The former fiduciary arm of law firm Appleby has bought up a European financial services group.

Estera, once part of Appleby, but now an independent business, has taken over Heritage Financial Services Group, which operates from offices in Guernsey, the UK and Malta.

Farah Ballands, CEO of Estera, said: “We are delighted to welcome HFSG to the Estera family, a team with an excellent reputation in client service, a value which is core to Estera.”

HFSG provides third party fund administration, depositary, trust and corporate services.

It employs around 100 people across three jurisdictions and the company is expected to be rebranded as Estera once the deal is finalised.

Ms Ballands said: “This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, while also expanding jurisdictional choice for our trust and corporate clients.”

Ethan Levner, Estera head of corporate development, said the funds market was a strategic priority for Estera and the buy-up of two fund administration businesses underlined the company’s commitment to establishing an international presence in the sector.

Mark Huntley, CEO of HFSG, said: “This transaction marks a significant development for Heritage, our clients and employees.

“While we will continue to deliver the highest standard of professional and personalised service, our business, our people and our clients will all benefit from the global resources and growth ambition offered by Estera in respect of our fund and fiduciary service offering.”

He added: “We appreciate that for our clients continuity of people and service is important.

“To this end, they can take reassurance in the fact that all Heritage employees will transfer to Estera and that our senior management will take a meaningful stake in the enlarged business.”

HFSG’s insurance business is not included in the transaction and will continue to operate as an independent company.