M and A
Deals Of The Day: The Latest In Wealth Management M&A - ZEDRA, ECI Partners

The latest M&A deals in wealth management.
ZEDRA
ZEDRA, provider of
trust, corporate and fund services, has agreed to buy Talenture,
an independent corporate and services provider based in Lugano,
Switzerland, established in 1989.
The acquisition will bring ZEDRA’s global office total to 17
across 13 jurisdictions. The transaction is expected to close by
the end of 2019, it said in a statement yesterday.
The deal also brings ZEDRA further expertise in areas such as
accounting, corporate secretarial, tax compliance, payroll and HR
services for Swiss and international companies.
As part of the change, Michele Antonini, will assume the role of
MD, ZEDRA Lugano.
The existing management of Talenture, Michele Antonini, Giuseppe
Costantino, Uberto Meraviglia Mantegazza and Michele Meretti,
will join ZEDRA.
There have been a number of merger and acquisition (and later
rebranding) deals affecting the world’s trusts sector. Earlier in
the summer this year, SMP Group of Companies, a global
professional and financial services group based in the Isle of
Man, bought Jersey-based Helm Trust Company, a trust and
corporate services provider.
A number of banks, such as Investec, ABN AMRO and Barclays have
spun off trusts and associated businesses. ZEDRA bought the
Barclays UK trusts business and completed that deal in April
2016. In December 2017, investor services firm SGG Group bought
Jersey-based First Names Group from AnaCap Financial Services,
the private equity organisation. Among other deals, in 2014,
Butterfield Group, part of Bermuda-based Butterfield, completed
its acquisition of Guernsey-based Legis Group, taking on its
trusts and corporate services business.
Salamanca, the UK-based Investec Trust Group; ABN AMRO sold its
trusts business a decade ago to Equity Trust. Rival
Netherlands-based ING spun off its trusts business in 2007. In
the Channel Islands, deals have included investment by Close
Brothers Private Equity in Jersey Trust Company and Kleinwort
Benson’s acquisition of Close Brothers Offshore Group. In 2011,
TMF and Equity Trust merged. Australia and New Zealand Banking
Group has completed the sale of its ANZ Trustees business to
Equity Trustees. US-based private equity house Corsair Capital
bought a majority stake in ZEDRA Group.
ECI Partners, KB Associates
ECI Partners, a
specialist in buyouts, mergers and acquisition finance deals, has
put money into KB
Associates, a Dublin-based business that serves investment
firms with compliance and governance solutions.
KB Associates, founded in 2003, has 60 consultants and works with
more than 230 asset management firms. Its clients’ assets under
management are collectively worth more than €225 billion ($247
billion).
“This minority investment by ECI provides us with the financial
flexibility and expertise to seize this market opportunity.
Importantly, it also ensures that the business continues to be
majority owned by the management team,” Mike Kirby, managing
principal and founder of KB Associates, said. Kirby will continue
to lead the business Mike said.
The investment – size of which was not disclosed - is subject to
regulatory clearance. It is anticipated to complete in the first
quarter of next year.