MIFA closes in on £70m buyout

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The Independent Online

A £70m management buyout of Mourant International Finance Administration (MIFA), a Jersey-based financial services group, is expected to be completed by early summer.

Big four accountancy firm Deloitte is handling the sale for the Mourant group of companies, which is run by chief executive Nicola Davies. It is understood that there is one private equity group left in the running to back the buyout.

The group was originally expected to sell a whole raft of businesses, perhaps raising around £120m. However, MIFA and Mourant Private Wealth, which was sold to the Royal Bank of Canada on Friday, are likely to be the only ones to go.

MIFA administers $170bn (£119bn) of fund structures around the globe, and the buyout will back a team led by its current chief executive, Ian Lambert.

The parent group is arguably most famous for Mourant du Feu & Jeune, the offshore legal services group that was founded in 1947.