Trustees Executors shareholders bought out

It values the business at $94.4m.

Sterling Grace bought the shares of investors owning 5.2% of Trustees Executors in the year to September 2017, in which it reported a profit of $9m and paid $15.9m in dividends.

The trustee firm, one of five licensed supervisors, administers and supervises more than $122 billion of client funds across 810,000 individual accounts.

Between 1999 and 2003, Trustees Executors operated under the Tower brand. When Sterling Grace acquired the Tower Trust in 2003, it reverted to its original name.