Intertrust Group

Intertrust (formerly Intertrust N.V.)[3] is an international trust and corporate management company based in Amsterdam, Netherlands. In November 2022, it was acquired by Corporation Service Company. The company is best known for its fiduciary services, which includes tax, trust, business management and outsourcing processes.[4] It is the largest trust office in the Netherlands.

Intertrust Group
TypeSubsidiary
IndustryProfessional services
Founded1952 (1952)
HeadquartersAmsterdam, Netherlands
Number of locations
41
Key people
Shankar Iyer (CEO),[1] Rogier van Wijk (CFO), Hélène Vletter-van Dort (Chairperson Supervisory Board)
Revenue€485.2 million[2] (2017)
€139.5 million[2] (2017)
Number of employees
3,500[2]
ParentCorporation Service Company
Websiteintertrustgroup.com

Intertrust's origins date back to the incorporation of NV Trust Corporation Pierson, Heldring & Pierson in 1952.[5] Shankar Iyer has been the company's acting chief executive officer since December 2020.[6]

Intertrust has locations in North America, South America, Europe, Asia and the Middle East,[7] but most of its revenue stems from a small number of tax havens.[8] The company is listed on Euronext Amsterdam Stock Exchange.[9] As of 2015 Intertrust's clients include 6 out of the top 10 of the Fortune Global 500, as well as thirty out of the world's fifty largest private equity funds. It does not disclose which companies these are.[8]

History

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.[5]

In 1997, MeesPierson was acquired by Fortis.[10] In 2002, MeesPierson acquired Holland Intertrust Corporation and rebranded as MeesPierson Intertrust. The company adopted its owner's name in 2006 and rebranded as Fortis Intertrust.[11]

In June 2009, Fortis Intertrust was rebranded as Intertrust. It was sold to Dutch investor, Rob Thielen's, Waterland Private Equity Investments[12] for a reported price of either €210 million[13] or €250 million.[14]

In December 2012, Blackstone Group announced that it would acquire Intertrust from Waterland Private Equity Investments, which was completed in April 2013.[15][16] Reports stated that Blackstone paid €675 million for Intertrust.[13]

Intertrust held its initial public offering in September 2015 in Amsterdam, expecting to raise €475 million.[17] In October 2015, shares of Intertrust N.V. started trading on the Euronext Amsterdam Stock Exchange at an issue price of €15.50 per share. In total, Intertrust's IPO raised about €486 million.[9] The company's profits decreased from €6.3 million in 2014 to €2.6 million in 2015 due to increased competition on the Cayman Islands.[2][18]

In November 2022, the US-based Corporation Service Company (CSC) completed its acquisition of Intertrust for $2 billion.[19][20]

Acquisitions

In June 2013, Intertrust announced that it would acquire ATC for $397 million, which was completed in December 2013.[21] In June 2015, Intertrust announced that it would acquire CorpNordic, which was finalised in August 2015.[22] In 2016, the company announced that it would acquire Elian for $625 million in cash, shares and debt.[23]

In June 2019, Intertrust announced the acquisition of technology solutions provider Viteos.[24]

Activities

Intertrust is headquartered in Amsterdam, Netherlands. The company's operational offices are in the Netherlands, Luxembourg, the Cayman Islands, Jersey and Guernsey.[16] It has other locations in North America, South America, Europe, Asia and the Middle East, totaling 41 offices in 30 countries.[25] The company manages the administration of some 40,000 "entities",[2] nominally housed at its Dutch offices.[26]

References
  1. "Intertrust announces the nomination of Shankar Iyer as CEO". www.intertrustgroup.com. 7 December 2020.
  2. "Intertrust sluit roerig 2017 af met winst- en omzetgroei". Telegraaf (in Dutch).
  3. "Intertrust begins trading at 15.50 euros". Reuters. 2015-10-15. Retrieved 2016-02-26.
  4. Worldwide Business Tax Facts 2010/11. CCH Australia Limited. 2010. ISBN 9781921593864.
  5. Historisch Archief (PDF). ABN AMRO.
  6. "Intertrust announces the nomination of Shankar Iyer as CEO". www.intertrustgroup.com. 7 December 2020.
  7. "Intertrust acquires Walkers Management Services". Hedge Week. 3 July 2012. Retrieved 19 April 2016.
  8. "Waarom het gesloten Intertrust nu de ramen openzet". NRC Handelsblad. 14 October 2015.
  9. "Euronext Amsterdam welcomes Intertrust | Euronext". www.euronext.com. Retrieved 2016-02-26.
  10. Du Bois, Martin (23 December 1996). "Fortis Acquires MeesPierson For $1.43 Billion from Amro". Wall Street Journal. Retrieved 19 April 2016.
  11. "Meespierson Adopts Fortis Intertrust Name". IOM Today. 22 May 2006. Retrieved 19 April 2016.
  12. "Rob Thielen (Waterland) koopt Fortis Intertrust". Quote. 4 September 2009.
  13. "Blackstone neemt Intertrust over". de Volkskrant (in Dutch). 8 December 2012.
  14. Smits, Henk Willem. "Fortis Intertrust was een koopje voor Waterland". Quote (in Dutch).
  15. "Blackstone buys Dutch trust firm Intertrust". Reuters. 5 December 2012.
  16. Heijden, Teri van der; Tamminga, Menno (14 October 2015). "Gesloten Intertrust moet de ramen nu wel openzetten" [Closed Intertrust must now open its windows]. NRC Handelsblad (in Dutch).
  17. De Jong, David (21 September 2015). "Blackstone's Intertrust Expects to Raise $537 Million in IPO". Bloomberg Business. Retrieved 19 April 2016.
  18. Reijn, Gerard (10 February 2016). "Maatregelen tegen belastingontwijking gaan multinationals geld kosten" [Anti-tax evasion measures will cost multinationals money]. De Volkskrant (in Dutch).
  19. Owens, Jacob (9 November 2022). "CSC closes $2B Intertrust acquisition". Delaware Business Times.
  20. "CSC Finalizes Acquisition of Intertrust Group". CSC. 2022-11-07. Retrieved 2022-11-07.
  21. "Intertrust Group Holding SA to acquire ATC Group BV". International Law Office. Retrieved 19 April 2016.
  22. "Intertrust completes acquisition of CorpNordic". EU Bankers. Retrieved 19 April 2016.
  23. Sterling, Toby (6 June 2016). "Dutch Trust Operator Intertrust Buys Elian for 435 Million Pounds". Reuters. Retrieved 22 July 2016.
  24. "Intertrust acquires tech solutions provider Viteos for $330 million". The Financial Express. 2019-06-20. Retrieved 2019-06-25.
  25. "Intertrust announces rebranding Elian". GlobeNewswire. 12 December 2016.
  26. "Aantal brievenbusbv's in Nederland blijft groeien" [Number of mailbox firms in Netherlands keeps on growing]. De Volkskrant (in Dutch). 13 October 2015.
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