There has been a management buyout at Richmond Fiduciary Group, the Guernsey trust company.

Managing director Mike Good has led a management buyout at Richmond Fiduciary Group, along with directors Jim Elliott, Paul Gaudion, Alan Jenner, Tony Link and John McKellar.

As Richmond's existing directors take on their new roles as owners, former chairman Alan Chick has left the company to “pursue other interests”.

“Richmond has built a strong identity as an independent, locally owned trust company,” said Good. “We wanted to continue in this vein, using our independent status to deliver the best service for clients. It allows us to be flexible and to make decisions quickly and to work with a range of different investment managers for the benefit of our clients.”

Richmond, which was established in 1988, offers fiduciary services including professional trust and company formation and management. From its base in Guernsey, the business serves clients in markets including South Africa, the UK and Europe.