SOVEREIGN GROUP ACQUIRES STM FIDECS MANAGEMENT LIMITED
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) as well as STM Fiscalis Limited, from the AIM-listed STM Group.
Under the terms of the acquisition, 18 of FML’s existing staff will relocate to the new offices of Sovereign Trust (Gibraltar) Limited at Sovereign Place, 117 Main Street, Gibraltar. The company will be rebranded as Sovereign Fiduciary Services Limited.
Sovereign Fiduciary Services Limited will trade alongside Sovereign’s own trust and company management division, under the management of Sovereign Trust (Gibraltar) Managing Director, John Blake. The acquisition brings staff numbers on this 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.
STM Fiscalis Limited, the Gibraltar based tax compliance and tax advisory business has rebranded as Sovereign Fiscalis Limited. Lynette Chaudhary, Director, a specialist in Gibraltar and UK personal tax, continues in her role, striving to consistently deliver superior tax and residency services.
Sovereign moved its headquarters office in Gibraltar from 143 to 117 Main Street, which has now been renamed Sovereign Place, in December. The conversion of this historic family freehold into a four-storey office providing 1,300sqm of Grade A office space took some three years and represents a substantial investment in the future of our business on the Rock.
Commenting on the deal, Sovereign Group CEO Gerry Kelly said: “We are delighted to complete these acquisitions and to welcome the FML and Fiscalis 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.
“These acquisitions come 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.
“The acquisitions further strengthen 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.
Sovereign Fiduciary Services Limited is regulated by the Gibraltar Financial Services Commission (GFSC), which granted regulatory approval for the acquisition.
Sovereign Gibraltar now employs over 140 staff locally and is one of the most significant private sector employers. Regulated by the Gibraltar Financial Services Commission, Sovereign’s four authorised entities work closely to drive growth and sustainability for Gibraltar businesses through a complementary suite of professional trustee, director, company and Trust management, pensions and insurance services.
Sovereign’s offering ranges across employee benefit packages and incentive plans, professional trustee and director services, accounting, payroll, bespoke corporate and private client insurance, occupational and personal pension plans, investment and pensions advice, market entry, local licences and permits, plus company secretarial and company management.