US-based merchant bank First London Securities has acquired Belgravia Financial Services Group, a financial services operations and asset management company based in Jersey, according to media reports.

The terms of the agreement remain undisclosed.

First London will develop its asset management business through the deal, which will be immediately accretive to earnings.

Guy Saxton, First London chief executive, says: “First London has assembled an experienced team with an impressive track record to expand our asset management business. Belgravia has built an exceptional business and has an excellent range of funds, which has consistently outperformed the market.”

Members of Belgravia’s investment management team will join First London’s asset management division, which will ensure the continuity of management and client service, according to the company.

Once the deal is completed, Belgravia shareholders will own about 29 per cent of the enlarged company.