Fidence is continuing its international expansion. Backed by the investment fund Amethis, the Luxembourg-based business services group announced on Friday 28 August the acquisition of Mitco, an asset management firm operating in Mauritius and the Seychelles. The value of the deal, which was finalised following approval from regulators in both countries, has not been disclosed.

The target company brings Fidence approximately $5.5m in annual turnover and some 90 professionals. Founded in 1993, Mitco provides corporate services, fiduciary and fund administration services, as well as support with cross-border structuring. It was previously owned by Ciel Finance.

Eight locations

The transaction comes less than a year and a half after Fidence was founded. In March 2025, Hoche Partners Corporate Services acquired Paddock Corporate Services and Paddock Fund Solutions to create a workforce of over 100 employees in Luxembourg, France and Morocco. This merger marked the first stage of the growth strategy launched following the investment by the Amethis Europe Expansion fund in October 2024.

The group then acquired CW Partners in December 2025, establishing a presence in Dubai and Geneva. Fidence stated at the time that it had doubled in size in one year thanks to the support of Amethis, without publishing any consolidated turnover figures or precise headcount figures. With Mitco, its network now spans eight locations in Luxembourg, France, Morocco, the United Arab Emirates, Switzerland, Mauritius and the Seychelles.

Mitco’s chief executive, Mahen Govinda, will retain his position and become a shareholder in Fidence. “Joining Fidence marks the start of a new chapter for Mitco and our teams,” he says. For Cornelius Bechtel, CEO of the Luxembourg-based group, this merger should give clients direct access to investment flows linking the United Arab Emirates, Africa and Asia.