First Names Group, an Isle of Man-based trust, fund and corporate services provider, has completed the acquisition of Luxembourg-based Citadel Services PSF Sàrl for undisclosed amount.
Established in 1984, Citadel offers corporate services from consultancy to accounting and covers aspects of international tax planning, company and trust formation, and on-going administration for all associated structures.
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With this acquisition, First Names’ headcount has increased to more than 450 across nine strategic locations.
In July, First Names Group bought trust and corporate services provider Basel and in January it acquired international fund business Moore.
Citadel and its team will begin operating under the new brand from the second quarter of 2014.
Morgan Jubb, CEO of First Names Group, said: "We have achieved a great deal in the last 12 months and our expansion into Luxembourg is a natural progression as we have been keen to gain a strategic presence there for some time.
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By GlobalData"Citadel is a first step towards us gaining a significant presence in Luxembourg to enable us to provide trust, fund and corporate administration services out of this jurisdiction. The Citadel team is fantastic and I am very much looking forward to working with them."
