Intertrust Group

Intertrust Group
Private
Industry Professional services
Founded 1952
Headquarters Amsterdam, Netherlands
Key people
 David de Buck (CEO), Ernesto Traulsen (CFO), Henk Pieter (HP) van Asselt (CCO), Angelica Thijssen (CHRO), Madelein Smit (CIO)
Owner The Blackstone Group
Number of employees
 Over 1,800 (August 2015) in 36 offices
Website intertrustgroup.com

Intertrust Group (incorporated as the Intertrust Group Holding S.A.) is one of the largest providers of Trust and Corporate Services in the world.[1] Intertrust operates with more than 1,800 employees worldwide in from 37 offices in 26 countries. The company manages the administration of some 3350 mailbox firms, nominally housed at its offices,[2] and specializes in tax avoidance.[3][4]

Intertrust's clients include 60% of the Top 10 of the Fortune Global 500, 64% of the Top 50 of the Fortune Global 500 and 60% of the Top 50 of the Private Equity International 300.

History

Historically, Intertrust is strongly linked to the banking industry, roots which date from the early 18th century. In 1952, NV Trust Corporation Pierson, Heldring & Pierson was incorporated in Curaçao by Pierson, Heldring & Pierson. In 1975, AMRO Bank acquired Pierson, Heldring & Pierson and ABN Bank acquired Mees & Hope Bankers. After the merger of ABN Bank and AMRO bank into ABN AMRO in 1991, Pierson, Heldring & Pierson and Mees & Hope Bank were merged into MeesPierson in 1993. The trust and corporate management services activities were branded as MeesPierson Trust.

In 1997, MeesPierson was acquired by Fortis. As a result of the subsequent acquisition of Intertrust Group in 2002, the newly formed MeesPierson Intertrust became one of the world’s largest trust and corporate management services firms. The acquisition of Intertrust Group was followed by several smaller acquisitions and disposals. In 2006, MeesPierson Intertrust was rebranded into Fortis Intertrust. In 2007, a consortium of financial institutions (Fortis, The Royal Bank of Scotland, and Banco Santander) acquired ABN AMRO, with the purpose to split the ABN AMRO activities between the consortium partners. It was the intention that Fortis would acquire the Dutch operations of ABN AMRO. In 2008, the worldwide economic downturn also affected Fortis, which resulted in the agreement by the governments of Belgium, Luxembourg, and the Netherlands to acquire a 49% interest in Fortis in September 2008. This commitment was overhauled one week later, when the Dutch government nationalised the Dutch operations of Fortis and the stake in ABN AMRO. The remaining operations (Belgium and Luxembourg) were acquired by the Belgium and Luxembourg governments and BNP Paribas. In summary, the Dutch operations of Fortis were rebranded into Fortis Bank Nederland (FBN), the Belgium operations were rebranded into Fortis Bank Belgium and the Luxembourg operations of Fortis were rebranded into Banque Générale du Luxembourg (BGL). The shares in Fortis Intertrust Group Holding were indirectly held by FBN (75%) and BGL (25%).

In June 2009, front running a potential divestment Fortis Intertrust was rebranded into Intertrust and by the end of 2009 the Intertrust Group was sold to a Dutch investor, Rob Thielen's Waterland Private Equity Investments,[5] for a reported price of either €210 million[4] or €250 million.[6] The initial asking price was €350 million, but the Dutch state did not wish to be associated with a tax avoidance company, especially since it was at the same time holding a crackdown on tax evaders[6] and the European Union had decided on anti-tax avoidance regulation.[4]

On 3 December 2012, Blackstone, one of the world’s largest private equity firms, announced that it had agreed to acquire Intertrust Group from Waterland Private Equity Investments. Closing of this transaction took place on 1 April 2013. On 3 June 2013, Intertrust Group announced that it had reached agreement to acquire ATC Group. After obtaining the required legal approvals, Intertrust Group completed this transaction on 9 August 2013, and completed integrating ATC in Intertrust by 2 December 2013. Blackstone paid a reported €675 million for Intertrust.[4] On 8 June 2015, Intertrust Group announced that it had reached agreement to acquire CorpNordic. After obtaining the required legal approvals, Intertrust Group completed integrating and rebranding of CorpNordic in Intertrust by 31 August 2015.

Locations

Intertrust has or has had offices in a number of countries, including, but not limited to, the Netherlands (Amsterdam), Curaçao, Switzerland (Geneva),[6] Guernsey, the Cayman Islands and the British Virgin Islands.[4]

Services

Corporate services

Fund services

Capital markets services

Private wealth services


References

  1. ↑ http://www.seo.nl/binaries/publicaties/rapporten/2008/2008_25.pdf[]
  2. ↑ "Aantal brievenbusbv's in Nederland blijft groeien" [Number of mailbox firms in Netherlands keeps on growing]. De Volkskrant. 13 October 2015.
  3. ↑ "Blackstone buys Dutch trust firm Intertrust". Reuters. 5 December 2012.
  4. 1 2 3 4 5 "Blackstone neemt Intertrust over". de Volkskrant. 8 December 2012.
  5. ↑ "Rob Thielen (Waterland) koopt Fortis Intertrust". Quote. 4 September 2009.
  6. 1 2 3 Smits, Henk Willem. "‘Fortis Intertrust was een koopje voor Waterland’". Quote.

External links

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