GLAS to acquire French trust business Pristine

Debt administration and loan agency services provider to debt funds GLAS SAS has signed an agreement to acquire French trust business Pristine. The deal is subject to regulatory approval.

GLAS SAS, part of London-headquartered GLAS Group, launched its French operations in 2018 and this acquisition will further expand its presence in that market. It is regulated in France by Autorité de contrôle prudentiel et de résolution.

Pristine is an asset management and trust business established in Paris in 2016. It provides fiducie and fund structuring and management services with a primary aim of facilitating corporate financing in France. It is regulated by Autorité des Marchés Financiers.

The combined GLAS SAS and Pristine team will total more than 40 people located in Paris.

GLAS founders Mia Drennan and Brian Carne commented on the deal: “We are delighted to partner with Pristine as both firms offer complementary services that will be highly valued by our enlarged client base. Pristine’s capabilities in fiducie and management company services will be very relevant for our clients.”

Benjamin Raillard, Pristine’s director general, added: “The GLAS global reach and scale, with over €320bn of assets under administration, along with Pristine’s structuring capabilities, mean that we will be able to provide our clients, lenders, borrowers and any institutions faced with risk exposure, a second-to-none service.”