First Names Group, an Isle of Man-based trust, fund and corporate services provider, is set to acquire Mercator Group, a provider of trust, funds and corporate services in Guernsey, for undisclosed amount.
Founded in 1980, Mercator provides professional services for private client, corporate, fund services and managed trusts.
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First Names said it will incorporate Mercator’s trust and corporate services business into its own trust and corporate services operations, while Mercator’s funds business will be incorporated into the Moore brand.
With this acquisition, First Names will have in excess of 520 offices across nine strategic locations and Mercator will begin operating under the new brands in the mid of 2014.
First Names said that David Preston will continue as the managing director of Mercator, while the director Mark Douglas will remain in charge of the fund services business, operating under the Moore brand, post completion.
Mark Pesco, managing director of First Names (Jersey), said: "Our expansion into Guernsey will really strengthen our offering in the Channel Islands and I could not think of a better match than Mercator.
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By GlobalData"I am very much looking forward to developing our pan-island services and driving further organic and inorganic growth from both locations."
The strategic acquisition is subject to regulatory approval.
