Offshore trust company Rathbones Trust in Jersey has been spun-off by its parent Rathbone Brothers and renamed Hawksford International as part of a mangement buyout. The new business will be headed up by a former Goldman Sachs private banker.

Michael Covell, previously managing director in Goldman Sachs' European private wealth management business, is joining Hawksford as non-executive chairman. He was at Goldman Sachs for seven years before leaving earlier this year.