IFG Trust and Corporate Group has acquired Jersey-based Moore Group adding more than $145 billion AUA to its existing business.
The transaction remains subject to regulatory approval.
The Moore Group takeover is IFG Trust and Corporate Group’s first since it separated from IFG Group following a management buy-out in July. The company is due to reveal its new corporate name shortly.
The company is currently undergoing a rebrand to establish itself as a corporate service provider independent of the IFG Group name, with growth as one of its main priorities.
Ian Moore—who established Moore Group in 1996—will continue to work with the company assuming the role of executive chairman.
Moore said: “This is a wonderful milestone in our history. Culturally, it’s a perfect fit. IFG Trust and Corporate Group is an international player in the industry and I am very excited at the prospect of working together and becoming part of such an innovative multi-jurisdictional business.”
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Declan Kenny, chief executive of IFG Trust and Corporate Group, said: “I could not be more pleased. Mergers and acquisitions are cited as vital in achieving growth and accessing new markets and we have ambitious targets in this respect."
“The Moore Group is an ideal addition to our organisation, well established and very well respected. This has been a very exciting year for our business and its employees and 2013 looks set to continue in the same vein,” added Kenny.
Mike Jewell, partner of Cavendish Corporate Finance, which advised Moore Group on the acquisition, commented: “The deal is a great fit for both parties and illustrates the strong consolidation trend that is sweeping international fund administration.”
“Bigger players continue to hunt for more specialist operators, which have particular skills sets and dedicated client bases, to bolster their revenues and expand their geographic and service offerings as well as benefit from economies of scale in areas such as technology infrastructure and compliance,“ concluded Jewell.
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