First Names Group Completes Mercator Buy

Mark Shapland

4 April 2014

First Names Group - previously the international division of IFG Group - has acquired Mercator and is now the largest fund manager 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 begins operating under its new owner towards the middle of this year. Mercator’s David Preston will continue as the managing director of the trust and corporate business while director Mark Douglas will remain in charge of the fund services business.

It is the sixth acquisition for the rapidly expanding First Names Group since its management buyout in July 2012. This recent acquisition comes less than six months after buying Basel Group, a Jersey-based trust provider. The other acquisitions last year included boutique funds Moore Management and international trust and corporate services provider Citadel.

“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," said Morgan Jubb, chief executive at First Names Group. "I am naturally delighted with the success achieved so far in our acquisition strategy, in terms of economies of scale and increased market share," Jubb added.