A fiduciary, corporate, and fund administration business, with an office in the island, has officially transitioned to private ownership.

Oak Group, which has offices on Victoria Road, is now under the ownership of Opera, a new holding company backed by Pula, the family office of long-time Guernsey resident Stephen Lansdown.

The latter is the co-founder of Hargreaves Lansdown who founded the new parent company along with like-minded shareholders such as Sealyham, the family office of Tom Scott.

This milestone marks the beginning of a new era for Oak Group as the first business within Opera’s portfolio and will lead the growth and integration of further acquisitions.

A spokesperson for the company said: ‘Opera, which stands for O for Oak, P for Pula, and E-R-A for a new era in financial services, reflects the company’s vision of transformation and excellence.

‘With a focus on people, process, technology, and data, and a commitment to embracing innovation to meet the needs of an evolving global market, Opera aims to become a world-class portfolio of businesses renowned for exceptional client service and employee experience.’

Kim Sgarlata, group chief executive officer, said: ‘Stephen Lansdown’s investment is not just financial—it’s a testament to his belief in Opera’s potential to redefine our industry.

‘With the launch of Opera and Project Overture, we are committed to transforming where and how we do business, leveraging innovation, talent, and a forward-thinking culture to deliver unparalleled value to our clients and stakeholders.’

Mr Lansdown added: ‘The launch of Opera and its acquisition of Oak Group is about building a portfolio of businesses that exemplify excellence in fiduciary, corporate, and fund administration services.

‘With this new ownership structure, we are laying the groundwork for long-term, sustainable growth.

‘I am excited to work closely with Kim and the team as we expand the Opera portfolio and strengthen our position as a leader in the industry.’

The firm states that Project Overture, Opera’s five-year strategic plan, is focused on three key areas: platform optimisation, organic growth, and inorganic growth.

By 2029, Opera will have a significantly larger portfolio of businesses, expanded its geographic reach, and accelerated revenue and value growth, all while maintaining a ‘client-first ethos’.

Aligned with the company’s transformative vision, the group has introduced ‘Opera Options’, a long-term incentive plan (LTIP) that gives employees a stake in the business’s growth.

The spokesperson added: ‘By ensuring that success is shared across its talented team, Opera is reinforcing its position as an employer of choice in every market it operates.’

Originally formed in 1999, Oak Trust in Guernsey consolidated with Consortia Partnership in Jersey, Kreston in the Isle of Man and IAG in Guernsey, forming what is now the Oak Group in 2018.

Since then it has been majority owned and funded by the Guernsey listed Financial Services Opportunities Investment Fund Limited (FSOIF).

In addition to the Isle of Man and Channel Islands, Oak Group also operates in Mauritius and has more than 230 employees administering more than £19 billion in assets.

Under Opera, Oak Group’s name and brand remain unchanged for now and clients will continue to work with their existing contacts at Oak.