The firm’s group director of business development, Katherine Ellis, will become chief executive, with Alex McNee remaining as managing director, upon completion of the deal.
Ellis replaces current chief executive Alex Fray, who has decided to leave to pursue other interests.
Boston MFO provides trust and fiduciary services from offices in the Isle of Man, Malta, and the Dubai International Financial Centre (DIFC).
It will continue to be headquartered in the Isle of Man with the newly formed ownership focused on “organic growth and strategic acquisitions” for broader jurisdictional reach.
The firm said “it is very much business as usual and no staff are affected”.
Time for change
McNee added: “Boston Multi Family Office has responded to demand from intermediaries and other wealthy families to broaden its services over the past two decades and establish a multi-jurisdictional presence.
“The ability to offer services across both non-EU-offshore and EU-onshore jurisdictions provides an enormous amount of opportunity and gives us maximum flexibility for structuring assets globally.
“We are keen to explore further opportunities to increase our reach and continue to provide an excellent service for our clients, wherever they may be based.”
Boston MFO’s chairman, Richard Moore, said: “Both Katherine Ellis and Alex McNee are extremely experienced and highly regarded in the trust and fiduciary sector, and they have been instrumental in growing Boston’s client base and developing the business internationally.
“They will make a formidable team and I wish them well as they go forward to write the next chapter of Boston’s story.”
Boston Link, the recruitment specialist firm and former sister business to Boston Multi Family Office, now becomes a standalone company.
The management buyout is subject to regulatory approval and the financial terms of the deal were not disclosed.