Le Masurier, James & Chinn (LMJC) is one of the most respected and conservatively managed financial institutions in Jersey. Founded in 1912, it is also the Channel Islands' oldest stockbroking and investment management company, with approximately $800 million under management.
The transaction became effective on 31st December, 1996 and involved 80% of the company's shares being purchased from Banque Indosuez, one of France's leading international investment banks, which has been the majority owner since 1986, and 20% from a minority shareholder. Banque Indosuez decision to seek a buyer for LMJC followed a strategic review by the Bank which concluded that it should concentrate its resources on its core investment banking business.
Mr. Peter Mellor, Senior Vice President, Investments, of the Bank of Bermuda, stated that the acquisition significantly expands our investment capacity in the European arena. In particular, LMJC's portfolio advisory and securities execution services complement our existing private client asset management services offered through our London base. In addition, our own stockbroking company, Bermuda International Securities Limited, will benefit from LMJC's membership of the London Stock Exchange and their ability to serve our clients needs in the European time zone.
Le Masurier, James & Chinn has an excellent reputation in Jersey. Its clients, in the main, are drawn from leading Jersey-based professional advisors, trustees, banks and other financial intermediaries. Together with the Bank's broad range of financial and investment services, LMJC will be well placed to meet our clients' ever growing list of requirements.
This acquisition will bring client assets under management by the Investment division of the Bank to over $6 billion.
The Bank has a trust company based in Jersey, Bermuda Trust (Jersey) Limited, which it acquired in 1995.
Le Masurier, James & Chinn will continue to operate under its established name.
For additional information please contact:
Peter Mellor, Senior Vice President, Investments 1-441-299-6065
Jonathan Custance Baker, Dir. of Marketing, Investments 1-441-299-5950
Graham Jack, General Manager, Bermuda Int'l Securities Ltd. 1-441-299-6756