SGG acquired Jersey-headquartered First Names at the end of last year from its private equity backers, AnaCap Financial Partners. The terms of the deal, which is subject to regulatory approval, have not been disclosed.
SGG Group, founded in the Netherlands in 1896, provides a comprehensive range of compliance, administration and asset services to alternative investment funds, international companies, high-net-worth families and entrepreneurs. The group’s major shareholder and long-term financial backer is European private equity firm Astorg Partners.
The combined group makes SGG the world’s fourth largest provider of trust, corporate and fund services, employing over 1,500 people – up to 300 in Jersey – in 23 jurisdictions, including the key Channel Islands, Isle of Man, Swiss and Cypriot markets.
Chief executive Serge Krancenblum said: ‘First Names Group complements our offering and jurisdictional capabilities in our key client segments and has a similar history and shares our values.
‘I am certain that there will be an excellent cultural alignment between our two firms and that together we will take our combined group to new heights.’
First Names Group emerged from a management buyout of IFG Trust and Corporate Group in 2012, since then acquiring Jersey companies Moore Group and Basel Group and latterly Nautilus Trust.
Commenting on the SGG takeover, First Names chief executive Mark Pesco said: ‘I believe that this is a hugely exciting opportunity, as this deal will bring a wealth of new opportunities for our newly combined businesses, everyone within it and especially for our clients.
‘We have built a great business, with the active backing and support of AnaCap. As part of SGG Group we have an extremely bright future and this deal positions us to take this business to its full potential.’
