First Names Group has bought Guernsey trust, funds and corporate services provider Mercator, in what has become is the latest in a long line of acquisitions.
The acquisition of Mercator (which remains subject to regulatory approval) is the fourth acquisition for the group since its management buyout in July 2012 and major rebrand in early 2013.
Boutique fund services business Moore Management (Jersey), international trust and corporate services providers Basel (Jersey and the British Virgin Islands) and Citadel (Luxembourg) were purchased in January, July and December respectively.
Mercator is an independently owned business based in Guernsey, providing professional services for private client, corporate, fund services and managed trusts.
In terms of local Guernsey management, David Preston will continue as the managing director of the trust and corporate business and director Mark Douglas will remain in charge of the fund services business, operating under the Moore brand, post completion.
Morgan Jubb, CEO of First Names Group, said that the firm had been very interested in acquiring in Guernsey for some time. “We have successfully integrated the Basel business into our brand and culture and are committed to investing in the people, platforms and processes needed to support our objectives. I am naturally delighted with the success achieved so far in our acquisition strategy, in terms of economies of scale and increased market share.”
