According to Arbuthnot, Gilliat directors, Steven Graham and Andrew Savill and UK sales manager, Zane Tibble, will now join Mariana with immediate effect.
Under the terms of the agreement, Gilliat will stop providing new structured products immediately, and will support those products that are currently in the market but have not yet closed in conjunction with Mariana.
Gilliat will also continue to act as plan manager for the historical book of existing products until maturity between 2014 and 2021, Arbuthnot said. Adding: “Existing Gilliat products will continue to be supported by Gilliat which in turn will be supported by Mariana Capital and the third party service companies that have been working with Gilliat in recent years.
James Fleming, Arbuthnot CEO said: “Arbuthnot Latham is proud to have supported GFS from inception in the aftermath of the financial crisis to its present position. Although GFS is now profitable, this is the right time to enter into the co-operation arrangement with Mariana Capital and for Arbuthnot Latham to focus on its core private banking business which continues to grow strongly.”
According to the group, Arbuthnot will retain the trading name “Gilliat Financial Solutions”. And added: “While Gilliat’s existing business will not transfer to Mariana Capital, Mariana Capital will also separately be developing and providing its own new structured products to Gilliat’s clients”.