Boston Multi Family Office’s acquisition of IQE Limited has been completed following approval by the Isle of Man Financial Services Authority.

The transaction, which is the first buy up since the management buyout at Boston in 2019, sees the transfer of all of IQE’s services and clients to Boston’s headquarters in Hill Street, Douglas.

IQE Limited directors David Karran, Moira McHarrie and Anne Couper Woods have now joined Katherine Ellis, Alex McNee and Sarah Ingrassia on the Boston board, with other IQE staff also transferring to Boston’s offices.

In all, 17 IQE staff have now moved and are now employed by Boston Multi Family Office.

This brings the total team to 45 people.

Boston chief executive Katherine Ellis said: ’We are delighted to welcome our new colleagues and clients to the Boston family.

’Due to the coronavirus pandemic, this acquisition was, by necessity, managed entirely remotely so it is very pleasing that we can now work together as one team.

’I would like to acknowledge the professionalism of staff at both companies in bringing these businesses together and look forward to an exciting future as we continue to develop with further select acquisitions that will see the Boston team continue to build their client focused approach in the market.

’I would also like to thank our investors at Rockpool Investments LLP for their continued support as well as those who helped us with the transaction including Kerry Smith from Kesmi Consulting for regulatory due diligence, Mazars for financial due diligence and Jonny Bethell from Taylor Wessing for legal input.’

While it is very much business as usual for clients in the short term, the acquisition will enable Boston to offer additional services such as providing sponsor services for securities to be listed on The International Stock Exchange to its wider customer base.

A trust and fiduciary business, Boston Multi Family Office was founded in 2002 as a single family office and was held privately until 2019. The company provides administration services from offices in the Isle of Man, Malta, and the Dubai International Financial Centre (DIFC).

Last year Business News reported that the island can expect to see more mergers and acquisitions in the business community.

That was one of the messages arising from the announcement of a management buyout (MBO) at island firm Boston.

The new structure saw former group director of business development Katherine Ellis step into the chief executive officer role.

And Alex McNee remained as managing director upon completion.

They have vowed to follow ambitious growth plans and will look to ’strategic acquisitions’.