The provider of trust, fiduciary, corporate and fund services has made a purchase as part of its growth drive in Jersey.

ZEDRA has acquired Jersey-based trust, corporate and fund services provider Azure Trust Group for an undisclosed sum. 

ZEDRA was acquired from Barclays in January this year by an independent investor group. Barclays retains a 19.9 per cent stake in the firm.    

The purchase expands ZEDRA’s private client and fund services capabilities and builds its presence on the island, where it now has a team of over 120 people.

“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,” said Niels Nielsen, group chief executive at ZEDRA.

“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."

Alan Tidy, Azure’s managing director, and his executive team will continue to manage Azure's client relationships. Tidy will also serve as executive director of ZEDRA, while Ashley Cox, managing director of ZEDRA’s Jersey operations, will lead the expanded Jersey team.

As part of the deal, Azure’s operations will be rebranded and integrated within ZEDRA.

ZEDRA also operates from Guernsey, the Isle of Man, the Cayman Islands, Hong Kong, Netherlands, Singapore, the UK and Switzerland.