Boston Multi Family Office has announced a management buyout today 17 July 2019.
The new structure will see former Group Director of Business Development Katherine Ellis step into the Chief Executive Officer role with Alex McNee remaining as Managing Director upon completion.
Boston Multi Family Office will continue to be headquartered in the Isle of Man with the new ownership focused on organic growth and strategic acquisitions for broader jurisdictional reach.
For the immediate future, it is very much business as usual and no staff are affected with the exception of current CEO Alex Fray who has decided to leave to pursue other interests. Management has ambitious growth plans for the business and will be looking to expand the team in the near future to help facilitate this.
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 has been held in private ownership ever since.
Boston has grown into a commercial multi-family office providing boutique administration services from offices in the Isle of Man, Malta, and the Dubai International Financial Centre (DIFC). Boston has experienced strong organic growth and has completed three acquisitions in its history.
Chairman Richard Moore said the time was now right to pass over the ownership, commenting:
“Both Katherine Ellis and Alex McNee are extremely experienced and highly regarded in the trust and fiduciary sector, and they have been instrumental in growing Boston’s client base and developing the business internationally. They will make a formidable team and I wish them well as they go forward to write the next chapter of Boston’s story.”
Katherine Ellis said: “It is a privilege for Alex and me to take the reins of such a reputable business at a very exciting time in its history. The creation and preservation of family wealth remains our overriding mission and I am looking forward to working with the team to implement our strategy for future growth.”
Alex McNee added: “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. We are keen to explore further opportunities to increase our reach and continue to provide an excellent service for our clients, wherever they may be based.”
The buyout was undertaken with the support of a group of high net worth investors via Rockpool Investments LLP.
Boston Link, the recruitment specialist firm and former sister business to Boston Multi Family Office, now becomes a standalone company.
The management buyout is subject to regulatory approval.