Vistra Group, the Hong Kong-based corporate services, trust, fiduciary and fund administration services provider, has opened its first-ever office in Sweden, as it prepares to enter the Nordic market, specifically to cater for “outbound business opportunities” there.
The new office is located in central Stockholm, on Birger Jarlsgatan, in an area popular with asset management companies and other financial services businesses, and will be headed up by Maria Mwegerano, whose title will be commercial director of the Nordic region for Vistra.
Until now Mwegerano has been head of business development for Vistra’s London office.
In a statement announcing the new office, Vistra noted that the Nordic region comprises “some of the most successful and competitive economies in Europe”.
“Stockholm in particular is ranked as the second best ecosystem for start-ups in the world, and has produced more billion-dollar unicorn start-ups per capita than any other city in Europe,” Mwegerano noted, in remarks accompanying the announcement of the new office.
“In addition, the region as a whole is home to approximately 200 asset managers, forming a significant part of the global market.”
Vistra chief executive Martin Crawford added that the company’s decision to expand into the Nordic region was a “logical step in our business growth strategy, as we continue to cultivate our global footprint”.
He said Vistra is hoping to develop relationships with Nordic corporations with overseas subsidiaries as well as with start-ups looking to expand outside the region and alternative investment managers, all of which business types he said Vistra is able to accommodate.
Vistra – which merged with a Hong Kong-based corporate formation specialist named OIL in 2011 that re-branded as Vistra last February – has been expanding its geographic footprint rapidly over the past few years. Last year it acquired at least four businesses, and thus expanded its reach, in Australia, India, Monaco and Dubai; and in September, it acquired Deutsche Bank’s global corporate services business.