King & Wood Mallesons SJ Berwin has advised Salamanca Group, the Merchant Banking and Operational Risk Management business, on its acquisition of Investec Trust Group (Investec Trust), from Investec Bank plc. (Investec).

The complex multi-jurisdictional acquisition, which required King & Wood Mallesons SJ Berwin to work with legal advisers in the British Virgin Islands, Mauritius, Jersey, Switzerland and South Africa to obtain the necessary consents, was granted regulatory approval on Friday 31st January.

Andrew Wingfield, Corporate partner at King & Wood Mallesons SJ Berwin, said: “This is an important strategic acquisition for our client and one that will help to grow the business. We are very pleased to have obtained approval for what is essentially an exciting next step for the Salamanca Group. We have noted that the acquisition is part of an increasing trend of investment banks selling their management arms on which we have advised."

Salamanca Group integrates traditional Merchant Banking practices and values with Operational Risk Management expertise and offers investment, advisory and trust services alongside operational risk management and project delivery expertise. Clients include high and ultra-high net worth individuals as well as entrepreneurs, intermediaries, family offices and corporate entities.

The former Investec Trust currently holds over £4.5 billion in assets under administration and employs around 100 people of over 20 nationalities, across offices in Jersey, Switzerland, South Africa and Mauritius. The unit will be run as a stand-alone Trust & Fiduciary business unit of Salamanca Group and rebranded Salamanca Group Trust and Fiduciary.

The King & Wood Mallesons SJ Berwin team was led by Corporate partner Andrew Wingfield along with associates Janine Suttie, and James Darbyshire.