Meanwhile, Vistra Monaco Corporate Services has been incorporated to act as a local company administrator, and can set up and manage trusts, companies and private fund structures for wealthy families.

“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,” said Martin Crawford, chief executive of Vistra.

Vistra has also launched a firm-wide offering called Vistra Private Office in conjunction with the acquisition of Podium SAM. It is aimed at international entrepreneurs and families whose business and wealth are “inextricably linked”.

Clients will have access to a range of services that they would expect from their own family office, with teams of Vistra professionals on-hand in all major jurisdictions, the firm said.

Vistra specialises in company formations as well as trust, fiduciary, and fund administration services. Earlier this month, it appointed Gavin Carruthers as director of its Jersey fund services business.