Intertrust Group: Difference between revisions
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}}</ref>) is one of the largest providers of [[Trust law|trust]] and corporate services in the world.<ref> |
}}</ref>) is one of the largest providers of [[Trust law|trust]] and corporate services in the world.<ref> |
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http://www.seo.nl/binaries/publicaties/rapporten/2008/2008_25.pdf |
{{cite web|url=http://www.seo.nl/binaries/publicaties/rapporten/2008/2008_25.pdf |accessdate=July 6, 2010 |deadurl=yes |archiveurl=http://web.archive.org/web/20110724165030/http://www.seo.nl/binaries/publicaties/rapporten/2008/2008_25.pdf |archivedate=July 24, 2011 }}{{failed verification|date=June 2015}}</ref> Intertrust is listed on Euronext Amsterdam Stock Exchange since 15 October 2015.<ref>{{Cite web |
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| url = https://www.euronext.com/nl/news/euronext-amsterdam-welcomes-intertrust |
| url = https://www.euronext.com/nl/news/euronext-amsterdam-welcomes-intertrust |
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| title = Euronext Amsterdam welcomes Intertrust {{!}} Euronext |
| title = Euronext Amsterdam welcomes Intertrust {{!}} Euronext |
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Revision as of 00:21, 10 March 2016
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| Company type | Public, Naamloze vennootschap (NV) |
|---|---|
| Industry | Professional services |
| Founded | 1952 |
| Headquarters | Amsterdam, Netherlands |
Key people | David de Buck (CEO), Ernesto Traulsen (CFO), Henk Pieter van Asselt (CCO), Angelica Thijssen (CHRO), Madelein Smit (CIO) |
| Revenue | €345 million[1] (2015) |
| (2015) | |
| €2.6 million[1] | |
Number of employees | 1,700[1] |
| Website | intertrustgroup |
Intertrust Group (incorporated as Intertrust N.V.[2]) is one of the largest providers of trust and corporate services in the world.[3] Intertrust is listed on Euronext Amsterdam Stock Exchange since 15 October 2015.[4] It provides various financial and administrative corporate services. The company's activities are widely associated with tax avoidance,[5][6][7] although its CEO states that Intertrust has not been involved in "aggressive fiscal planning" since ca. 2008.[8] Intertrust's clients include 60% of the Top 10 of the Fortune Global 500, 64% of the Top 50 of the Fortune Global 500 and 60% of the Top 50 of the Private Equity International 300.[citation needed]
History
Historically, Intertrust is strongly linked to the banking industry, roots which date from the early 18th century. 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.[citation needed]
In 1997, MeesPierson was acquired by Fortis. As a result of the subsequent acquisition of Intertrust Group in 2002, the newly formed MeesPierson Intertrust became one of the world’s largest trust and corporate management services firms. The acquisition of Intertrust Group was followed by several smaller acquisitions and disposals. In 2006, MeesPierson Intertrust was rebranded into Fortis Intertrust. In 2007, a consortium of financial institutions (Fortis, The Royal Bank of Scotland, and Banco Santander) acquired ABN AMRO, with the purpose to split the ABN AMRO activities between the consortium partners. It was the intention that Fortis would acquire the Dutch operations of ABN AMRO. In 2008, the worldwide economic downturn also affected Fortis, which resulted in the agreement by the governments of Belgium, Luxembourg, and the Netherlands to acquire a 49% interest in Fortis in September 2008. This commitment was overhauled one week later, when the Dutch government nationalised the Dutch operations of Fortis and the stake in ABN AMRO. The remaining operations (Belgium and Luxembourg) were acquired by the Belgium and Luxembourg governments and BNP Paribas. In summary, the Dutch operations of Fortis were rebranded into Fortis Bank Nederland (FBN), the Belgium operations were rebranded into Fortis Bank Belgium and the Luxembourg operations of Fortis were rebranded into Banque Générale du Luxembourg (BGL). The shares in Fortis Intertrust Group Holding were indirectly held by FBN (75%) and BGL (25%).
