First Names Group acquires Basel trust business
First Names is to acquire international trust business Basel Group, subject to regulatory approval.
The acquisition of Basel will significantly expand First Names Group’s existing offering in Jersey and Switzerland, and will also establish its presence in Luxembourg.
Basel, established in 1996, has offices in Jersey, Switzerland and Luxembourg with associates in Monaco and Mauritius and provides a range of fiduciary solutions to a global client base. It employs 100 staff across these locations and will begin operating under the new brand name near the end of the year.
First Names Group (previously the International Division of IFG Group plc) is a global, independent provider of trust, corporate and fund administration services, with more than 300 employees and offices in the Isle of Man, Jersey, Cyprus, Switzerland, Ireland, UK, the British Virgin Islands and Japan.
Basel is First Name’s second acquisition this year following the purchase of Moore Management, completed in January, which expanded the firm’s presence to the Far East.
The Group recently emerged from a management buy out and major rebrand to establish itself as an independent fiduciary and corporate services provider. It has set out a five-point vision that defines plans for organic and “inorganic” growth.
Basel CEO Julie Coward comments, “Basel has enjoyed a strong reputation for many years and First Names Group is built on the same exacting standards, values and people-centred culture. This is a perfect fit and a great opportunity for everyone in both companies to benefit from the many opportunities this transaction will present.”
Morgan Jubb, group chief financial and operating officer at First Names Group said the deal “delivers economies of scale, increases our portfolio and gives us an additional strategic jurisdiction, all of which enhance opportunities for growth and career progression.”