Following the take-over of First Names Group and with the acquisition of a family-run business in Singapore and Hong Kong, SGG Group will have more than 130 professionals working in Asia.
SGG Group, an investor services firm based in Luxembourg, has acquired Iyer Practice, a family-run business, offering a number of advisory and compliance solutions to companies and private clients in Singapore and Hong Kong, according to a media statement sent on Tuesday.
SGG's main shareholder is the private equity firm Astorg-Partners. The group has grown rapidly over the past two years through a buy-and-build strategy to reinforce its presence in key markets. Following the completion of the acquisition of First Names Group and with the acquisition of Iyer Practice, the company will have more than 1,700 professionals globally and 130 professionals working for the Asian business through its offices in Hong Kong, Singapore, Japan and India.
New Executive Chairman for Asia
Shanker Iyer, Sunil Iyer and Sanjay Iyer
Following the acquisition, Iyer Practice will maintain leadership roles within SGG Asia. When paired with the existing senior management team of SGG Group and First Names Group, this will uniquely position the firm in the market, SGG wrote in a media statement. Shanker Iyer, the founder and chairman of Iyer Practice, will become executive chairman for SGG Asia. The year 2018 marks the 25th anniversary of the founding of Iyer Practice.
«This deal is a significant step for the Iyer Practice business and presents great opportunities for everyone in it and especially our clients. As part of SGG Group we will be able to offer a greater range of services to our clients and leverage our global reach across 23 jurisdictions,» Shanker Iyer commented. «We will continue to operate as Iyer Practice for the foreseeable future and all management and front-line staff will remain within the combined business.»
Significant Growth
«Through this strategic acquisition, we will establish a strong presence in the attractive Asian markets which have experienced significant growth,» Serge Krancenblum, SGG Group's CEO, added.
