First Names Group plans to acquire the international trust business Basel Group (Basel), subject to regulatory approval.
Established in 1996, Basel employs 100 staff across its offices in Switzerland, Jersey, Luxembourg, and its presence in Monaco and Mauritius via associate, and provides a range of fiduciary solutions to a global client base.
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Basel’s acquisition aims to significantly expand First Names’ existing offering in Jersey and Switzerland, alongside establishing a Luxembourg presence. Basel will be absorbed into the First Names Group and will operate under the new brand towards the end of 2013.
After the acquisition, First Names is due to have in excess of 400 staff across nine strategic locations.
Having emerged from a management buy-out in July 2012, First Names has rebranded to establish itself as a leading independent fiduciary and corporate services provider by following its objectives of strong organic and inorganic growth and making strategic senior hires.
In January 2013, First Names closed the purchase of Moore Management, which expanded the Group’s fund offering and presence into the Far East.
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By GlobalDataCEO of Basel, Julie Coward said, "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."
Group chief financial and operating officer at First Names Group, Morgan Jubb, added:
"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."
