Ocorian to acquire fund admin, corporate services biz MAS Int’l
Ocorian, the Jersey-based trust services business that rebranded from Bedell Trust last year, has agreed to acquire MAS International, a fund administration and corporate services provider.
MAS operates in Luxembourg and Mauritius in addition to the US.
Details of the deal, which is subject to regulatory approvals and is expected to close towards the end of the year, weren’t disclosed.
In a statement, Ocorian said it saw the acquisition as representing “the next stage of the progressive trajectory for Ocorian, following the management buyout and successive rebranding of Bedell Trust in 2016”.
Ocorian chief executive Nick Cawley, pictured above, said the deal would “further strengthen” the company’s position as a global provider of fund administration and corporate services, while at the same time “complementing our real estate and private client services”.
Ocorian traces its roots back to 1939, when an advocate named George Bedell set up in practice in St Helier, Jersey, after previously helping to introduce income tax to the island. Bedell joined forces in 1958 with another lawyer, Dick Cristin, which subsequently led to the creation of the Bedell Cristin law firm.
The Bedell Trust business emerged out of Bedell Cristin in 1971, and received a boost in 1984 when Jersey enacted its first trust legislation, said to be the world’s first of its kind.
Last year’s re-branding as Ocorian following a management buyout of the Bedell Trust business from the Bedell Group that was backed by Inflexion, a London-based, internationally-focused private equity firm.
In addition to Jersey, Ocorian now has outposts in Cayman, Dublin, Guernsey, London, Luxembourg, Mauritius and Singapore.