First Names Group, previously the international division of IFG Group, will acquire international trust firm, Basel, subject to regulatory approval.

This is the second acquisition for the firm this year, having purchased Moore Management in January, which expanded First Names’ presence in the Far East.

Upon completion of the acquisition, First Names will have more than 400 staff across nine strategic locations. Basel will be absorbed into the First Names Group and will begin operating under the new brand towards the end of the year, the firm said in a statement.

“We continue to invest heavily in the people, platforms and processes needed to support our objectives and I am naturally delighted that our growth plans are on track. This merger delivers economies of scale, increases our portfolio and gives us an additional strategic jurisdiction, all of which enhance opportunities for growth and career progression,” said Morgan Jubb, group chief financial and operating officer at First Names Group.

Basel, which was established in 1996, has offices in Jersey, Switzerland and Luxembourg, with associates in Monaco and Mauritius. It employs 100 staff across these locations.