THE directors of Simcocks Trust Limited have announced that the company has been renamed IQE Limited with immediate effect.

The change of name reflects a "new strategic direction for the company" which will see it opening new offices in overseas jurisdictions in the near future.

The decision to open new offices follows the appointment of Sam Critchley as an international consultant for the company based in Shanghai.

David Karran, the managing director of IQE Limited, said: "The company has been operating very successfully under the Simcocks Trust brand for the last decade but it was felt that a new name, brand and corporate ID was needed as part of our plans to open offices in different parts of the world and take full advantage of a global footprint.

"Our team has been engaged in the process and we chose the suggestion of using the initials of our core values - integrity, quality and expertise – as our company name.

"Happily the rebranding exercise has been straightforward as there are no changes to any of the key personnel, ownership or management of the company. It is business as usual under a new name."

IQE Limited's new identity was unveiled at a party at the Isle of Man Business Centre which was attended by members of the local business community.

Mr Karran continued: "Clearly, the timing of the rebrand is important to us. With 2012 just around the corner we see the start of the new year as the dawn of an exciting new era for the company."

For more information on IQE Limited visit the new website - www.iqe.im.