First Names Group to acquire Nautilus

Thursday 02 June 2016

First Names Group has confirmed it has agreed terms to acquire independent trust and corporate services provider Nautilus Trust Company (Nautilus).

The group say that the strategic acquisition, which remains subject to regulatory approval, will significantly expand the Group’s presence in Jersey, Hong Kong and London.

The acquisition of Nautilus complements the Group’s existing offering, as it continues to deliver on its long-term expansion strategy to operate on a global scale through a network of strategically located offices servicing the specific needs of individual clients.

Nautilus was originally founded in 1999 as Beachside Trust Company by shareholders of BBA Chartered Accountants; the company rebranded to Nautilus Trust Company in 2000. In 2006 Nautilus welcomed Jason Cowleard as Chief Executive Officer who, along with his Co-Directors, has driven the company’s growth.

This transaction will considerably strengthen First Names Group’s existing international presence and service offering particularly in Jersey, increasing its headcount to over 300 ‘First Names’ in the island. It will also add to the Group’s existing private client offering in Hong Kong and London. Following the completion of the transaction, the trust and corporate services business will be integrated into First Names Group’s Private Client and Corporate Service Lines, positioning the Group as one of the largest independent providers in the world.

Jason Cowleard, Chief Executive Officer of Nautilus, said: “The acquisition of Nautilus by First Names Group is a welcome development. It is a fantastic opportunity for the team at Nautilus and it will provide First Names Group with the added strength and depth they need to grow. 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. I am looking forward to starting the integration process and working together to ensure we continue to deliver the best possible customer service. ”

Cengiz Somay, Chief Executive Officer at First Names Group, added: “Once the acquisition of Nautilus completes, the Group will have nearly 800 ‘First Names’ across 14 strategic locations. This is a fantastic achievement considering three years ago we were in just seven locations with 250 ‘First Names’. Successfully executing such large scale change programmes is never simple, and our achievements to date are a testament to the team’s professionalism and dedication. I am really looking forward to welcoming Nautilus to the Group as I feel we have great synergies, both in terms of ambition and culture.”

Ben Newman, Managing Director of First Names (Jersey) Limited, said: “Since our management buyout in 2012 we have grown substantially in Jersey, both organically and through previous acquisitions. However we have consciously made sure that despite our growth we have still managed to retain our people focused culture. As a business, we are committed to investing in our ‘First Names’, systems and processes and we will continue with this approach to ensure we uphold our position in the global marketplace.”