The purchase price was not disclosed.
IOMA Fiduciary is part of the IOMA Group, which is more than 30 years old, and which is said to have been one the first composite insurance companies on the Isle of Man. It now claims to be one of the jurisdiction’s largest independent financial services groups.
As a result of the deal, which was completed last week, all nine of IOMA Fiduciary’s employees are joining Boston’s team of 50 at their offices on Circular Road in Douglas.
In a statement, Boston said the additional resources it is gaining from IOMA Fiduciary “will enable Boston to undertake more complex projects” than it had been able to, up until now, while keeping up with the “constant regulatory changes” taking place in the marketplace.
Boston said it and IOMA Fiduciary shared many similarities, including entrepreneurial cultures, and the way they approach innovation and client service delivery.
Boston Trust Co is part of the Boston Group, also based in the Isle of Man, and offers a range of financial services including trust and corporate services, eGaming, eCommerce, family office administration, philanthropy, and yacht and aircraft administration.
It was founded in 2002 originally as a family office. It is headed up by Greg Ellison, chief executive officer, who came to Boston in April 2011 from Barclays Wealth, the Isle of Man’s largest private sector employer, where he had been managing director.
Commenting on last week’s acquisition of IOMA Fiduciary by his company, Ellison suggested that it might not be the last example of consolidation in the sector, “as smaller players struggle to cope with increasing regulatory burdens such as FATCA”.
He added: “We continue to seek opportunities to develop our business at home and further afield, and look forward to working with Nigel [Wood, managing director of IOMA Fiduciary’s parent, the IOMA Group] and his team at IOMA, post integration, in support of this.”
