The new acquisition will increase Zedras’s size by around a quarter. The terms of the deal are subject to regulatory approval. Barclays will continue to hold a minority stake in the newly expanded entity.

In January Barclays Investment Management sold a majority share of its trust and fiduciary business to the independent investor group.

The Barclays unit was a long-established trust and fiduciary services business with a 50-year history and more than 300 people serving clients across its core locations: Jersey, Guernsey, the Isle of Man, the Cayman Islands, Singapore, the UK, and Switzerland.

Zedra says the latest acquisition of Barclays UK trust business underlines its commitment to rapid growth and means that less than nine months after its launch, the business, which operates from 10 offices worldwide, will now have a headcount of over 400 staff and is well on its way to achieving its stated aim of doubling in size in less than five years.

Akshaya Bhargava, CEO, Barclays wealth, entrepreneurs and business banking said: ‘We believe that in Zedra we have found a buyer that satisfies our core criteria of being able to maintain exceptional service for our clients, is able to integrate and enhance the careers of our colleagues and who has demonstrated a commitment to taking this business forward.

‘Following the sale of the Barclays offshore trust and fiduciary business in January, Barclays already holds a minority stake in Zedra which demonstrates Barclays’ interest in the ongoing success of this business and its commitment to supporting continuing relationships with clients and the advisory community.’

Barclays said existing clients of the business, which offers a professional trustee and executor service in connection with wealth and succession planning, will continue to be looked after by the current staff operating out of their existing offices, ensuring minimal disruption to day to day activity.

The bank has been downsizing its wealth management business in recent times, as part of a focus on retail banking. Last year the Financial Conduct Authority (FCA) levied a £72m penalty on Barclays in relation to a £1.88bn pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high net worth clients, saying it had not applied the necessary enhanced levels of due diligence and monitoring required for politically exposed persons (PEPs), although it made clear no financial crime had been committed.