The buy-out was led by Katherine Ellis, who has become Chief Executive Officer, and Alex McNee, who remains as Managing Director. It was financed with support from high net worth investors via Rockpool Investments LLP.
Announcing the regulatory approval, CEO Katherine Ellis said the MBO was a significant milestone for the Boston business:
“The new investment through our partners at Rockpool will fuel our strategic organic and acquisition growth plans for the future. This includes bringing new clients and new business to our Isle of Man headquarters, generating more European business through our Malta office and also developing our newest office in the Dubai International Financial Centre.
“We also have the additional opportunity to look for strategic acquisitions, in both our home jurisdictions and further afield, in order to broaden our service offering which will remain focused on private client and family office services.”
Boston Multi Family Office was founded in 2002 as a single family office and grew under private ownership to become one of the Isle of Man’s highest profile trust and fiduciary companies.
While it has remained “very much business as usual” during the MBO transition, Boston has already recruited a number of additional staff across its compliance, central finance and sales functions to help support further growth across its jurisdictional base.
“Our heritage from our time as a single family office has always been to offer a high level of professional service and form deep relationships with our clients, who are typically high net worth individuals, international entrepreneurs and family offices,” said Mrs Ellis. “Our ethos for the future is very much to continue to work with our existing clients and our existing intermediary network to further grow the business and to create the best environment for our staff to serve our clients.”
Commenting on the support from Rockpool, Mrs Ellis said the partnership was a natural fit for Boston: “Rockpool and Boston both offer a bespoke, customer-centric offering for private families and corporates, meaning we understand Rockpool’s investors and Rockpool’s investors understand us. We are looking forward to a mutually rewarding partnership for both businesses.”
Mrs Ellis paid tribute to the team at Boston, adding that all the staff have been supportive of the management buyout and are re-energised at the opportunity to take Boston into its next phase:
“As a business we are committed to ensuring we have the best culture to retain and attract the best staff, as well as to retain and attract clients through long-term, meaningful relationships that will enable us to grow but also enjoy success along the way,” she said.
“We are all excited at the opportunities in all three of our locations and believe Boston’s commitment to delivering professional yet very personal service, along with our jurisdictional spread, make us very well placed to create solid and sustainable business in the areas in which we operate.”