Intertrust Group: Significant step towards operational excellence

Intertrust Group acquires Viteos to deliver sophisticated client services

With leading market positions in selected key financial markets, the Intertrust Group delivers high-quality, tailored corporate, fund, capital market and private wealth services to its clients, with a view to building long-term relationships.

The company is a global leader in providing expert administrative services to clients operating and investing in the international business environment and has more than 3,200 employees across 30 jurisdictions in Europe, the Americas, Asia Pacific and the Middle East.

"Historically, Intertrust has over 17 years' experience within the UAE alone. The Dubai office was established in 2011 in DIFC, the financial centre of Dubai. It grew into a reputable player in the market. While Intertrust Group has four service lines, in the DIFC office we predominantly focus on Corporate Services," said Patricia 't Hart, Managing Director, Intertrust Group.

Hart first joined the organisation in Amsterdam, then operated from its Singapore and Hong Kong bases. She later re-joined the group as its Managing Director in Dubai in 2018.

"At the time, we were looking into a new strategy to complement our existing services. Our expansion continued with the launch of the Abu Dhabi Global Market (ADGM) office in September of last year, and I am excited to lead the team into this new era. We are now covering both the DIFC and ADGM location, as well as assisting our clients in the various other free zones. Furthermore, we have a dedicated in-house Cayman and BVI team, managing the Middle Eastern relationships for these offshore jurisdictions," she said.

The company works with global law firms and accountancy firms, multinational corporations, financial institutions, fund managers, high-net worth individuals and family offices.

"We are very excited about our latest acquisition, which was announced on June 18. Viteos is a high growth, tech-enabled leader providing end-to-end middle and back office administration for hedge funds, private equity, real estate, private debt and other alternative asset managers. The company holds a top 10 position in the U.S. Fund Administration industry and is a global leader in shadow administration, servicing over 80 top tier customers.

The acquisition enables us to gain a meaningful presence in the US and an increased exposure to funds; it will strengthen our technology foundation; and at the same time expand our dynamic and engaged talent pool; all in all, it is a significant step towards operational excellence. "We are looking forward to building on our existing presence in these exciting times," she said.

Hart believes that the upcoming Expo 2020 Dubai is set to provide an opportunity for all to discover the UAE's many facets and welcome investments in various sectors.
"Our offices have seen an increase in awareness and client interest due to the publicity around the Expo 2020 Dubai. The growth is mostly generated by the UAE itself, in the sense that the UAE is very innovative and new opportunities are introduced at a regular pace. The enhanced corporate governance resulted in growth of substance requirements, so we continue to assist clients with their board meetings and corporate record keeping. When ADGM introduced the foundation in June 2017 and the DIFC followed with their version in March 2018, it opened up a new set of service offerings for us. Furthermore, with VAT introduced in January 2018, it brought the need for our VAT services, and as a whole increased our accountancy series across the region. The most recent introduction of Economic Substance Rules in the UAE is an excellent example of an area where we can assist our clients," she said.

According to Hart, the UAE is making strides this year with the Year of Tolerance, which brought forth exciting new developments such as the long-term visa, possibility of 100 per cent foreign ownership for mainland companies, and introduction of the fund passport, to name a few.

Hart describes her three and a half years of experience in the UAE as an amazing journey, as the country serves as an exciting and interesting platform for Intertrust as a group, and for her personally.

"The UAE gives us an opportunity to experience multi-cultural opportunities. As a family, we feel that one of the biggest advantages of being here - being Dutch and having lived in different countries - is the exposure our children have to so many different cultures. It is this tolerance that truly portrays the vision that we have for our family and ourselves," she concluded.

- farhana@khaleejtimes.com

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