First Names Group Acquires Mercator

First Names Group has acquired Guernsey trust, funds and corporate services provider Mercator.
By Janet Du Chenne(59204)
First Names Group has acquired Guernsey trust, funds and corporate services provider Mercator.

The strategic acquisition of Mercator (which remains subject to regulatory approval) will significantly expand the Group’s presence in the Channel Islands. This is the fourth acquisition for the Group since its management buyout in July 2012 and major rebrand in early 2013. Boutique fund services business Moore Management, international trust and corporate services providers Basel and Citadel were purchased in January, July and December respectively.

Once the acquisition completes, the Group will have in excess of 520 ‘First Names’ across nine strategic locations. Mercator will begin operating under the new brands towards the middle of the year.

In terms of local Guernsey management, 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, operating under the Moore brand, post completion.

However the acquisition will result in some significant senior promotions within First Names Group. Mark Pesco the current managing director of Jersey will become managing director of the trust and corporate business in the Channel Islands, overseeing the pan-island offices. Ben Newman, current Client Services Director will be promoted to deputy managing director of First Names (Jersey) and Peter Clarke, director of Compliance in Jersey will become head of Compliance for the Channel Islands. Sharon McMillan, who is currently the COO of Mercator, will become the Operations Director for the Channel Islands.

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