A new private client, corporate services and fund administration group has been launched in the Isle of Man.

Oak is the consolidation of three existing businesses - Kreston IOM, Consortia and Oak Trust Group which between them have offices in the Isle of Man, Jersey, Guernsey, Malta and Mauritius.

The new enterprise will employ 160 people across the five jurisdictions.

Stuart Platt-Ransom, who has more than 25 years’ experience in the financial services sector, has been appointed the chief executive officer of Oak.

He said: ’Oak’s innovative business model is a welcome alternative to the more common leveraged private equity-backed deal.

’Our approach, which is management-owned and backed by a local investment fund, offers the opportunity for the continued involvement of the original principles from each of the companies acquired and for employees to obtain an interest in the business,’ said Mr Platt-Ransom.

’We think it’s hugely beneficial for Oak’s long-term success to have the ongoing support of the principles for client relationships, continuity of operations and the buy-in of our employees for the future development of the business. Our objective is to become the trusted provider of financial solutions that exceed the expectations of institutional and private clients around the world.’

Kreston IOM, the Isle of Man-based business acquired by Oak, was founded in 1998 and provides so-called ’tailored solutions’ for international corporations and private clients with diverse needs ranging from asset protection and retirement planning to property acquisitions and company listings.

Tanya O’Carroll, managing director of Oak’s Isle of Man office, has more than 15 years’ experience in the international trust industry.

’I’m excited to work with Stuart to finalise the integration of all the businesses and implement the new strategy which will offer a multi-jurisdictional solution and ensure Oak is best placed to service the present and future requirements of our valued clients,’ she said.

’This approach will complement our longstanding focus on commitment to clients over the past two decades, evidenced by bespoke personal client service and mutually beneficial relationships with advisers based around the world.’

Kreston IoM, of Millennium House Victoria Road, Douglas, has a team of experienced, qualified accountants and STEP-qualified trust experts and is part of Kreston International - a global network of independent accounting firms.

Oak is backed by the Financial Services Opportunities Investment Fund, an International Stock Exchange listed, closed-ended investment ’vehicle’ supported by investors.

The fund has the investment objective of attaining long-term capital growth and income streams by investing in a diversified portfolio, principally financial services businesses based in offshore financial centres.