Intertrust Group

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] When Fortis was bailed out and broken up in 2009, the company reportedly dismissed 98% of its customers.[13]

In June 2009, Fortis Intertrust was rebranded as Intertrust Group. It was sold to Dutch investor, Rob Thielen's, Waterland Private Equity Investments[14] for a reported price of either €210 million[15] or €250 million.[16]

In December 2012, Blackstone Group announced that it would acquire Intertrust Group from Waterland Private Equity Investments, which was completed in April 2013.[17][18] Reports stated that Blackstone paid €675 million for Intertrust.[15]

Intertrust held its initial public offering in September 2015 in Amsterdam, expecting to raise €475 million.[19] 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.[20] 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][21]


In June 2013, Intertrust Group announced that it would acquire ATC Group for $397 million, which was completed in December 2013.[22] In June 2015, Intertrust Group announced that it would acquire CorpNordic, which was finalized in August 2015.[23] In 2016, the company announced that it would acquire Elian Group for $625 million in cash, shares and debt.[24]


Intertrust is headquartered in Amsterdam, Netherlands. The company's operational offices are in the Netherlands, Luxembourg, the Cayman Islands and Guernsey.[18] It has other locations in North America, South America, Europe, Asia and the Middle East, totaling 37 offices in 26 countries.[25]

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.


  1. 1 2 3 4 5 "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. 1 2 "Aantal brievenbusbv's in Nederland blijft groeien" [Number of mailbox firms in Netherlands keeps on growing]. De Volkskrant (in Dutch). 13 October 2015.
  5. 1 2 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. 1 2 "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. "'Fortis hielp klanten bij ontwijken belasting'" [Fortis helped customers evade taxes]. Trouw. 23 April 2016.
  14. "Rob Thielen (Waterland) koopt Fortis Intertrust". Quote. 4 September 2009.
  15. 1 2 "Blackstone neemt Intertrust over". de Volkskrant (in Dutch). 8 December 2012.
  16. Smits, Henk Willem. "'Fortis Intertrust was een koopje voor Waterland'". Quote (in Dutch).
  17. "Blackstone buys Dutch trust firm Intertrust". Reuters. 5 December 2012.
  18. 1 2 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).
  19. De Jong, David (21 September 2015). "Blackstone's Intertrust Expects to Raise $537 Million in IPO". Bloomberg Business. Retrieved 19 April 2016.
  20. "Euronext Amsterdam welcomes Intertrust | Euronext". Retrieved 2016-02-26.
  21. Reijn, Gerard (10 February 2016). "'Maatregelen tegen belastingontwijking gaan multinationals geld kosten'" ['Anti-tax evasion measures will cost multinationals money']. De Volkskrant (in Dutch).
  22. "Intertrust Group Holding SA to acquire ATC Group BV". International Law Office. Retrieved 19 April 2016.
  23. "Intertrust completes acquisition of CorpNordic". EU Bankers. Retrieved 19 April 2016.
  24. Sterling, Toby (6 June 2016). "Dutch Trust Operator Intertrust Buys Elian for 435 Million Pounds". Reuters. Retrieved 22 July 2016.
  25. "Intertrust acquires Walkers Management Services". Hedge Week. 3 July 2012. Retrieved 18 April 2016.

External links

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