A team of directors at Walbrook, which was the trust and fiduciary division of Deloitte are hoping the move will lead to new jobs.

Walbrook has offices in Guernsey, Jersey and the Isle of Man and currently employs more than 140 staff.

Chief Executive Bryan Dix says it has seen a 50% growth in business in the past three years and plans to expand further.

The company plans to continue recruiting to meet expansion plans.

Deloitte says its core business will be unaffected by the sale, as its business has been separate from Walbrook for the past two years.

The buy-out was backed by Hermes Private-Equity.