Independent trust and corporate services provider Nautilus Trust Company is to be acquired by First Names Group, with terms of the deal agreed.
The strategic acquisition is reportedly intended to improve First Names Group’s presence in Hong Kong and London, and in Jersey, where it brings the First Names task force to over 300.
It is also part of a long-term strategy to operate globally through a network of strategically located offices, in order to better meet the specific needs of individual clients.
The transaction is still subject to regulatory approval. Once it is complete, Nautilus will be integrated in to the First Names Group private client and corporate service lines.
Nautilus was founded in 1999 as Beachside Trust Company, and rebranded as Nautilus in 2000. It has been operating under the leadership of CEO Jason Cowleard since 2006.
Cowleard said: “The acquisition of Nautilus by First Names Group is a welcome development. It is a fantastic opportunity for the team at Nautilus and it will provide First Names Group with the added strength and depth they need to grow.”
“We have built a solid business with a great reputation and I believe this transaction will be extremely positive for both our clients and the team, as we will be able to offer a wide range of services in additional jurisdictions. I am looking forward to starting the integration process and working together to ensure we continue to deliver the best possible customer service.”
Cengiz Somay, CEO of First Names Group, added: “I am really looking forward to welcoming Nautilus to the Group as I feel we have great synergies, both in terms of ambition and culture.”
