The management buyout of the fiduciary arm of legal firm Appleby, backed by London-based private-equity firm Bridgepoint, has been completed.

The deal means the fiduciary and administration segment of the offshore law firm, which has 350 employees, part of which is based in Bermuda, will be spun off.

Farah Ballands, a former Appleby partner based in the firm’s Jersey office, will lead the new independent business.

She said: “Appleby Fiduciary Business has grown significantly over the years with over 350 staff located across nine offshore jurisdictions.

“With Bridgepoint’s expertise and support, we look forward to building on this success and investing in new infrastructure to give our clients an unrivalled standard of service.”

She added: “The Appleby group has provided us with a solid foundation from which to build our new fiduciary brand, which we expect to launch in the first quarter of 2016.

“The team is also busy working on a number of strategic initiatives that we look forward to communicating over the next few weeks, including the appointment of our new chairman.”

Bridgepoint partner and head of its financial services team William Paul said: “The buyout brings significant opportunity for Appleby Fiduciary Business as a stand-alone business to accelerate its growth organically and via acquisition in what remains a strongly growing market.”

Appleby Fiduciary Business provided offshore management and administration services to wealthy clients, private companies, funds and global corporations for more than 25 years.

The business unit is also a significant player in the Island’s booming insurance-linked securities market.

Although neither side was prepared to discuss the cost of the buyout, is estimated to be worth around $370 million.