SALAMANCA Group yesterday bought out Investec Trust , along with the Trust's managers. The private banking unit has £4.5bn in assets under management, and its sale reflects the widespread trend for banks to sell of the management arms. The unit has been rebranded Salamanca Group Trust and Fiduciary, and will continue to be run by Xavier Isaac who moved over from Investec with the deal. "The owner-manager element in the ownership structure is very important," Isaac told City A.M. "It aligns the partners' interests with those of the clients." The unit is expected to operate separately from Salamanca, as it did with Investec. The deal was advised by King & Wood Mallesons SJ Berwin partner Andrew Wingfield , and Tom Murphy and Graham Marchant from Fenchurch Advisory Partners . Simon Martin from law firm Macfarlanes was also on the deal.
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