New fund administrator Portal is a joint venture by Isle of Man based Boston, a privately owned family office, and Thomas Miller Holdings. It has set a target of achieving $1 billion under administration and has already amassed $500 million since the company's launch in April.
Portal aims to provide a customised service to asset managers and funds that want to focus on their core investment capability and outsource the administrative and operational aspects of their fund. Over time the company plans significant expansion.
'Security And Confidentiality'
Its parents say they 'share the same ethos' of providing an essentially client driven service. They describe the Isle of Man as 'the finest, most innovative and best regulated offshore location that can provide an exceptional combination of security and confidentiality, together with a favourable tax regime.' The Island's 'AAA' sovereign credit rating from Standard and Poor's and Moody's, as well as more than two decades of unbroken growth, are also major attractions. Boston provides a range of bespoke services and business solutions to high net worth individuals and their families. The company was founded in 2002 as the 'family office' for a wealthy family who wanted to enhance the management of its financial affairs.
While the company continues to look after the founding family's interests, it now offers its 'family office' services to other individuals in a position to benefit from its particular skills and experience. Boston also has a large and growing private clients division, which helps individuals maximise their financial objectives. This principally involves estate planning and wealth preservation through the use of Isle of Man structures and international trusts and corporate entities.
More recently, the company has established Portal Fund Administration, which provides a full range of fund administration services to investment and fund managers across the world.
Bespoke Client Service
Boston's Managing Director, Arthur Lancaster, said: 'The new fund company is designed to appeal to the area of the market which wants a more bespoke service than they can get from many of the bigger operators. We will be offering a range of fund services, mainly focused on property, cash and fund of hedge funds. We hope to benefit significantly from the changes to the Isle of Man specialist funds regime and are extremely confident about the future.'
He added that Portal aimed to become one of the Isle of Man's leading independent fund administrators and significant changes were being planned for the new year to take the business forward.
Project partner Thomas Miller has been a premier provider of insurance and risk management services for over 100 years. With $1.5 billion client funds under management, Thomas Miller Investments has 25 years' experience of bespoke investment management services employing a staff of 550 worldwide. The group has had a significant presence on the Island since 1988.
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