Amsterdam - September 23, 2016 - Intertrust N.V. ("Intertrust" or "the Company") [ticker symbol INTER], the leading global provider of high-value trust and corporate services, announces that the acquisition of Elian Group ("Elian") from Elian's management and funds managed by Electra Partners LLP has been completed. The integration process will commence immediately. A renewed management structure is already in place and financial consolidation, system integration, joint commercial market approach, and co-location of employees in the 10 jurisdictions will commence shortly. Rebranding of Elian to Intertrust is expected to take place before the end of the year.
Combined company
With the addition of Elian, Intertrust is now present in 31 jurisdictions, with 42 offices and approximately 2,400 employees. Elian further reinforces Intertrust's position as the global leader in the trust and corporate services sector by strengthening its Capital Markets and Private Equity & Real Estate Fund Administration Services, expanding its geographic presence to jurisdictions such as Jersey, and adding scale in other key locations like Ireland, the United Kingdom, and Cayman Islands. The combination also enhances the career opportunities available to the combined company's employees. Intertrust's listed status underscores its transparency, adds to its attractiveness as an employer and makes it the "go-to" company for financial institutions, funds, corporations and high net worth individuals.
Management commitment
Key management positions within Intertrust have been taken up by members of the Elian management team. Paul Willing, formerly Chief Executive Officer of Elian, has been appointed to the Intertrust Executive Committee as Head of the Atlantic Region and Colin MacKay, formerly Group Head of the Americas, has joined the Intertrust Executive Committee as Managing Director Intertrust Cayman Islands. Marije van der Lint, previously Managing Director Cayman Islands for Intertrust, has been appointed as Chief Operating Officer and will continue to serve as an Executive Committee member. Other Elian senior managers who have joined the Intertrust management team include Paul Lawrence as the Global Head Funds Services, Robert Berry as the Global Head Capital Markets Services, and Phil Le Cornu as the Global Head Private Wealth Services. Members of senior management of Elian who were also selling shareholders in the transaction, have reinvested approximately £26 million of their transaction proceeds into Intertrust shares. Other Elian employees will be offered participation in either a Long Term Incentive Plan (LTIP) with a twenty-nine month vesting period, or an Employee Stock Ownership Plan (ESOP) with a one-year vesting period.
For further information
Intertrust N.V. annelouise.metz@intertrustgroup.com
Anne Louise Metz Tel: +31 20 577 1157
Director of Investor Relations, Marketing & Communications
About Intertrust
Intertrust is the leading global provider of high-value trust and corporate services, with approximately 2,400 employees located throughout a network of 42 offices in 31 jurisdictions across Europe, the Americas, Asia and the Middle-East. The Company focuses on delivering high-quality, tailored services to its clients with a view to building long-term relationships. Intertrust's business services offering is comprised of corporate services, fund services, capital market services, and private wealth services. Intertrust has leading market positions in selected key geographic markets of its industry, including the Netherlands, Luxembourg, the Cayman Islands and Jersey. Intertrust works with global law firms and accountancy firms, multi-national corporations, financial institutions, fund managers, high net worth individuals and family offices.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Intertrust Group via Globenewswire
