WH Ireland, the financial services group that provides corporate broking and private wealth management services, has received approval from the Isle of Man Financial Supervision Commission (FSC) to launch new subsidiary, WH Ireland (IOM) Limited, on the island.

The launch of the new subsidiary follows the firm’s strategy to expand its private wealth management business.

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The new office will be headed by David Bushe alongside Gary Colley and Will Corrin who have over 70 years of combined investment management experience.

The trio will report directly to Richard Killingbeck, CEO of WH Ireland. The new office will be located in the centre of the Douglas financial community at Athol House, 21a-23 Athol Street, Douglas, Isle of Man, IM1 1LB.

The office will expand WH Ireland’s international wealth management services in addition to managing corporate and private client discretionary and advisory asset management relationships on the Isle of Man and other jurisdictions for portfolios of more than £250,000.

The new Isle of Man team will add to the firm’s asset allocation committee as well as to WH Ireland’s discretionary and advisory asset management proposition.

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Richard Killingbeck, CEO of WH Ireland said: "We have put in place a highly experienced and well regarded team to lead our initial presence. The evolution of new international pension structures such as QROPS1 and onshore solutions such as QNUPS2 combined with traditional trust, captive, corporate and private client business ensures there will be plenty of opportunities to grow our Isle of Man business."

John Shimmin MHK minister for economic development for the Isle of Man said: "The addition of WH Ireland reinforces this position and we thank them for selecting the Isle of Man and look forward to working with them over the coming years."