Company formation, trust, fiduciary and fund administration services provider Vistra has acquired Podium SAM, a privately owned wealth structuring advisory provider in Monaco.
Podium SAM will be rebranded as Vistra Private Office SAM.
In addition, Vistra Monaco Corporate Services SAM has been incorporated to act as a local company administrator and has been granted the necessary licence in Monaco to set-up and manage trusts, companies and private fund structures for HNW families.
This acquisition sees the expansion of Vistra's presence into Monaco, further growing its international footprint.
Maurizio Cohen, founder of Podium, says: "Monaco is set to grow as an important wealth structuring centre in Europe. Vistra's arrival will bring valued skills and experience with a global outlook to the principality."
In conjunction with this acquisition, Vistra has launched the Vistra Private Office (VPO), a service for international families whose business and wealth is inextricably linked and who live and operate across a number of countries. Clients will have support across a complete range of services that they would expect from their own family office.
Martin Crawford, CEO of Vistra, says: "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."
Julius Bozzino, director, Vistra Private Office, adds: "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."