The news came just two days after Vistra revealed that it had opened an office in Mauritius, to target “growing opportunities in the region”.
Vistra said the acquisition had been approved last month by the Dutch Central Bank, clearing the way for the deal to go through.
Founded in 1990, FTC Trust is headquartered in the World Trade Centre hub at Amsterdam’s Schiphol Airport, and has offices in the Hague, Antwerp, Luxembourg, Curacao and Nicosia. According to Vistra, it has around 400 clients, split between the high net worth and corporate sectors, with 22 staff and an expected turnover in 2012 of nearly €4m.
Vistra, which already has a presence in the Netherlands, said the country enjoys an established reputation for looking after international holding, finance and royalty companies. It said the acquisition will bring Vistra’s staff numbers in the country to 60.
A re-branding of FTC Trust’s operations under the Vistra banner is expected to take place by the second quarter of this year, Vistra said.
Jack Willems, Director FTC Trust said his company’s existing clients and staff stood to benefit from joining “one of Europe’s fastest growing fiduciary and corporate services groups”.
The enlarged Vistra Netherlands company will be overseen by Vistra managing director Sjaak ten Hove and executive directors Tako van Ginkel and Jack Willems.
One of the world’s largest internationally-focused fiduciary and corporate services providers, Vistra’s origins were originally in London and Jersey. It sold a majority stake in 2009 to IK Investment Partners, a Scandinavian private equity firm, as part of its growth strategy, which in turn last year acquired Hong Kong-based Offshore Incorporations from the Carlyle Group.
Before the TRC Trust acquisition, Vistra had 23 offices in 19 jurisdictions.