Zedra, the trust, funds and corporate services specialist that was created earlier this year by the purchase of a majority stake of Barclays’ trust business by a group of investors, said it has agreed to buy Amsterdam-based Allied Corporate Services.
The purchase price and other details of the sale, which is subject to the approval of the Dutch Central Bank, weren’t given.
In a statement, the company said the acquisition would “strengthen [Zedra’s] position inside the European Union”, a reference to the value currently being placed on having mainland European operations in place, in the wake of the 23rd June vote by the UK to leave the EU.
Allied, an independent corporate services provider founded by Peter Luc Oei and Ramon Zuketto, “will be merged into Zedra’s growing international network”, as the company looks to double the business formerly handled by Allied over the next two to three years, the statement added.
Zuketto and Oei, who currently comprise Allied’s existing management team, will remain with the business, Zedra said.
The acquisition comes less than three months after Zedra completed its acquisition of Azure Trust Jersey, and announced plans to open an office in Hong Kong, as part of a plan to expand its presence in that region. Altogether Zedra has offices in nine jurisdictions, staffed by around 300 people.
In its statement, Zedra admitted that it was pursuing an “ambitious programme of expansion” as it sought to address “the growing needs of institutional, family-owned businesses and entrepreneurs” for its type of traditional corporate and fund services.
Niels Nielsen, Zedra’s group chief executive (pictured left, with group deputy chairman Bart Deconinck, right), said the fact that the Netherlands is a member of the European Union, in addition to its having concluded tax treaties with a relatively large number of countries, “make it a particularly attractive base for domiciling international business operations”.