Appleby, the Bermudian-founded offshore law and fiduciary services firm, has secured a significant minority investment from New Mountain Capital to support expansion, technology investment and potential acquisitions.

The firm said New Mountain, a New York-based investment company with about $60 billion of assets under management, will take the stake in a newly established Cayman Islands company that will indirectly hold Appleby Global Group LLC.

Appleby Global Group is a managed-services organisation for Appleby’s law firms and owns the firm’s global fiduciary services.

Appleby said its existing management team and partners would keep leading the business and have majority ownership. Its law firm entities will still be owned and controlled by Appleby partners qualified in the jurisdictions where they operate.

Malcolm Moller, Appleby’s group managing partner, will become chief executive after the transaction is completed.

He said the investment is aimed at enhancing client service, developing opportunities for colleagues and supporting the firm’s wider platform.

Mr Moller added that the capital would allow Appleby to expand into new jurisdictions and service lines, put more towards technology and innovation, and strengthen client service.

New Mountain said it expected to support Appleby’s growth through investment in talent, technology and mergers and acquisitions.

Appleby was established in Bermuda in the late 1890s and now employs more than 500 people, including about 200 lawyers, across 11 offices. Its Bermuda office has about 100 staff and close to 50 lawyers.

The firm is a noted adviser to Bermuda’s re/insurance market, including on insurance-linked securities, catastrophe bonds, special-purpose insurers and reinsurance sidecars.

Guggenheim Securities acted as financial adviser to Appleby, with Ropes & Gray LLP as legal adviser. Piper Sandler advised New Mountain, while Simpson Thacher & Bartlett LLP and Addleshaw Goddard LLP served as legal advisers.

Brad Adderley, Appleby’s Bermuda managing partner, declined to comment on any potential implications for the island and referred The Royal Gazette to the official press release.