The Malta Independent on Sunday
Management buyout of Boston Multi Family Office announced
Boston Multi Family Office announced a management buyout this week. 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. Boston’s Maltese and Dubai operations are included in the management buyout, which has been undertaken with the support of a group of high net worth investors via Rockpool Investments LLP.
For the immediate future, it is very much business as usual and no staff will be affected with the exception of current Group CEO Alex Fray who has decided to leave to pursue other interests. There will be no immediate changes to the Malta office although there are plans to expand the team in the future.
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.”
Speaking on behalf of Boston’s Malta Office Director Ann Baldacchino said the management buyout was exciting news. “The new management team has ambitious growth plans for the business and we are looking forward to playing our part in the new business strategy,” she said. “I am sure this will be another very positive step for the Group and reflects Boston’s on-going commitment to provide outstanding services to high net worth individuals and for their business interests.”
Kristianne Fenech, who also serves as a Director at Boston’s Malta Office, added: “Boston’s Malta Office has contributed to the multijurisdictional reach of the Group and its ability to also offer services from EU locations. This allows us to provide great flexibility when structuring assets globally and we therefore remain well-positioned to capitalise on future opportunities under the new management.”
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.