Ambitious trust company Ludlow Trust has bought HSBC Bank's trust business for an undisclosed amount.

Ludlow provides trust administration services for private clients and the charitable sector and has already acquired the trust services of a number of UK banks including NatWest, RBS, Coutts & Co and C Hoare and Co.

Its most recent acquisition was C Hoare & Co’s UK trust business, which Ludlow acquired in April 2024.

Ludlow was established in 2020 to acquire and manage the UK trust business of Coutts and the NatWest Group. Four years ago it acquired the NatWest Group and Coutts UK trust businesses and relaunched both under the Ludlow Trust banner.

Under the latest deal, HSBC staff members of will join the expanded Ludlow Trust group, and the HSBC Trust Company name will change to become Ludlow Trust Company (Southampton) Ltd. The business’s operations will move to new offices at Yarmouth House, Solent Business Park, Whiteley.

Matthew Wickers, chief executive of Ludlow Trust, said: “This latest opportunity underscores our commitment to growth and excellence in the UK trust market.

“Our client service ethos, combined with our systems and expertise in this complex market, will help to ensure a seamless transition for both clients and staff.”

James Hewitson, chief executive of HSBC Trust Company UK said: “I’m pleased to have reached agreement with Ludlow Trust to acquire HSBC Trust Company. The move which will provide customers with stability and expert service for years to come.”

He said the decision to sell reflects HSBC’s strategic focus on simplifying its business. 

He added: “We will work closely with Ludlow Trust over the coming months to ensure a smooth transition for customers and colleagues.”

Ludlow Trust said it is now the largest provider of trust services in the UK onshore trust advisory sector. From offices in London, Bristol and Southampton it provides UK-based trust services for high net worth individuals and families.