Ocorian, the acquisitive Jersey-based trust, alternative investment, corporate and private client services business that re-branded from Bedell Trust in 2016, has announced its second acquisition in less than two weeks, this time of a Mauritius-based provider of global business services.
Ocorian said its definitive agreement to purchase ABAX, which it described as an integrated “advisory, corporate and business services provider”, would “significantly extend Ocorian’s service range and delivery capability into Africa, Asia and the Middle East”, as well as increasing its international team to more than 700 staff, including additional representation in Côte d’Ivoire, Dubai, Singapore and South Africa as well as Mauritius.
All 275 staff currently employed by ABAX will join Ocorian, the company said in a statement today.
Ocorian didn’t provide details of the cost of the planned acquisition, which it said is expected to close before the end of March.
Ocorian’s global footprint now comprises London, Luxembourg, Mauritius, Ireland, Singapore, the Cayman Islands, Guernsey and the US, in addition to its Jersey base.
As reported, the firm revealed plans to acquire a rival private client and corporate services business, Capco Trust, which is also based on Jersey, on 26 January.
In July it announced plans to acquire MAS International, a fund administration and corporate services provider with operations in Luxembourg, Mauritius and the US.
Ocorian’s rebrand two years ago followed a management buyout that was backed by Inflexion, a London-based, internationally-focused private equity firm that is still invested in, and involved in backing, the company.
Ocorian is headed up by Nick Cawley, pictured above, its chief executive.
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 firm expanded into trusts in the 1970s.