Brooks Macdonald, one of the largest independent wealth and investment management firms in the Channel Islands, has officially opened its new Isle of Man office, located at Exchange House, Athol Street, Douglas.
Forming part of Brooks Macdonald International, which also has offices in Jersey and Guernsey, the Isle of Man office will play "a pivotal role in expanding the firm's relationships with clients and intermediaries and supporting the firm's growth ambitions in key international markets including Europe, the Middle East and Africa", it said.
Richard Hughes, CEO, Brooks Macdonald International, said: "The Isle of Man is well regarded as an international centre of excellence for financial services. This expansion supports our aim to partner with advisers and trustees in a way that works best for them and their business.
We see a strong opportunity to extend our relationships through the Isle of Man."
"We see a strong opportunity to extend our relationships through the Isle of Man. Building on our acquisition last year of the Lloyds International funds and wealth management business, the opening of our new office is an exciting development that confirms our commitment to all three islands as leading international finance centres."
The new office, the Group's 14th, is led by Phil Penrose who has more than 25 years' experience in international financial services, having spent 10 years overseas in the Middle East and Singapore before joining Brooks Macdonald.
The Isle of Man team (pictured above), (l-r): Lucy Willers, Investment Manager, Philip Penrose, Head of Office Isle of Man, and Julie Charlton, Compliance Manager.
Penrose, Head of Office, Isle of Man, added: "I'm delighted to have our new team in place and our office open and ready for business. The focus now is on building on the success of the Channel Islands offices by delivering our cutting-edge investment and wealth management proposition to clients and intermediaries throughout the Isle of Man, alongside actively supporting the island's community."
Simon Pickering, Head of Insurance & Pensions, Finance Isle of Man, commented: ‘The Isle of Man has always been proactive and at the forefront of global finance. We are proud to be a jurisdiction of choice for private clients and intermediaries across the world and we are especially pleased to welcome a firm of the calibre of Brooks Macdonald to the island.
"The opening of their new office is a welcome reflection of the good reputation the Isle of Man has as an international finance centre and of the high-quality financial services infrastructure we have in the island."
Brooks Macdonald International opened its Jersey and Guernsey offices in 2012, with the aim to protect and enhance clients' wealth through investment management and wealth management services. Since then, it has grown to be one of the largest independent investment managers in the Channel Islands, with £2.5bn of funds under management.