First Names Group, a provider of fiduciary, funds and corporate services, has purchased Citadel Services PSF Sàrl, a Luxembourg-based administrator.
The price of the acquisition—First Names' third this year—was not revealed. Earlier this year, the group bought international fund business Moore and trust and corporate service provider Basel, expanding First Names' global presence and increasing its headcount to 460 across nine strategic locations.
Established in 1984, Citadel offers corporate services from consultancy to accounting and covers aspects of international tax planning, company and trust formation, and on-going administration for all associated structures.
Citadel and its team will begin operating under the new brand in the second quarter of 2014.
Said First Names Group CEO Morgan Jubb in a statement:
“We have achieved a great deal in the last 12 months and our expansion into Luxembourg is a natural progression as we have been keen to gain a strategic presence there for some time. Citadel is a first step towards us gaining a significant presence in Luxembourg to enable us to provide trust, fund and corporate administration services out of this jurisdiction. The Citadel team are fantastic and I am very much looking forward to working with them.”
First Names Group (formerly the International Division of IFG Group ) is a global, independent provider of trust, fund and corporate administration services, with 460 employees and offices in the Isle of Man, Jersey, Cyprus, Switzerland, Luxembourg, Ireland, UK, the British Virgin Islands and Japan.