Allen & Overy (A&O) and Simmons & Simmons have taken lead roles on offshore firm Walkers' sell-off of its fiduciary business.

Walkers said that the sale had come after a strategic review which will now see the firm focus solely on legal services.

The deal – the value of which was undisclosed – has seen Intertrust Group Holding buy 100% of the shares in Walkers Management Services (WMS), which has annual revenues of more than $50m (£32m) and provides corporate, fiduciary and company secretarial services.

A&O advised Walkers on the sale, with Simmons taking the lead role for Intertrust. A&O's team was led by City corporate partner Gillian Holgate alongside associate Spencer Collins, with Simmons UK corporate head Arthur Stewart leading his firm's team assisted by Federica Titon.

Walkers has grown the WMS business in recent years, including adding bases in Delaware, Dublin and Hong Kong in 2010. The acquisition, which is subject to regulatory approval, is expected to be completed in the coming months.

Walkers' global managing partner Diarmad Murray (pictured) said: "We will work closely with Intertrust to ensure that all work will be carried out in the same manner and by the same group of professionals."

Intertrust, a corporate services company operating in 21 countries, provides commercial, legal, tax and administrative services to multinational corporations and high net worth individuals. The acquisition will hand it new offices in Dubai, Delaware and the British Virgin Islands.

Simmons also advised Intertrust on its purchase of Cayman-based Close Brothers Group in March last year, acting opposite Slaughter and May.