Vistra, a provider of trust, fiduciary and fund administration services, has acquired Podium SAM, a Monaco-based privately owned wealth structuring advisory business, for an undisclosed sum.

Podium SAM will be renamed as Vistra Private Office SAM following the completion of the deal.

Commenting on the acquisition, Vistra Private Office director Julius Bozzino said: "We have listened to our clients and have created the Vistra Private Office, aimed at entrepreneurs and families alike whose wealth and business interests are interlinked and whose horizons extend across many jurisdictions.

“They have multiple requirements when implementing their commercial strategies and wealth preservation objectives and we are excited about being able to give them a dedicated, global service that helps them achieve these aims."

Meanwhile, Vistra Monaco Corporate Services SAM has also obtained a licence in Monaco to set up and manage trusts, companies as well as private fund structures for high net worth families.

Vistra CEO Martin Crawford said: "A result of an initiative of our longtime friend, Michael Woolf, doyen of the trust and corporate services sector in the Principality, we are delighted to be joining forces with Maurizio and his team and to expand our footprint into Monaco as a key location for our private client practice.

“The jurisdiction's diverse growth ambition is a key strategic addition to our HNWI service offering, and we feel we are well placed to assist investors from all over the world learn more about the benefits of Monaco as a base for their activities."