Financial services firm Estera has bought up an administration company based in Jersey.

Estera — formerly part of law firm Appleby — finalised the deal to take over Morgan Sharpe Administration earlier this week.

The new acquisition, which is subject to approval by regulators, will take the Estera name.

Farah Ballands, chief executive officer of Estera, said: “This is a great start to the new year following the success of our rebrand in 2016.

“The team at Morgan Sharpe is a perfect fit with the Estera group — they are committed to the high standards of service that our clients are accustomed to and we are pleased to welcome them.

“Under our ownership, Morgan Sharpe’s clients will benefit from additional resources and access to Estera’s expertise on a global basis.

“Estera is committed to enhancing its position as a leading player in existing and new jurisdictions.

“With this announcement, we are able to offer clients greater breadth of capabilities in private equity fund administration whilst strengthening Estera’s position in an important market — we are thrilled to boost our presence in Guernsey.”

Ethan Levner, Estera group head of corporate development, added: “This acquisition represents our intention to be an active acquirer globally.

“Morgan Sharpe is an outstanding firm, and we are delighted that the transaction will bring greater depth to Estera’s service offering.”

Serena Tremlett and Mel Torode, founders of Morgan Sharpe, said: “Partnering with a leading global player in fund administration and fiduciary services in an increasingly complex and international market was the next logical step for Morgan Sharpe.

“We have received many approaches from potential buyers in recent years, a great validation of our business model.

“Estera is the ideal partner for us given its global reach, excellent reputation, professionalism and commitment to both employees and clients. We are excited about the new opportunities for our clients and our team that will arise from this partnership.”

Estera, formed last year after a management buyout of Appleby Fiduciary Services, now has more than 370 staff across ten jurisdictions.