The new structure will see IQE staff transfer to Boston with IQE Directors David Karran, Moira McHarrie and Anne Couper Woods joining Katherine Ellis, Alex McNee and Sarah Ingrassia on the Boston board.
The move is part of Boston's long term growth strategy in the fiduciary services market and is the first acquisition made since the management buyout in October 2019.
Commenting on the deal, IQE Managing Director David Karran said: "As a business, IQE has always operated under the guiding principles of integrity, quality and expertise, and we have a very similar ethical and customer-focused approach as Boston. It makes sense to join forces, combining knowledge and skills to provide our internationally diverse and entrepreneurial clients with a strong and resilient future, and an increased range of solutions to meet their evolving needs."
Boston CEO Katherine Ellis added: "It was clear that Boston and IQE shared very similar values and that the businesses were a very good strategic fit that would help drive our plans for the future. As well as strengthening our expertise and broadening our client base, the acquisition will also enable us to offer additional services such as sponsoring securities for The International Stock Exchange. These will benefit our existing clients and provide a pathway to new markets and opportunities."
The acquisition is supported by a group of high net worth investors via Rockpool Investments LLP, the investor company behind the management buyout last year. Guy Ellis, Investment Director of Rockpool, said: "We are delighted with this development that marks another new chapter for Boston as it builds on the strategic plan launched last year. We believe this will be the first of a number of select acquisitions that will see the Boston team continue to build their client focused approach in the market."
One of the Isle of Man's highest profile trust and fiduciary businesses, Boston Multi Family Office was founded in 2002 as a single family office and was held privately until 2019. The company provides boutique administration services from offices in the Isle of Man, Malta, and the Dubai International Financial Centre (DIFC). The company will remain headquartered in the Isle of Man with IQE staff relocating to Boston's offices on Hill Street, Douglas.
The acquisition is subject to regulatory approval.
We have the expertise to assist with multi-jurisdictional fiduciary services for international structures
I work with a number of Corporate Service Providers across several jurisdictions and would have no hesitation in saying that IQE have proved, on numerous occasions to be both the most efficient and professional of them all. IQE has provided a comprehensive service at a consistently high level despite having to deal with some very sensitive cultural complexities reflecting our area of operations. All of the staff have been extremely helpful and will go out of their way to accommodate us. John Bourbon, MSc, FCIB, FCol Charterd FCSI,