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Chief Minister Opens New Boal & Co Headquarters
Boal & Co celebrated the opening of its
new headquarters in the Isle of Man Business Park last week by
announcing plans to expand its workforce from 12 to 20 over the
next two years.
Marquis House, a new 5,200 square feet building designed
and built by Dandara, was opened by the Chief Minister, the
Hon Tony Brown MHK, and the event finalised Boal & Co’s
move from Castletown, where it had been based since 1999.
‘Boal & Co has come a long way since its establishment
in 1995,’ Managing Director Gary Boal told invited
guests. ‘But three times in the last two years we have
seen opportunities for major growth of our pensions business.
Three times in two years we have seized the opportunity.
Tonight is the result of stepping up to the plate, to take
on those challenges.
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Managing Director Gary Boal (left) and Director Mark Kiernan pictured
with
Chief Minister
Hon Tony Brown MHK at the opening of the
company’s new headquarters |
‘The five jobs we have created in the past two years are also
the result. But they are only the beginning. With a 13th member of
the team already signed up, we expect our staff numbers to increase
to 20 during the next two years.’
Continues:-
One of the Island’s leading actuarial and pensions firms,
Boal & Co specialises in actuarial services to offshore insurance
companies, and in the provision of pension scheme solutions for individuals
and companies. The company also has an office in Ireland and is a
member of Abelica Global, an organisation comprised of actuarial
consulting firms recognised as leaders in their respective countries.
Amongst the guests at the opening was Stephen Ainsworth, Chairman
of Abelica Global.
Director Mark Kiernan said: ‘The first step change for Boal & Co
came in 2008, when it stepped into the breach caused by Norwich Union
pulling out of pensions business on the Island. We quickly filled
that breach, and did so in conjunction with leading firms of financial
advisers.
‘The second opportunity came earlier this year, when we took
over as trustee or administrator to many international pension schemes
recently established by a bank which is now reducing its presence
on the Island, a move that brought with it some major corporate clients.’
The third step in recent development came when the company recognised
the huge opportunity for expatriate pension transfer business, known
within the trade as ‘QROPS’.
Gary Boal explained: ‘We eventually, and reluctantly, recognised
the limitations we faced with the uncompetitive Isle of Man taxation
system for non-resident pensions. We solved that problem by setting
up a Guernsey pension scheme, which we administer here in the Island.
 Marquis
House, new HQ for Boal & Co |
Continues:-
‘Our Guernsey QROPS is proving a very powerful international
pensions proposition, following a launch which saw us visit
Hong Kong, Dubai, Singapore and Malaysia. January 2010, which
marks 15 years since I started the business, will see us
back on the road, to Singapore and Hong Kong again, but visiting
new markets in both the Far East and Middle East.’
Gary thanked Boal & Co’s many clients for their
continued support and commended Dandara on the building of
a ‘magnificent’ HQ.
He added: ‘I must also pay my respect and thanks to
our team at Boal & Co. I take an enormous sense of personal
satisfaction from seeing an efficient, expert and friendly
team in our office. Our embarrassingly low staff turnover
suggests we are, as a business, delivering a quality work
and career environment.
‘As we expand our team to our 2011 target of 20, we
will have many business opportunities and we will continue
to develop these in our rational, professional, entrepreneurial
way – wherever in the world they may be.’
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