The acquisition is First Names Group’s second thus far this year, and, following Basel’s rebranding later in 2013, will result in the company becoming one of the world’s largest in the offshore corporate services sector, First Names Group said in a statement today.
The transaction significantly expands First Names Group’s presence Jersey and Switzerland, and boosts its global profile to seven locations with more than 400 employees.
In January the company acquired the Jersey-based Moore Group, founded in 1996 by Ian Moore, enabling it to broaden its funds offering in both Jersey and the Far East.
First Names Group was established in the Isle of Man in 1988, and in and now has additional offices in Jersey, Cyprus, Switzerland, Ireland, UK, British Virgin Islands and Tokyo. Last year it was acquired by a team of employees in a management buyout – partially funded by Royal Bank of Scotland, and backed by private equity investment – and earlier this year, underwent a rebranding aimed at boosting its profile.
Last month, Morgan Jubb, who had been First Name Group’s Jersey-based chief financial officer since April 2012, was named group chief executive. In a statement accompanying the news of the Basel Group acquisition, he said First Names had “ambitious plans for growth” that would see it evolve further “into a truly global operation”.
As reported here earlier this month, Gary Hepburn, a client service director for the past nine years at First Names Group,was named managing director of the company’s Isle of Man trust and corporate business.
