First Names Group closes Nautilus acquisition 20 June 2016Jersey Reporter: Stephanie Palmer
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First Names Group has completed its acquisition of Nautilus Trust Company, an independent trust and corporate services provider in Jersey, Hong Kong and London.
All conditions and regulatory approvals have been met, and the transaction has been concluded.
The acquisition is the latest strategic move from First Names Group, and part of its long-term expansion strategy. It is intended to cement the group’s position as a major provider of trust and corporate services.
In particular, it strengthens First Names Group’s position in Jersey, where it now has over 300 employees.
Mark Pesco, group managing director for private clients at First Names Group, said: “The acquisition of Nautilus is a significant milestone for the group. We are highly ambitious and have delivered exceptional growth over the last few years.”
He added: “I am really proud of what we have achieved so far both in terms of economies of scale and increased market share.”
Ben Newman, managing director of First Names in Jersey, added: “Nautilus is a great fit for us both commercially and culturally and I am really pleased to welcome the team to First Names Group. The acquisition will further strengthen our Jersey operation and I am excited about driving the business forward.”
When the acquisition was first announced in June, Jason Cowleard CEO of Nautilus, commented: “We have built a solid business with a great reputation and I believe this transaction will be extremely positive for both our clients and the team, as we will be able to offer a wide range of services in additional jurisdictions.”
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