s global managing dirctor David Walker said: ‘This is an exceptional strategic fit for Caledonian and it will position us to become a greater global force with diversified service offerings, customer mix and geographic presence.’
Commenting on the acquisition, Sandra Georgeson, who heads up CTIOM, said that she was looking forward to working with the new principals to grow the business.
For more information, log on to www.caledonian.com or email communications@caledonian.com.