Trilliance Capital (TriCap), a financial services firm based in Cayman Island, has entered into a joint venture with Nucleus Holdings to establish a new entity domiciled in Luxembourg.
International Adviser quoted Nucleus chairman Vincent Derudder saying that the aim of the venture, which was agreed with TriCap owner Alvar Virkus, was for the two groups of companies to merge.
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Following the merger, initiated earlier in November 2013, both the firms will continue to operate under their own brands, referring the venture as a ‘behind the scenes’ move.
Derudder added that both the firms would work on similar plans and solutions within different sectors of the European market, besides establishing a computerized management system.
Derudder and TriCap owner Alvar Virkus are named as the beneficial owners at the venture, with Derudder assuming the office of chairman and Virkus appointed the group chief executive.
TriCap administration SPC managing director Romain Bichel has been selected to assume the administration duties of the new group.
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By GlobalDataDerudder said: "The intention is not to change anything within our flagship companies. Our brands are already well established and recognised by industry professionals so we will continue to operate under our original titles.
"We are working on similar markets and plans so it makes sense for us to work together. This year is an opportunity for us to achieve in spite of very adverse conditions."
