Fund services provider Zedra has agreed to acquire Interben Trustees in Guernsey for an undisclosed sum, in a deal that will give the group an entry point into the Nordic institutional market for employee benefits products and services.
Interben tends to multinationals by providing them trustee and administration services for international pension plans and has strong links to the Nordic market. Current owners Storebrand (Norway and in Sweden via its subsidiary SPP) and Mandatum Life Insurance (Finland) are leading pension providers in their respective countries.
The acquisition of Interben provides Zedra with valuable routes into the Norwegian, Finnish and Swedish markets. Interben CEO Nick Slinn said: "We are confident that our long standing international pension's industry experience in the Nordic Market is a perfect fit with Zedra's international employee benefits portfolio."
Guernsey is an important hub for us, from where we are able to offer global clients employee benefits, pensions and associated administrative services"
"Guernsey is an important hub for us, from where we are able to offer global clients employee benefits, pensions and associated administrative services. Interben's team bring a wealth of new experience and high level expertise and I am delighted to welcome Interben's Guernsey team and clients of Interben Trustees to Zedra," Ivo Hemelraad, Zedra group director Corporate, Funds & Legal in charge of the acquisition, said in a statement.
Geir Holmgren, CEO of Storebrand Livsforsikring AS, said on behalf of Storebrand, SPP and Mandatum: "We will continue to work with Interben as part of our services to Nordic Multinationals and in addition we are looking forward to working with the Zedra Group in the future enabling us to offer a wider range of services to our clients".
As part of the deal, all Interben employees will move to the Guernsey office of Zedra. The transaction is subject to regulatory approval.