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Zedra to snap up Interben
Posted on Friday, 14 June 2019 09:29
Zedra is making strides into the Nordic institutional market by acquiring Guernsey-based Interben Trustees for an undisclosed sum. Established in 1987, the target provides trustee and administration services to multinational businesses to support their international pension plans. Interben has strong links to Norway, Sweden and Finland through its subsidiaries SPP and Mandatum, which are billed as the leading pension companies in their respective countries. Ivo Hemelradd, group director of the buyer’s corporate, funds and legal division said: “Guernsey is an important hub for us, from where we are able to offer global clients employee benefits, pensions and associated administrative services. Through the deal, Zedra will enter the Norwegian, Finnish and Swedish markets and work with Interben to provide a wider range of offerings to its multinational clients. Headquartered in Knutsford, the acquiror is an independent global specialist in trust, corporate and fund services. Zedra was sold by Barclays to an investment group in 2016 and now operates across the US, Europe, Asia and Oceania. Its activities include tax compliance, accounting and bookkeeping services for corporate clients and business owners, as well as international retirement plan arrangement schemes for employers. Following the acquisition, which remains subject to local regulatory approval, Interben’s staff will join Zedra’s office in Guernsey. Nick Slinn, chief executive of the target, said: “We are confident that our long standing international pension’s industry experience in the Nordic Market is a perfect fit with Zedra’s international employee benefits portfolio.” There have been 56 deals targeting third party providers of insurance and pension funds administration services announced worldwide since the beginning of 2018, according to Zephyr, the M&A database published by Bureau van Dijk. In the largest of these and the only one of the top ten targeting a Spanish company, Allianz Compania de Seguros y Reaseguros agreed to acquire Multiasistencia for EUR 225.00 million in July last year. © Zephus Ltd