The former fiduciary arm of law firm Appleby has bought up a Channel Island administration company.

Estera, hived off from Appleby in a management buyout in 2015, will now rebrand Guernsey-based Morgan Sharpe Administration to Estera Administration (Guernsey).

A statement from Serena Tremlett and Mel Torode, directors of Estera in Guernsey, said: “We are proud of our heritage and the foundations we have built as Morgan Sharpe.

“In order to build on that success and move forward as a global business, it is important that we continue to grow and align ourselves with the Estera brand and values.

“The completion of this transaction marks and exciting new chapter for our team and clients who will benefit from an even greater choice of service and jurisdictions as part of a global group.”

Farah Ballands, CEO of Estera, which provides fiduciary and administration services from more than ten locations, including Bermuda, added: “We are delighted to formally welcome the team at Morgan Sharpe to the Estera Group.

“They bring a wealth of experience in fund administration to our team and we look forward to working with them to expand our presence in Guernsey, an important market and jurisdiction for the Estera Group.”