Zurich Trust Limited (ZTL), which was owned by Zurich Financial Services (Isle of Man) Holdings, will be renamed Boal & Co Pensions (Trust) Jersey Limited.
The move follows Boal & Co’s recent expansion into Gibraltar, which saw the group pick up a local trustee licence there in June.
The trust has assured customers they will not see any other changes either to its provision or service levels and that the business will remain based and regulated on the island.
Boal & Co chairman and member of the International Adviser tax & technical panel, Gary Boal, said: “The purchase of ZTL and expansion of our pension trustee services into Jersey further demonstrates Boal & Co’s very strong commitment to international pensions business.
“Coming on the back of our authorisation in Gibraltar and the opening of our office there earlier this year, our multi-jurisdictional offering means we are uniquely well-placed to meet the pension trustee needs of multinationals and other companies requiring IPP solutions for globally mobile expatriates and other international employees.
”Established in 1995, Boal & Co is responsible for administering more than $10bn (£6.48bn) of pension trustee assets.
Clive Baker, chief executive of Zurich International Life, said: “Zurich International Life has an established relationship with Boal & Co for trust services and so it is a natural fit for the company to take on Zurich’s Trust business.
“Zurich International Life continues to lead in the provision of international pensions and individual retail solutions to customers in the markets in which we operate.”