2016 witnessed several high profile acquisitions, the latest being LGT’s purchase of ABN Amro’s Asian wealth units. But it is not only private banks and wealth managers who have been swallowing each other up.

While the banks without sufficient scale continued their «Asian Prexodus» another related industry, Trusts and Corporate Services, has also seen a significant number of deals.

Like the private banks this industry is turning into a survival of the fittest and the biggest. Another similarity to the private banking business is the rising cost of doing business and increasing regulation. 2017 therefore is sure to see more trust and corporate service deals and perhaps the influence of financial technology disrupting this traditional service sector. 

With Asia the centre of gravity for global wealth creation the focus on expanding in this region has seen numerous transactions during the year. 

Trust services provider Equiom acquired The Heritage Trust Group, an Asian corporate services firm with offices in Singapore, Hong Kong and the British Virgin Islands.

The acquisition of Heritage followed an earlier deal in Hong Kong in which Equiom purchased Equation Hong Kong and the announcement of Equiom's expansion into the United Arab Emirates and Qatar following the acquisition of Links Group that took the number of Equiom Group's global offices to nine.

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Sheila Dean, Global CEO of Equiom Group

First Names Group, an independent provider of trust, fund and corporate services also continued its acquisitive run.

The firm agreed terms to acquire trust and corporate services provider Nautilus Trust Company. The acquisition First Names said, significantly expanded the groups presence in Jersey, Hong Kong and London.

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Mark Pesco, CEO First Names Group

Family-owned Zedra, who acquired Barclays’ trust and fiduciary business for an undisclosed sum, opened in Hong Kong this year. The business already operates in seven global locations including Singapore.

The latest office addition is led by Managing Director, John Ashwood, supported by Executive Director, Mandy Cheng, (pictured) to address the growing and increasingly diverse wealth management needs of clients in Hong Kong and mainland China.

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Just a few months after expanding its footprint into India, The Vistra Group embarked on another transaction, this time in Singapore, buying an international corporate services provider based in the city-state.

Vistra group acquired Intro International a boutique Singaporean corporate services firm that provides corporate secretarial, accounting and tax compliance services. It has a portfolio of international clients, many of whom are trading companies from the UK and Australia looking to establish an operation in Singapore.