Dutch trust operator Intertrust has completed the acquisition of Jersey-based Elian Group from private equity firm Electra Partners.
Founded in 1999, Elian employs more than 600 staff. The company operates in 14 other jurisdictions serving 3,000 corporate, financial institution, investment fund and private clients worldwide.
Elian will now be renamed as Intertrust. The rebranding is expected to take place before the end of 2016.
The combined company will be present in 31 jurisdictions, with 42 offices and nearly 2,400 staffs. The addition of Elian will expand Intertrust’s presence to jurisdictions such as Jersey, and adding scale in other key locations like Ireland, the UK, and Cayman Islands.
Additionally, the deal will see co-location of employees in the 10 jurisdictions.
Elian former CEO Paul Willing will join the Intertrust executive committee as head of the atlantic region.
Colin MacKay, formerly group head of the Americas will also join Intertrust executive committee as managing director Intertrust Cayman Islands.
Intertrust, who has named its previous Cayman Islands managing director Marije van der Lint as chief operating officer, will continue to serve as an executive committee member.
Other Elian senior managers, who will join the Intertrust management team will 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.
The deal, which was announced on 6 Jun 2016, Intertrust agreed to buy Elian for £435m ($631.7m).