Intertrust Group

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Intertrust Group
Public, Naamloze vennootschap (NV)
Industry Professional services
Founded 1952
Headquarters Amsterdam, Netherlands
Key people
David de Buck (CEO), Ernesto Traulsen (CFO), Hélène Vletter-van Dort (Chairperson Supervisory Board))
Revenue €345 million[1] (2015)
€2.6 million[1]
Number of employees

Intertrust Group (incorporated as Intertrust N.V.)[2] is a publicly traded international trust and corporate management company based in Amsterdam, Netherlands. The company is best known for its fiduciary services, which includes tax, trust, business management and outsourcing processes.[3] It is the largest trust office in the Netherlands, measured by number of shell corporations managed.[4]

Intertrust's origins date back to the incorporation of NV Trust Corporation Pierson, Heldring & Pierson in 1952.[5] David de Buck has been the company's chief executive officer since 2009.[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] Intertrust's clients include 60% of the top 10 of the Fortune Global 500, and thirty out of the world's fifty largest private equity funds. It does not disclose which companies these are.[8]


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] During its time as a Fortis subsidiary, Intertrust was involved in "dubious" transactions surrounding FIFA officials, though this would only become known after the Panama Papers leak of 2016.[12]

In June 2009, Fortis Intertrust was rebranded as Intertrust Group. It was sold to Dutch investor, Rob Thielen's, Waterland Private Equity Investments[13] for a reported price of either €210 million[14] or €250 million.[15]

In December 2012, Blackstone Group announced that it would acquire Intertrust Group from Waterland Private Equity Investments, which was completed in April 2013.[16][17] Reports stated that Blackstone paid €675 million for Intertrust.[14]

Intertrust held its initial public offering in September 2015 in Amsterdam, expecting to raise €475 million.[18] 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.[19] 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.[1][20]


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


Intertrust is headquartered in Amsterdam, Netherlands. The company's operational offices are in the Netherlands, Luxembourg, the Cayman Islands, Jersey and Guernsey.[17] It has other locations in North America, South America, Europe, Asia and the Middle East, totaling 37 offices in 26 countries.[24]

The company manages the administration of some 40,000 "entities",[1] nominally housed at its Dutch offices.[4] Intertrust reportedly works with 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]


  1. ^ a b c d e "Winst Intertrust gedaald ondanks groei van omzet" [Intertrust profits down despite increased revenue]. NRC Handelsblad (in Dutch). 10 February 2016. 
  2. ^ "Intertrust begins trading at 15.50 euros". Reuters. 2015-10-15. Retrieved 2016-02-26. 
  3. ^ Worldwide Business Tax Facts 2010/11. CCH Australia Limited. 2010. 
  4. ^ a b "Aantal brievenbusbv's in Nederland blijft groeien" [Number of mailbox firms in Netherlands keeps on growing]. De Volkskrant (in Dutch). 13 October 2015. 
  5. ^ a b Historisch Archief (PDF). ABN AMRO. 
  6. ^ Bain, David (10 March 2009). "Fortis Intertrust replaces chief executive". Financial News. Retrieved 19 April 2016. 
  7. ^ "Intertrust acquires Walkers Management Services". Hedge Week. 3 July 2012. Retrieved 19 April 2016. 
  8. ^ a b "Waarom het gesloten Intertrust nu de ramen openzet". NRC Handelsblad. 14 October 2015. 
  9. ^ "Euronext Amsterdam welcomes Intertrust | Euronext". 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. ^ "'Dit is een sneeuwbal die nog een hele tijd zal voortrollen'" ['This snowball will keep rolling for quite a while']. Trouw. 6 April 2016. 
  13. ^ "Rob Thielen (Waterland) koopt Fortis Intertrust". Quote. 4 September 2009. 
  14. ^ a b "Blackstone neemt Intertrust over". de Volkskrant (in Dutch). 8 December 2012. 
  15. ^ Smits, Henk Willem. "'Fortis Intertrust was een koopje voor Waterland'". Quote (in Dutch). 
  16. ^ "Blackstone buys Dutch trust firm Intertrust". Reuters. 5 December 2012. 
  17. ^ a b 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). 
  18. ^ De Jong, David (21 September 2015). "Blackstone's Intertrust Expects to Raise $537 Million in IPO". Bloomberg Business. Retrieved 19 April 2016. 
  19. ^ "Euronext Amsterdam welcomes Intertrust | Euronext". Retrieved 2016-02-26. 
  20. ^ Reijn, Gerard (10 February 2016). "'Maatregelen tegen belastingontwijking gaan multinationals geld kosten'" ['Anti-tax evasion measures will cost multinationals money']. De Volkskrant (in Dutch). 
  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 Walkers Management Services". Hedge Week. 3 July 2012. Retrieved 18 April 2016. 

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