The board of Liberation Holdings Limited have decided that in order to continue providing the requisite level of services from its Guernsey office that it will join forces with New Street Management Limited, another independent fiduciary in Guernsey.
A more detailed notice which was provided to our clients is appended below and you can review the media release at this link.
Liberation Holdings Limited would like to confirm its full commitment to continuing its operations in Luxembourg and the Netherlands and indeed will use this as an opportunity to focus on the services that it provides with a view to further enhancing and strengthening its position.
In this age of increased regulation, compliance and reporting requirements, the associated costs for running a small to medium size fiduciary business in the Channel Islands have increased significantly. There has been much consolidation in CI financial services businesses in recent years, in particular in Trust services, and we feel certain that this will continue.
The board felt that this was the time to merge our forces with a fellow regulated Trust Company in Guernsey that shares the same values and strongly felt that this move is in the best interests of the Liberation Group, our staff and our clients.
We are therefore writing on behalf of the board of Liberation Holdings Limited (LHL) to advise that we have decided to unite our forces in Guernsey by selling our Guernsey based subsidiary, Liberation Management Limited (LML), to New Street Management Limited (NSM), another fully licensed independent fiduciary Company based in Guernsey. The website address of NSM is www.nsmtrust.com
Although this is indeed a sale, NSM are taking the vast majority of LML staff to ensure our clients continue to receive the high level of efficient service which you have come to expect and this will be enhanced by staff continuity. Further, Jacqui Le Noury and I will continue to work with NSM, on a part time basis, for at least six months to assist with the transition and again ensuring that your best interests are kept at heart. Bruce Currie will also become a Director and full time employee of NSM on the 1st July 2017 which will completion date of those changes.
We would like to take this opportunity to thank you for working with us during the past years and we know that the existing LML staff and management of LML and NSM are looking forward to continuing to provide services to you for many years to come.
The board of LHL will continue to develop and grow its operations in Luxembourg and Holland and will continue to provide relevant services in those jurisdictions to the clients of NSM/LML.
Please feel free to contact any of us with any questions that you may have.