Vistra expands in Netherlands with new acquisition
Corporate, trust and fund administration service firm Vistra has acquired FTC Trust in the Netherlands, following approval of the deal from the Dutch Central Bank on 14 March 2012.
The firm said The Netherlands has a well-established reputation for the establishment of international holding, finance and royalty companies. FTC Trust successfully developed this market, serving nearly 400 clients split between the high net worth and corporate sectors, with 22 staff and an expected turnover in 2012 of nearly €4m.
The acquisition will bring Vistra staff in the Netherlands to 60, with FTC Trust expected to be rebranded under the Vistra umbrella during the second quarter of this year. The enlarged Vistra Netherlands company will be led by managing director Sjaak ten Hove and executive directors, Tako van Ginkel and Jack Willems.
Willems said: “We will be joining one of Europe’s fastest growing fiduciary and corporate services groups, which we believe will bring real benefits and opportunities to our existing clients and staff. Clients will be able to benefit greatly from the broader range of services and on the ground presence in other key jurisdictions that Vistra can offer and at the same time, will find that they are still dealing with their existing contacts in the new enlarged company, which will help ensure business continuity.”
Founded in 1990, FTC Trust moved to its Head Office in the World Trade Centre hub at Amsterdam’s Schiphol Airport in 2006. It has additional offices in The Hague, Antwerp and Brussels. Vistra is part of the OV Group, which includes Offshore Incorporations (OIL), Asia’s leading company formation specialist. The OV Group employs around 500 professionals and is the third biggest provider worldwide of trust and corporate services.