Ludlow has already purchased trusts businesses from NatWest, Coutts, and C Hoare & Co.

Ludlow Trust, which provides trust administration services for private clients and the charitable sector, has acquired HSBC Trust Company (UK), aka HTCU, from HSBC UK Bank plc.

The purchase price wasn’t disclosed in Ludlow’s statement yesterday. The group said it is now the largest provider of trust services in the UK onshore trust advisory sector.

This deal fits with Ludlow’s acquisitions in recent years, for example its purchase of trust businesses from NatWest, Coutts, and C Hoare & Co. 

HTCU’s staff will move to the Ludlow group. HTCU will be rebranded into Ludlow Trust Company (Southampton) Ltd. Operations will move to nearby new offices at Yarmouth House, Solent Business Park, Whiteley.

“The decision reflects HSBC’s strategic focus on simplifying the business,” James Hewitson, HTCU’s chief executive, said. 

Ludlow Trust has offices in London, Bristol and Southampton.

There has been plenty of M&A activity in the funds, administration and corporate services space in recent years. In March 2022, ZEDRA, the corporate services, wealth and fund services group, bought BNP Paribas Jersey Trust Corporation.