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SGG Group has acquired First Names Group in a bit to create "...a world leader in investor services providing trust, corporate and fund services through the combined entities."
The combination of SGG Group and First Names Group will help strengthen SGG Group’s reach and capabilities in key markets such as Jersey, Guernsey, the Isle of Man, Switzerland and Cyprus.
Following the acquisition, the combined group hopes to become "a significant force in the provision of services to ultra-high net worth families, corporates and fund clients."
The transaction, which is subject to regulatory approval, means that SGG Group will become, by revenue, the world’s 4th largest provider of trust, corporate and fund services. The combined group will employ over 1500 people with a presence in 23 jurisdictions.
Serge Krancenblum (pictured left), SGG's Group CEO, said: "This is a key milestone for the SGG Group. First Names Group complements our offering and jurisdictional capabilities in our key client segments. Beside their impressive leadership and client base, First Names Group 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.”
Mark Pesco, First Names Group CEO, commented: ”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.”
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