Gibraltar-based Acquarius Trust Company Limited (“Acquarius”) yesterday announced the completion of a Management Buyout with the company now under the ownership of its executive management team, CEO Oliver Andlaw and COO Gareth Cross.

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The transaction has brought about the successful exit of founder Nick Cruz from the business that he co-founded almost 30 years ago. The changes have received regulatory approval from the Gibraltar Financial Services Commission.

Following the MBO, CEO Oliver Andlaw will run the business together with COO Gareth Cross as owner-managers. Paul Miles will continue as Non-Executive Chairman. No staff changes are planned at present. Overall business strategy including Acquarius’ multi-award-winning commitment to its staff and ESG initiatives will continue unchanged.

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The business will continue its success and develop further under its new ownership. A plan is in place that should see growth in the client base both organically and, where appropriate, by further carefully selected acquisitions, adding to the three successful transactions completed in recent years.

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About Acquarius:

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Acquarius was founded in 1998 by Sergio Garcia and merged with Nicross Companies, the trust and company management arm of Nick Cruz’s law firm that opened its offices in 1996. Under the guidance of both founders, Acquarius grew to be a substantial industry leading Trust & Company Manager. Both Nick and Segio served as Chairman of the Association of Trust & Company Management for many years, also serving on the Gibraltar Finance Centre Council with Mr Cruz becoming its Chairman until stepping down in June 2022.

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Oliver Andlaw joined the board of Acquarius in February 2015 relocating to Gibraltar in March 2016 and subsequently took up the position of CEO in February 2017, supported by Paul Miles as COO. Gareth Cross Joined in July 2022 as its COO, seeing Paul Miles step into the position of Non-Executive Chairman where he remains today.

Oliver, previously served as Chairman of the Association of Trust and Company Managers, resigning in September 2024 to serve in his current acting role as Vice Chair of the Gibraltar Finance Centre Council.