Thomas Miller Investment is reportedly seeking additional acquisition opportunities in the UK later this year in a bid to expand its footprint in the offshore market.
International Adviser quoted Tom Richards, head of private investment management (offshore) saying that the firm is actively seeking for a London or South East-based investment management business.
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The acquiistion plan comes as part of the firm’s strategy to expand its range of its London base as well as to balance out the existng Isle of Man and Edinburgh offices.
Richards added that the firm beeives offshore as a growth part of its business and the hunt for a appropriate business has been ongoing from the past 18 months.
Upon comletion of the planned UK acquisition, the firm is seeking to acquire another business in the Channel Islands, reported International Adviser.
According to Richards, the firm has reported a good organic growth particularly from US offshore clients looking for a new FATCA-compliant home, which has resulted in 15-20% of all new business for the offshore arm over the past six months.
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By GlobalDataAdditionally, Thomas Miller will deploy BNY Mellon-owned Pershing platform to provides the necessary compliance for funds suitable for US clients.
Over the next few years, Richards intends to look for business by building contacts in regions such as South Africa besides retaining the sales people based in the Isle of Man.
