Fund and fiduciary services specialist, Abacus, has acquired Isle of Man-based fund administrators, Portal Fund Administration Limited.
The acquisition, which is a key part of Abacus’ ongoing development strategy, further reinforces Abacus’ position as one of the largest service providers in the Isle of Man.
Managing Director of Abacus Financial Services Limited, Paul Kneen (pictured), says: “Despite a turbulent economic backdrop, during the last eighteen months we have continued to pursue our growth plans. We have successfully established a new European office in Malta; we have built upon the strength of our existing resources with a number of key senior appointments within our Isle of Man and Malta offices; and we have undertaken an extensive sales and marketing drive which has resulted in the successful expansion of our business lines. The acquisition of Portal is a further important step within our corporate development strategy which provides us with a broader foundation to assist in raising Abacus’ international profile as we continue to seek out new opportunities for growth. The Portal acquisition also brings additional skills, resources and expertise to our organisation, ensuring our present and future clients will continue to be provided with the highest possible standards of service.”
Portal Fund Administration Limited currently manages a wide portfolio of funds, providing a range of administrative and operational services including; fund establishment, reporting and accounting, net asset value calculations, shareholder registrar and corporate services, and compliance and regulatory services; all of which complement Abacus’ existing service offering. The operations and the staff of Portal Fund Administration will relocate to Abacus’ offices at 60 Circular Road, Douglas.
Steve Edmonds, Managing Director at Portal said: “Portal and Abacus share a common view that this transaction is in the best interests of our clients and staff. Abacus is a highly reputable service provider within the industry and their active and dynamic approach offers us an exciting opportunity to be part of their growth. We look forward to being part of a larger team and playing a part in Abacus’ continued success”.
Ian Jarrett, Chairman of Thomas Miller (Isle of Man) Limited, commented: “Thomas Miller operates a number of Isle of Man and overseas based fund structures currently administered by Portal and therefore has a vested interest in ensuring that the ongoing administration continues to be performed to our exacting standards. We believe that Abacus will continue to provide the service excellence we require and look forward to working with Abacus who will provide the skills, experience, flexibility and integrity to meet our needs”.
Abacus Financial Services Limited is an Isle of Man company and part of the Abacus group which specialises in the provision of fund administration and fiduciary services. With more than 35 years track record, Abacus provides a highly experienced team who operate within a cost efficient and client service driven ethic. Abacus provides comprehensive concept, design, and development solutions for a wide range of global client structures.
Abacus’ fund administration services cover all asset types and through their offices in the Isle of Man and Malta, they service a full spectrum of onshore and offshore fund structures ranging from private exempt schemes, to institutional funds, to retail and UCITS compliant structures.