SOVEREIGN ACQUIRES CONCEPT GIBRALTAR BOOK OF BUSINESS

Gibraltar – 5 December 2017

Sovereign Group, the independent, international wealth management, retirement planning and corporate/trust services provider, has acquired the pensions business of Concept Trustees (Gibraltar) Limited which includes all the pension schemes branded under the Aurora Europa brand.

Under the terms of the acquisition, the trusteeship of the Aurora Europa and Aurora Europa Lite Pension Trusts transferred from Concept to Sovereign Trust International Limited with effect from 1 December 2017.

Gerry Kelly, COO of Sovereign, commented:

“We are delighted to welcome the former Concept pension scheme members into the Sovereign fold.

The total number of pension clients now serviced from Sovereign in Gibraltar is in excess of 3,600. This coupled with the continued success of, and investment into, our Malta, IOM, Guernsey and UK pension businesses underlines Sovereign Group’s commitment to this industry sector.

Roger Berry, Managing Director of Guernsey based Concept Group, said:

“As a result of changes introduced by the UK Finance Act 2017, Concept Group concluded that the potential to grow the Gibraltar based Aurora Europa Pension Schemes has been materially impaired. Concept decided that it is in the best interests of all parties that the existing trustees of its Gibraltar based QROP schemes should retire in favour of Sovereign.”

The Financial Services Commissions in both Gibraltar and Guernsey have been kept fully informed of the change.