The takeover establishes Walbrook’s first overseas operation and is expected to attract new business opportunities in the Far East region and internationally.
Prior to 2003 Walbrook was Deloitte’s offshore trust arm, but following a management buy-out in 2003 it was established as an independent group in its own right.
In the past two years revenues have increased by over 25%.
Walbrook chief executive Brian Dix said expansion into Asia was a key element in the group’s growth strategy.
‘This is a tremendous opportunity,’ he said.
‘Hong Kong has both a mature trust market and a sophisticated, entrepreneurial demand for trust services, which until now has been dominated by banks.
We believe there is room for a credible, independent alternative.
The operation will be chaired by Peter Wong, a former Deloitte partner with responsibility for part of its trustee services and one of Hong Kong’s leading businessmen.
He is a former member of the Hong Kong legislative council and sits on the governing council of the Institute of Chartered Accountants in England and Wales.
Walbrook now employs over 200 staff at offices in Jersey, Guernsey and the Isle of Man.