First Names ties up Mercator purchase 04 April 2014 Guernsey Reporter: Georgina Lavers
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First Names Group has completed its acquisition of Mercator in Guernsey, in a move that has made the group the largest trust, funds and corporate services provider in the Channel Islands.
Mercator’s trust and corporate services business will be integrated into First Names Group and its funds business will be incorporated into the Moore brand. Mercator will begin operating under the new brands towards the middle of the year.
This is the sixth acquisition for the group since its management buyout in July 2012 and major rebrand in early 2013. The group now has operations in 12 locations across the world and over 550 ‘First Names’.
Mercator is an independently owned business based in Guernsey providing professional services for private clients, corporate clients, fund services and managed trust companies. It’s a well-established company, with a history going back over 30 years when the fiduciary business of Chandlers Chartered Accountants expanded and developed independently, becoming Mercator in the 1990’s.
In terms of local Guernsey management post completion, David Preston will continue as the managing director of the trust and corporate business, and director Mark Douglas will remain in charge of the fund services business.
Managing director of Mercator, David Preston, said: “Mercator has built a strong reputation and is a natural fit for First Names Group, allowing the Group to gain market presence in Guernsey. I am delighted to be part of a much larger organisation and of the opportunities that will arise as a result.”
Morgan Jubb, CEO at First Names Group, said: “We have been very interested in acquiring in Guernsey for some time and Mercator is perfect for us, both commercially and culturally. We have already successfully integrated the Basel business into our brand and culture and are committed to investing in the people, platforms and processes needed to support our objectives. I am naturally delighted with the success achieved so far in our acquisition strategy, in terms of economies of scale and increased market share.”
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