Global financial services business Ocorian announced today that it has entered into a definitive agreement to purchase MAS International, an independent fund administration and corporate services provider. The business operates in Luxembourg and Mauritius in addition to representation in the US. The transaction is subject to regulatory approvals.
Expected to close towards the end of 2017, the transaction will realise the next stage of the progressive trajectory for Ocorian, following the management buyout and successive rebranding of Bedell Trust in 2016. The acquisition expands Ocorian's international presence and service capabilities, providing further depth for their existing jurisdictions.
All staff from MAS's administration and corporate services business will join the combined operation to support and grow the client relationships that are at the core of this acquisition. The two French entities are excluded from this transaction and will continue to operate independently. Terms of the agreement are not being disclosed.
Commenting on the acquisition, Nick Cawley, CEO of Ocorian, said: "The acquisition is consistent with Ocorian’s ongoing evolution and commitment to continued international growth in leading jurisdictions. By bringing the two businesses together, Ocorian's fund administration and corporate services offering will now be strengthened to help build our high quality and sustainable business."