Earlier this year global financial services firm, The Caledonian Group was acquired by New World Holdings Inc., a privately held investment company in the Cayman Islands. Earlier this month Isle of Man regulatory approval in respect of the acquisition was granted for Caledonian Fund Services (Europe) Limited (“CFSEL”) and Caledonian Trust (IOM) Limited (“CTIOM”), the European arms of the Group. The new parent company, Caledonian Global Financial Services will form one of the largest, specialised financial services providers in the Cayman Islands. Under the terms of the acquisition agreement New World will invest additional capital into all business lines of Caledonian, strengthening the financial stability of the group and targeting further diversification and growth. Caledonian was founded 40 years ago in the Cayman Islands and currently has current offices in the Cayman Islands, the British Virgin Islands, the Isle of Man, Connecticut, Orlando, and Cape Town. The organisation specialises in banking, fund administration and management, captive insurance management, fiduciary, trust and director services and has assets under administration and management of over $16b. CTIOM was established in 1996 to service clients within the European region with CFSEL following in 2005 to concentrate on expanding the fund services offering of the organisation. CFSEL provides fund administration to a wide range of hedge funds, together with accounting/reporting services for managed account platforms and standalone investor services. They also offer manager services for the orderly wind down of distressed funds. CTIOM provides a full service for companies and trusts including company secretarial work, provision of directors, registered office and accounting. Involvement in the day to day administration of their client companies has strengthened their extensive experience in the various business lines of the corporate services sector. As a result of the acquisition, New World’s principals Kobi Dorenbush and Barry McQuain have been appointed as joint CEO’s of Caledonian Global Financial Services. Both Mr. Dorenbush and Mr. McQuain, now based in the Cayman Islands, share a vision to diversify Caledonian’s financial offerings through pioneering services and technology. "This is an exceptional strategic fit for Caledonian and it will position us to become a greater global force with diversified service offerings, customer mix and geographic presence," stated Caledonian’s Global Managing Director David Walker. "We look forward to building on our current focus as well as expanding our services and global reach to meet the growing needs of our clients. We are confident the new principals bring an outstanding level of expertise and resources to our group and our jurisdictions.” Both Sandra Georgeson and Tina Corteen who head up CTIOM and CFSEL respectively are delighted to welcome this new era of Caledonian, both globally and to the local operations in the Isle of Man. Commenting on the acquisition Mrs Georgeson said that she was looking forward to working with the new principals to grow the business and to continue to provide exceptional service to all of our clients particularly with the additional worldwide offering that is now available. Mrs Corteen added “This is very exciting news for Caledonian. We care passionately about the standard of service we provide to our clients and we are sure that the acquisition will enable us to provide a more diversified offering which will in turn bring added value to our existing relationships while also creating new business opportunities.” New World’s principals have extensive experience in financial services - including but not limited to, private equity, hedge funds, investment banking, private banking, investment management and trust administration. They will work closely with Caledonian’s existing management team throughout their office locations to grow the business, enhance existing service offerings and develop new lines of business. “The combination of New World and Caledonian is extremely compelling. We expect to realise great synergies, increase our range of services and create a powerful leader in the financial industry,” stated Kobi Dorenbush. “With Caledonian’s respected brand and a high profile network of international experts, we plan to strengthen the firm, its resources and people, in order to surpass the already premium quality service our clients expect and enjoy,” concluded Barry McQuain. The strengthened group will not only enhance service to its customers but will also make valuable contributions to each of the communities in which they operate. For more information about Caledonian log on to www.caledonian.com or email communications@caledonian.com. ENDS