Citco, the world's largest independent fund administrator, has bought a competitor's operation in the Cayman Islands, as the offshore domicile's popularity rebounds after months of fund relocations to perceived safer jurisdictions.

Wells Fargo, has sold its Cayman Islands-based trust company to Citco for an undisclosed amount. The American bank's portfolio will be integrated into Citco's private client portfolio and serviced out of its Cayman Islands headquarters.