Harneys announces divestment of fiduciary business

Harneys has announced the signing of definitive agreements for the sale of its fiduciary business, Harneys Fiduciary, in a transaction backed by global private equity firm Hillhouse. The final closing of the transaction is subject to the completion of the separation of the fiduciary business from Harneys’ law firm business, certain business restructurings, and other customary closing conditions.

Established in 1974, Harneys Fiduciary is a leading global offshore corporate services provider specialising in the provision of corporate administration, trust and fiduciary services in the British Virgin Islands, the Cayman Islands, Hong Kong, and Singapore, among others. Upon the closing of the transaction, the business will be led by existing Harneys Fiduciary CEO Ross Munro and Chief Commercial Officer Pia Buchi.

Ross Munro, CEO of Harneys Fiduciary, said: “We are excited to partner with Hillhouse as they share our values and vision for the business. Their support and long-term investment will enable us to take the business to the next level and provides us with the capital and strategic resources to fulfil our ambitious growth plans.”

The sale will provide Harneys with the means to invest in the strategic growth of the law firm, with a focus on innovation, including the development of new products, services, and investment in technology to enhance client service and delivery.

William Peake, Global Managing Partner of Harneys, commented: “This transaction creates two people-focused, dynamic, and forward-looking businesses. It opens an exciting new chapter for the Harneys law firm. After carefully reviewing our strategy as a firm, we fully believe that this step will mean we are better positioned to target growth and offer our clients even more innovative services and solutions. A unique element of this decision is that a significant portion of the sale proceeds will be reinvested back into the business through the creation of a Harneys Accelerator Fund. This will enable us to invest in new technologies and products, explore new markets and generally optimise our business operations.”

Hillhouse Partner Sean Carney added: “We are impressed by the leadership team led by Ross Munro who have built a leading offshore corporate services provider. We look forward to a close strategic partnership with the Harneys law firm following the closing.”

Founded in 2005, Hillhouse is a leading global private equity firm focused on building and investing in high quality companies across business services, healthcare, energy transition, industrials, and consumer to achieve long-term sustainable growth. Hillhouse partners with exceptional entrepreneurs and management teams to create value from its offices in Singapore, Hong Kong, Beijing, London, and New York.

Harneys were advised by PwC Corporate Finance and Linklaters.