Ocorian, the Jersey-based trust, alternative investment, corporate and private client services business that rebranded from Bedell Trust in 2016, has completed its acquisition of MAS International, a fund administration and corporate services provider, after regulators in Luxembourg and Mauritius, where it is based, approved the deal.
In a statement, Ocorian said the acquisition represented “a significant milestone” in the development of its growing international portfolio of financial services, as it would increase its Luxembourg presence, add to its capability in both regulated and unregulated funds and alternative investments, including AIFMD depositary services, and enable it to provide a full range of corporate and domiciliation services.
As reported, the deal was first announced in July, subject to the necessary approvals. Financial details of the acquisition weren’t disclosed.
MAS International was founded in 2003.
Ocorian chief executive Nick Cawley, pictured above, said that in addition to expanding the company’s Luxembourg resources, across both the regulated and non-regulated funds sectors, the MAS International acquisition would enable Ocorian to enable its clients “to access an enhanced range of services across our alternative investment and corporate services business”.
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.
The re-branding of Bedell Trust as Ocorian in 2016 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, which continues to back the company.
As a result of the MAS International acquisition, Ocorian’s global footprint now includes more than 350 staff worldwide, with offices in Jersey, London, Luxembourg, Mauritius, Ireland, Singapore, the Cayman Islands, Guernsey and the US.