Boston Trust Company, the Isle of Man headquartered trust and corporate services provider, has announced its purchase of the business of IOMA Fiduciary.
IOMA Fiduciary is a well respected and specialist trust and corporate services provider and shares many similarities with Boston, including innovation and client service delivery within an entrepreneurial culture. IOMA Fiduciary is part of the IOMA Group which was established over 30 years ago. IOMA Group was one the first composite insurance companies on the Isle of Man and has grown to be one of its largest and most significant independent services groups.
The IOMA fiduciary business was integrated into Boston Group’s on 2nd April along with 9 members of fiduciary staff who join the growing Boston team of over 50 people based in its Circular Road offices.
Commenting on the sale, Managing Director of IOMA Group, Nigel Wood stated:
“We are pleased to have worked with Boston on this deal and to have consummated it relatively quickly. It is a credit to both teams.
IOMA Fiduciary has nurtured a high quality client base and a talented and dedicated team of staff the majority of whom will go with the business to Boston. Whilst we will be very sorry to see them leave, we are pleased that they will be joining an excellent business with Boston whom we perceive, share many of our values.
IOMA will focus on its base of Life, Funds, Investment Management and Pension businesses and is working on some interesting initiatives, to support our growth."
Boston Trust Company is part of the Boston Group and offers a broad range of tailored services designed to help clients achieve their financial goals in areas such as trust and corporate services, eGaming, eCommerce, administering family offices, philanthropy, yacht and aircraft administration.
Commenting on the transaction, Chief Executive Officer of Boston Group, Greg Ellison stated: “Boston has achieved a great deal in the last ten years in establishing itself as a leading trust company in the Isle of Man. We have recently invested heavily in our IT platform, launched new yachting, aircraft and eGaming propositions to international clients around the world, and established a new Malta office with a high quality local team. The deal with IOMA Fiduciary complements this exciting growth and brings further scale and expertise to the business. I expect to see further consolidation in this sector as smaller players struggle to cope with increasing regulatory burdens such as FATCA. We continue to seek opportunities to develop our business at home and further afield and look forward to working with Nigel and his team at IOMA, post integration, in support of this.”
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