Boal & Co passes US 1bn in assets under management
Isle of Man pensions firm Boal & Co today celebrates a significant milestone, reporting over US$ 1 billion in assets across its client pension schemes.
Boal & Co is now recognised as a technically innovative and leading international pensions firm, acting as trustee and administrator to domestic and international pension schemes.
Internationally, Boal & Co has made giant strides in recent years. The firm’s corporate pension client base now includes five “Fortune 500” companies, in addition to some of the world’s largest privately-owned companies. International company pension schemes established in the Isle of Man and overseen by Boal & Co now have members in 113 countries.
From their headquarters in Douglas, Isle of Man, Managing Director Gary Boal expands:
“This is an important landmark for our firm, and it is fantastic to see the $1 billion threshold surpassed. Equally, we are of course very mindful of the high fiduciary responsibilities that come with $1 billion of pension assets and liabilities. The achievement is a testament not just to our excellent team, but also to the attractive international pensions proposition that the Isle of Man has developed on the back of primary legislation enacted in 2000.
“In the last few years, we have been busy establishing international pension schemes in the Isle of Man for some of the world’s largest and best known corporations, enabling them to cater for the retirement needs of their internationally mobile employees all over the world.
“Our highly experienced team works closely with two of the Island’s leading life companies in this sector, and together we form a commercially compelling proposition for Isle of Man plc, beating other jurisdictions hands down. The combination of a fully regulated environment, and expert pension companies operating within it, is very much what multinationals require.”
Boal & Co has also been at the vanguard in international personal pensions, with “QROPS” individual pension scheme clients in 38 countries including Europe, Middle East, Far East and Africa.
Indeed, the Company’s international pensions business has seen it win two major awards for Technical Innovation in the last nine months.
Director Mark Kiernan believes that the milestone of US$1 billion of pension assets – across client pension schemes in Jersey, Guernsey as well as the Isle of Man – is just as important, but stresses that the company is determined not to rest on its laurels.
“Having passed the first $1 billion, we will now be aiming to double it, both through efficient support to existing clients and also through developing relationships with new clients and associates,’ says Mark. “Our expert knowledge of domestic, UK and international pensions has enabled us to develop and support highly innovative, market-leading, domestic and international pension solutions.
“Our flexible approach allows us to work closely with a range of top-drawer Employee Benefit Consultants, Investment Managers, Custodians, leading Insurance Companies and third party administrators – ensuring that our clients’ needs and requirements are met, and generally exceeded.”
Locally, Boal & Co oversees many company and personal pension schemes for Isle of Man residents. The company acts as professional/independent trustee for many of the Island’s defined benefit and defined contribution pension schemes, manages schemes for selected financial adviser firms, and has a thriving SIPP practice.
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