The provider of incorporation, trust, fiduciary, private office and fund administration service has made another acquisition.

Vistra, which provides incorporation, trust, fiduciary, private office, and fund administration services, has acquired the compliance division of Foster Raffan, a chartered accounting firm based in Australia, completing a run of such deals.

The team of 17 staff at Foster Raffan’s compliance division, led by partner, Vivien Tang, will join Vistra where Vivien will remain responsible for her team, whilst taking up the role of head of international expansion in Australia within Vistra.

The acquired business was formed by its owners in 1995. Foster Raffan provides accounting and tax, audit, and wealth management services.  The firm started business under the founding partners in the 1970’s.

"Since the Foster Raffan brand came to fruition in 1995, the partners have created a history of success and collaboration, evident through their longstanding client relationships.  This acquisition will continue to nurture and develop the partnership which was first started with Vistra UK 10 years ago, and we are excited to welcome Vivien and her team to the Vistra family," Martin Crawford, chief executive of Vistra, said.

Tang added: "We are... seeing growing demand for Australian companies requiring assistance as they expand overseas and it is excellent that we can now access the broader Vistra network to satisfy their requirements. Obviously we will also remain focused on the local Australian market and our long-term clients."

Earlier this year, Vistra rebranded OIL, one of its Asia-based companies, under the Vistra name, as part of a set of deals in Asia and other parts of the world. The process started when Vistra merged with OIL, a company formation specialist, in 2011. OIL, a 30-year-old firm, will form the basis of Vistra’s company formation division.

In September last year, Baring Private Equity Asia’s acquisition last October of a majority stake in Vistra Group and Orangefield Group led to Orangefield being rebranded under the Vistra name.

The rise of organisations such as Vistra, sometimes via MBOs, trade sales and other transactions, has been striking in recent years. Rivals, in some cases being listed on stock markets and with private equity backing, include Sanne, which is listed on the London Stock Exchange and with a Jersey HQ; TMF Group, with over 120 offices in 80 locations; Hawksford; JTC and Equiom. Another player on a large scale is Intertrust, which in September last year completed its purchase of Elian from Electra Private Equity for £435 million ($564.3 million).