Equity Trust is up for sale. In Asia, Equity Trust headcount is probably around 120 or more, making it indeed a very large player. An awful lot of people has passed through its doors over the years. Everyone knows someone that has worked there.
Its current owner, an UK private equity fund, Candover is having a fire sale after a series of overly aggressive (read: tanked) investments. It is highly unusual that sales of this nature are even public and gives you insight into the scope and value of trustee and trust-related businesses.
The asking price is believed to be somewhere in the £250-300m range. That is a big chunk to swallow, but on the flip side, the new owner will have a turn-key toy with a formidable global platform.
Here's some numbers for you to consider if you're interested:
The €182.5m management buyout made in May 2003, involved the trust and fiduciary services business of Bank Insinger de Beaufort, in which Candover took a majority equity stake in the new business, to be known as Equity Trust. Debt finance for the deal was arranged by The Royal Bank of Scotland in the form of £90m in senior debt and £10m in mezzanine debt. Candover Investments' holding: £11.3m
[Update: SOLD! €350m !!!]
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