It was announced yesterday that a deal had been struck for Boston-based State Street Corporation – which already has a presence in the Island – to buy Mourant International Finance Administration for an undisclosed sum.
MIFA has 650 employees and US$170 billion in assets under administration. It is understood that staff have been told that their jobs are safe.
The business has its headquarters in Grenville Street, but also has offices in London, Dublin, Luxembourg, Singapore, Hong Kong, New York and Guernsey.
The deal is understood not to include Mourant du Feu and Jeune, which will continue to operate as a law firm.
There are still regulatory issues to complete and the transaction is not expected to be finalised until early next year.