In a statement on Thursday, the company said the acquisition will increase Zedra’s size by around 25%, while opening up new business opportunities for the group in the UK.
The terms of the deal are subject to regulatory approval and Barclays will continue to hold a minority stake in the newly expanded entity.
“The move adds to our UK capabilities and other services we already provide,” said Niels Nielsen, Zedra’s chief executive. “This development marks another step in our growth plan offering clients a balanced and global geographic reach.”
Acquisition spree
Zedra has been on an acquisition spree this year, since was acquired from Barclays in January by an independent investor group. In July it bought the Dutch-based Allied Corporate Services in July to build up its position inside the European Union.
This latest deal means that less than nine months after its launch, the business now operates from 10 offices worldwide, including Jersey, Guernsey, the Isle of Man, the Cayman Islands, New Zealand, Hong Kong, Netherlands, Singapore, the UK and Switzerland, and has a headcount of over 400 staff.
Akshaya Bhargava, chief executive of Barclays wealth, entrepreneurs and business banking said: “Following the sale of the Barclays offshore trust and fiduciary business in January, Barclays already holds a minority stake in ZEDRA which demonstrates Barclays’ interest in the ongoing success of this business and its commitment to supporting continuing relationships with clients and the advisory community.”
“The business offers a professional trustee and executor service in connection with wealth and succession planning. Existing clients of the business will continue to be looked after by the current staff operating out of their existing offices, ensuring minimal disruption to day to day activity,” he said.
