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AnaCap-backed IFG Trust buys offshore fund manager Moore Group

16 Nov 2012

IFG Trust and Corporate Group, the trust services and fund administration business backed by London- based financial services buyout house AnaCap Financial Partners, has bought Jersey-based fund management business Moore Group.

Financial terms of the deal were not disclosed.

IFG Trust and Corporate Group was established in 1975 and today provides trust and corporate services, fund administration and services to the leisure industry in multiple jurisdictions including Jersey, Isle of Man, Cyprus, Switzerland and the Republic of Ireland.

AnaCap backed the £70m management buyout of the business in July this year.

The deal marks the first acquisition since IFG’s MBO, when it separated from IFG Group Plc.

Growth is one of the group’s main objectives and the acquisition Moore, which administers assets in excess of $17bn, will significantly expand its existing fund administration business in terms of product set and geographical reach, especially in the Far East.

Moore was established in 1996 by Ian Moore, pictured, who 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, and is due to unveil its new corporate identity shortly, the company said in a statement.

The Moore brand – which also has a presence in Tokyo and Bermuda – will exist as a subset of the new brand, retaining its own name and trademark.

Moore was advised by Cavendish Corporate Finance, Olswang, Mourants and KPMG.

The deal remains subject to regulatory approval.

AnaCap hit its £350m hard cap in May for its latest distressed debt fund, which will seek to capitalise on the need for financial institutions to deleverage following years of over-expansion.

The firm advises funds with €1.7bn under management across two private equity and two credit opportunities vehicles, as well as co-investments.

Investors include Goldman Sachs, Allianz, Morgan Stanley, Honeywell, State of New Jersey, Ohio Public Employees Retirement System and Adams Street Partners.

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