Opalesque Industry Update - IFG Trust and Corporate Group announces its acquisition of Jersey-based Moore Group, setting the tone for future growth and investment. |
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 (Moore) 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 in 1996. Mr 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 a 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 is extremely complementary to the values of the company’s re-brand and will exist as a subset of the new brand, retaining its own name and trademark.
Ian Moore comments, “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”.
Declan Kenny, Chief Executive IFG Trust and Corporate Group further comments, “I could not be more pleased. Mergers and acquisitions are cited as vital in achieving growth and accessing new markets and we have ambitious targets in this respect. The Moore Group is an ideal addition to our organisation, well established and very well respected. This has been a very exciting year for our business and its employees and 2013 looks set to continue in the same vein.”
The transaction remains subject to regulatory approval.
IFG Trust and Corporate Group provides Trust & Corporate services, Fund Administration and services to the leisure industry in multiple jurisdictions including Jersey, Isle of Man, Cyprus, Switzerland and ROI. Established in 1975, IFG was acquired by Management, backed by AnaCap Financial Partners in July 2012 and will rebrand shortly. www.ifgint.com
The Moore Group was established in Jersey in 1996 and provides Fund Administration, Fund Management and Corporate Services. The company manages and administers assets in excess of USD17bn and also has a presence in Tokyo and Bermuda. www.mooremanagement.com
Moore was advised by Cavendish Corporate Finance, Olswang, Mourants and KPMG.