Boal & Co* has acquired Zurich Insurance Group's Jersey-based Trust business, Zurich Trust Limited**. The deal has been approved by the Jersey Financial Services Commission.
The purchase of Zurich Trust Limited marks the expansion of Boal & Co pension trustee services into Jersey following a recent expansion of its operations in Gibraltar. The Trust company will be renamed 'Boal & Co Pensions (Jersey) Limited'. Other than this name change, existing customers will see no changes in the provision or levels of service provided to them, and the business will remain based and regulated in Jersey.
Boal & Co is a leader in the provision of trustee services to international pension plans, with over $10 billion of pension assets under stewardship. Established in 1995 and headquartered in the Isle of Man, Boal & Co operates regulated pension trustee businesses in the Isle of Man, Gibraltar and now Jersey. It also has operations in Ireland.
Mark Kiernan, Chief Executive of Boal & Co, said, 'the acquisition is a natural fit for Boal & Co in terms of our International Pension Plan (IPP) client base and a natural extension to our existing relationship with Zurich International Life. We are pleased that Zurich recognises the strength of our IPP trustee services and the benefits of the independence that they bring to clients and members alike.'
Boal & Co Chairman, Gary Boal, added, 'the purchase of ZTL and expansion of our pension trustee services into Jersey further demonstrates Boal & Co's very strong commitment to international pensions business. Coming on the back of our authorisation in Gibraltar and the opening of our office there earlier this year, our multi-jurisdictional offering means we are uniquely well-placed to meet the pension trustee needs of multinationals and other companies requiring IPP solutions for globally mobile expatriates and other international employees.'
Clive Baker, CEO of Zurich International Life, commented, 'Zurich International Life has an established relationship with Boal & Co for Trust services and so it is a natural fit for the company to take on Zurich's Trust business. Zurich International Life continues to lead in the provision of International Pensions and individual retail solutions to Customers in the markets in which we operate.'
* Boal & Co Holdings Limited
** Zurich Trust Limited was previously owned by Zurich Financial Services (Isle of Man) Holdings Limited
For further information:
Mark Kiernan, Chief Executive, Boal & Co Tel: +44 1624 606606
Philip Thomson, Isle of Man Advertising & PR Tel: +44 1624 620440
Merita Taylor, Zurich International Life, Isle of Man Tel: +44 1624 691264
NOTES FOR EDITOR
- Boal & Co is a firm of actuaries and consultants whose focus is the provision of trustee, administration and other related services to international pension schemes. \n
- Boal & Co operate from offices in the Isle of Man, Gibraltar and Ireland, and are also represented in the Far East. \n
- Boal & Co was named 'Best Specialist International Pension Provider' at Professional Adviser's 2012 International Fund and Product Awards. \n
- Boal & Co is a member firm of Abelica Global, a premier global consulting organisation. Abelica Global firms offer a wide range of financial consulting services relating to employee benefits, investment, insurance and healthcare, for a full spectrum of business sectors, including governments and financial organisations, in many countries around the world. \n
- Zurich International Life Limited is a company incorporated in the Isle of Man and operates through regional branch offices in Hong Kong, Singapore, the United Arab Emirates, Qatar, Bahrain, Taiwan and Argentina. It was established in the Isle of Man in 1982, and employs 220 staff from its office on Athol Street, Douglas. The company provides award-winning life assurance, investment and protection products and is authorised by the Isle of Man Government Insurance and Pensions Authority. It is fully authorised under the Isle of Man Insurance Act 2008. Zurich International life's parent company, Zurich Insurance Group, is headquartered in Zurich, Switzerland. Founded in 1872, the Group employs more than 60,000 employees globally and delivers a world-class service in more than 170 countries. \n