Trust and fiduciary service provider ZEDRA has taken over Azure Trust Group, a trust, corporate and fund services group based in Jersey.
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With the acquisition, Azure will be merged into ZEDRA’s existing Jersey team, increasing ZEDRA’s total headcount on the island to over 120.
At the same time, Azure’s operations will also be rebranded and integrated within ZEDRA.
ZEDRA group CEO Niels Nielsen said: "When we launched ZEDRA, we knew that Azure would be a perfect fit for the organisation and would add significantly to our ambitious growth plans.
"We have made excellent progress against our strategic objectives and integrating Azure into the Group supports our ambitions to strengthen and expand the services we offer to clients and our capacity to deliver."
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By GlobalDataAzure managing director Alan Tidy has been named as the executive director of ZEDRA. Tidy, alongside his executive team, will continue to be responsible for Azure’s client relationships.
ZEDRA Jersey managing director Ashley Cox will be responsible for leading the expanded team at Jersey.
"With Azure joining us, we are adding significant and very relevant experience and expertise, which will add considerable value to our operations both here in Jersey and throughout the Group. Azure has a strong and well-renowned team, who will add further strength and depth to our corporate and fund services offerings," Cox said.
ZEDRA unveiled plans to merge Azure in January 2016, following completion of its acquisition from Barclays. Recently, the group also announced plans to expand into the Hong Kong market.
