The global spending spree by corporate trust and fiduciary firm Zedra continues as it brings a busy 2016 to an end with the announcement that it has acquired Luxembourg-based Interconsult.
The purchase of Luxembourg International Consulting S.A (Interconsult) is subject to regulatory approval. Terms of the deal were not disclosed.
In a statement released today announcing the deal, Zedra said that Interconsult will be fully integrated into it’s growing network of offices. The acquisition will increase Zedra’s size to nearly 380 staff worldwide.
The acquisition is part of Zedra’s growth plan to expand its business in a series of “carefully selected” jurisdictions and adds to other recent acquisitions and appointments, as reported, in the UK, Switzerland, Jersey and Holland. It also follows a recent appointment of a new Asian head, as reported, and will take Zedra’s global presence to 11 jurisdictions.
Zedra began 2016, as Barclay’s corporate trust business before it was rebranded as reported. Zedra was founded after Barclays completed the sale of a majority share of its trust business to a group of investors headed up by individuals from the Nielsen and Sarikhani families, who have experience in building and operating financial services businesses in the trust, financial planning, tax and advisory sectors.
The purchase price of the deal wasn’t disclosed but Barclays retained a 19.9% stake in the business, renamed Zedra, for a minimum of three years, according to a company statement at the time.
On its latest deal, the Zedra statement pointed that Interconsult was established in 1992 and as such one of the oldest corporate trust service firms in Luxembourg and is located in the centre of Luxembourg City.
It is a founder member of Luxembourg International Management Services Association providing corporate, administrative and fiduciary services to both corporate and private clients. Interconsult is also a member of Luxembourg Private Equity & Venture Capital Association.
Interconsult’s Managing Director, Federigo Cannizzaro di Belmontino will remain in his current position after the acquisition and he will continue to be supported by 20 local staff. Frank Walenta, who has recently joined Interconsult as its commercial director will also remain at the firm.
“As we grow our offices and develop our operations, we need to be where our clients want to do business,” said Niels Nielsen, group chief executive, Zedra. “Luxembourg is that place and therefore constitutes a natural extension for us. It will be a key part of our global network and an important hub for us to provide trust, corporate and fund trust services to our clients, irrespective of their domicile.”
Federigo Cannizzaro di Belmontino, managing director at Zedra, said that Interconsult’s long standing industry experience in Luxembourg is a “perfect fit” with Zedra’s service offering in strategic places across the world.