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Magentum Group Limited (“Magentum”) has today announced that it has acquired the UK and Hong Kong Fiduciary, Tax and Accounting businesses of the Lutea Partnership on the 26th July 2022.
These businesses have been operating in UK and HK since 2003 and 2007 respectively and have developed a strong track record and loyal client base. The businesses provide a range of company/trust administration, accounting and tax services to high-net worth clients and professional investors across the UK, offshore territories and Asia.
Magentum is a newly formed business, owned by its management team with backing from an established family office. Magentum will work alongside the existing management team to strengthen and develop the Group’s offering and services. Post-acquisition, Magentum will have significant funding available to invest in its people, technology and infrastructure, with the ambition of becoming a leading independent player in the fiduciary, tax and accounting service markets.
David Bateman, Director Magentum UK, commented: “We are delighted to welcome clients and staff of Lutea to Magentum. This is the beginning of an exciting journey as we move forward, bringing together innovation, technology and training to deliver excellent client service and efficiency whilst retaining a highly valued, personal approach to clients and their affairs.”
Natalie Smith, Director Magentum Asia, added: “This transaction, and the coming together of the UK and HK businesses, enables us to offer a more holistic and bespoke solution to our clients. We strongly believe we can offer a highly differentiated service compared to the larger players in the market.”
