First Names has announced its agreement to acquire international trust business Basel Group (“Basel”). The transaction remains subject to regulatory approval.
The acquisition of Basel will significantly expand the Group’s existing offering in Jersey and Switzerland and will also establish its presence in Luxembourg. This is the second acquisition this year; the purchase of Moore Management, which completed in January, expanded the Group’s fund offering and presence into the Far East.
Post acquisition, First Names Group will have in excess of 400 staff across nine strategic locations. Basel will be absorbed into the First Names Group and will begin operating under the new brand towards the end of the year.
First Names Group has recently emerged from a management buy out and major rebrand to establish itself as a leading independent fiduciary and corporate services provider. The company is aligned to a robust five-point vision statement that clearly defines its objectives. Vigorous plans for growth, both organic and inorganic are high on the agenda and recent strategic senior hires look set to ensure its success in both.
Basel was 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.
CEO of Basel, 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 further comments, “This is the second acquisition since our management buy-out in July 2012. As a business we have made a commitment to create a flexible, multi-jurisdictional, fully aligned people-focused culture that will ultimately drive superior client service. We continue to invest heavily in the people, platforms and processes needed to support our objectives and I am naturally delighted that our growth plans are on track. This merger delivers economies of scale, increases our portfolio and gives us an additional strategic jurisdiction, all of which enhance opportunities for growth and career progression.”
