IFG Trust and Corporate Group has acquired Jersey-based Moore Group.
This is the first acquisition since the group’s MBO in July this year when it separated from IFG Group Plc.
Growth is one of the group’s main objectives and the purchase of the Moore Group, which has administers assets in excess of USD17bn, will significantly expand its existing fund administration business both in terms of product set and geographical reach especially in the Far East.
Moore was established by Ian Moore (pictured) in 1996. Ian Moore will continue to work with the group and will assume the role of executive chairman.
IFG Trust and Corporate Group is currently undergoing a major rebrand to establish itself as corporate service provider independent of the IFG name. It is due to unveil its new corporate identity shortly.
The Moore brand enjoys a strong reputation and recognition within the fund industry and the markets it operates in. It will exist as a subset of the new brand, retaining its own name and trademark.
Ian Moore says: “This is a wonderful milestone in our history. Culturally, it’s a perfect fit. IFG Trust and Corporate Group is an international player in the industry and I am very excited at the prospect of working together and becoming part of such an innovative multi-jurisdictional business.”
The transaction remains subject to regulatory approval.
Mike Jewell, partner, Cavendish Corporate Finance, says: “The deal is a great fit for both parties and illustrates the strong consolidation trend that is sweeping international fund administration. Bigger players continue to hunt for more specialist operators, which have particular skills sets and dedicated client bases, to bolster their revenues and expand their geographic and service offerings as well as benefit from economies of scale in areas such as technology infrastructure and compliance.”