First Names Group is to acquire the international trust business Basel Group, subject to regulatory approval.
The acquisition of Basel will significantly expand the group’s existing offering in Jersey and Switzerland and will also establish its presence in Luxembourg. This is the second acquisition this year, after the purchase of independent administratior Moore Management, which has offices in Tokyo, Bermuda, Isle of Man and Jersey.
Post acquisition, First Names Group will have in excess of 400 staff across nine strategic locations. Basel will be absorbed into the First Names Group and will begin operating under the new brand towards the end of the year.
First Names Group has recently emerged from a management buy out and major rebrand to establish itself as a leading independent fiduciary and corporate services provider.
Basel was established in 1996, has offices in Jersey, Switzerland and Luxembourg with associates in Monaco and Mauritius and provides a range of fiduciary solutions to a global client base. It employs 100 staff across these locations.
Morgan Jubb, group chief financial and operating officer at First Names Group said: “This is the second acquisition since our management buy-out in July 2012. As a business we have made a commitment to create a flexible, multi-jurisdictional, fully aligned people-focused culture that will ultimately drive superior client service.”
