Friday, January 10, 2014
First Names Group, an Isle of Man-based trust, fund and corporate services provider, announced on January 07, 2014 that it is set to acquire Guernsey-based rival Mercator.
The acquisition (which remains subject to regulatory approval) will be First Names Group's fourth since its management buyout in July 2012 from IFG Group plc and its rebrand in early 2013. Boutique fund services business Moore Management and international trust and corporate services providers Basel and Citadel were purchased in January, July and December of last year respectively.
The transaction complements the Group's existing offering, as the trust and corporate services business will be integrated into First Names Group whilst Mercator's funds business will be incorporated into the Moore brand.
Once the acquisition completes, the Group will have in excess of 520 'First Names' across nine strategic locations. Mercator will begin operating under the new brands towards the middle of the year.
Mercator is an independently owned business based in Guernsey, providing professional services for private client, corporate, fund services and managed trusts.