Philip Scales, who was made IOMA Group chief executive in February last year, and Russell Collister, director of IOMA Fund and Investment Management, are leading the buyout of the business which is renamed FIM Capital.
FIM Capital, which has over 30 staff, will continue to operate from IOMA Group’s existing headquarters in Douglas with “no changes to either the staff or the underlying business”, the company said in a statement.
Last year, IOMA Group announced a number of senior management changes including the appointment two non-executive directors Rupert Cottrell and Ken Watterson, and the promotion of Scales following the departure of the IOMA’s long-standing chief executive Nigel Wood in August 2013.
Scales, who has spent nearly a decade at IOMA Group, previously worked for Barings on the Isle of Man where he was mainly focused on third part administration.
He said the Isle of Man “continues to offer a well regulated and cost effective jurisdiction, particularly for closed-ended schemes, listed and unlisted”.
Russell said although the business, especially on the investment management side, is increasingly technology driven, “the personal nature of managing money and assets means that longevity and experience remain essential qualities”.
FIM Capital administers and manages assets for a range of private and institutional businesses worldwide.
The transaction is subject to final approval from the Financial Conduct Authority in the UK.
