Buyout is a response to client demands and bolsters MFO's European offshore and onshore wealth structuring services.
In a strategic move to broaden its business reach, the Isle of Man-based fiduciary and trust business Boston Multi Family Office is restructuring under a management buyout.
The new ownership, subject to regulatory approval and backed by Rockpool Investments, will put former group director of business development Katherine Ellis in as chief executive and Alex McNee will remain as managing director once the deal is complete.
The firm said it will remain based in the Isle of Man and will focus the new ownership on organic growth and strategic acquisitions.
Commenting on the buyout, McNee said: “Boston Multi Family Office has responded to demand from intermediaries and other wealthy families to broaden its services over the past two decades and establish a multi-jurisdictional presence.
“The ability to offer services across both non-EU-offshore and EU-onshore jurisdictions provides an enormous amount of opportunity and gives us maximum flexibility for structuring assets globally.”
The privately-held MFO, founded in 2002, has become a prominent Isle of Man fiduciary and trust operation, with offices in Malta and Dubai, and three acquisitions in its history.
The group expanded Middle East interests by opening a Dubai office in July 2017, joining the Dubai International Financial Centre (DIFC).
This publication reported the MFO saying at the time that it was among “only a handful” of global providers able to incorporate DIFC Special Purpose Companies. These are legal entities used as vehicles for international investments, corporate financing, and the creation of family office structures.
Commenting on the Dubai expansion, Ellis said the firm had been building a profitable book of business in the Middle East “for some time,” making use of its onshore-EU Maltese and offshore, non-EU Isle of Man offerings to help structure the assets of wealthy Middle Eastern families.