In June 2009, front running a potential divestment Fortis Intertrust was rebranded into Intertrust and by the end of 2009 the Intertrust Group was sold to a Dutch investor, Rob Thielen's Waterland Private Equity Investments,[9] for a reported price of either €210 million[6] or €250 million.[10] The initial asking price was €350 million, but the Dutch state did not wish to be associated with a tax avoidance company, especially since it was at the same time holding a crackdown on tax evaders[10] and the European Union had decided on anti-tax avoidance regulation.[6]
On 3 December 2012, Blackstone, one of the world’s largest private equity firms, announced that it had agreed to acquire Intertrust Group from Waterland Private Equity Investments. Closing of this transaction took place on 1 April 2013. On 3 June 2013, Intertrust Group announced that it had reached agreement to acquire ATC Group. After obtaining the required legal approvals, Intertrust Group completed this transaction on 9 August 2013, and completed integrating ATC in Intertrust by 2 December 2013. Blackstone paid a reported €675 million for Intertrust.[6] On 8 June 2015, Intertrust Group announced that it had reached agreement to acquire CorpNordic. After obtaining the required legal approvals, Intertrust Group completed integrating and rebranding of CorpNordic in Intertrust by 31 August 2015.
On 15 October 2015, shares of Intertrust NV start trading on the Euronext Amsterdam Stock Exchange, following its Initial Public Offering (IPO) at an issue price of € 15.50 per share. In total the proceeds of the IPO are approximately €486 million.[11] Intertrust's profits went down from €6.3 million in 2014 to €2.6 million in 2015 due to increased competition on the Cayman Islands, and perhaps due to anti-tax avoidance regulation from the European Commission and the OECD (although the firm says this regulation provides it with more work).[1]
Activities
Intertrust is headquartered in the Netherlands (Amsterdam). Its key operational offices are in the Netherlands (35% of total revenue), Luxembourg (22%), the Cayman Islands (16%) and Guernsey (8%).[7]
On behalf of its clients, the company manages the administration of some 40,000 "entities",[1] including 3,350 mailbox firms, nominally housed at its Dutch offices.[12]
Corporate services
- Formation and implementation
- Domiciliation and management
- Legal administration
- Accounting and reporting
- Payroll services
- Escrow services
- Intellectual property
- Treasury management services
Fund services
- Fiduciary services
- Legal administration
- Accounting and reporting
- Depositary services
- ManCo services
Capital markets services
- SPV & Trustee Services
- Portfolio administration
- Calculation and payment agency services
- Investor reporting
Private wealth services
- Structuring and administration
References
- ^ a b c d e "Winst Intertrust gedaald ondanks groei van omzet". NRC Handelsblad. 10 February 2016.
{{cite news}}: Unknown parameter|trans_title=ignored (|trans-title=suggested) (help) - ^ "Intertrust begins trading at 15.50 euros". Reuters. 2015-10-15. Retrieved 2016-02-26.
- ^
http://web.archive.org/web/20110724165030/http://www.seo.nl/binaries/publicaties/rapporten/2008/2008_25.pdf. Archived from the original (PDF) on July 24, 2011. Retrieved July 6, 2010.
{{cite web}}: Missing or empty|title=(help); Unknown parameter|deadurl=ignored (|url-status=suggested) (help)[failed verification] - ^ "Euronext Amsterdam welcomes Intertrust | Euronext". www.euronext.com. Retrieved 2016-02-26.
- ^ "Blackstone buys Dutch trust firm Intertrust". Reuters. 5 December 2012.
- ^ a b c d "Blackstone neemt Intertrust over". de Volkskrant. 8 December 2012.
- ^ a b Heijden, Teri van der; Tamminga, Menno (14 October 2015). "Gesloten Intertrust moet de ramen nu wel openzetten". NRC Handelsblad.
{{cite news}}: Unknown parameter|trans_title=ignored (|trans-title=suggested) (help) - ^ Reijn, Gerard (10 February 2016). "'Maatregelen tegen belastingontwijking gaan multinationals geld kosten'". De Volkskrant.
{{cite news}}: Unknown parameter|trans_title=ignored (|trans-title=suggested) (help) - ^ "Rob Thielen (Waterland) koopt Fortis Intertrust". Quote. 4 September 2009.
{{cite web}}: Italic or bold markup not allowed in:|website=(help) - ^ a b Smits, Henk Willem. "'Fortis Intertrust was een koopje voor Waterland'". Quote.
{{cite web}}: Italic or bold markup not allowed in:|website=(help) - ^ "Euronext Amsterdam welcomes Intertrust | Euronext". www.euronext.com. Retrieved 2016-02-26.
- ^ "Aantal brievenbusbv's in Nederland blijft groeien". De Volkskrant. 13 October 2015.
{{cite news}}: Unknown parameter|trans_title=ignored (|trans-title=suggested) (help)