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."
