‘Singer & Friedlander Investment (IOM) bought by Thomas Miller Investment (Isle of Man Limited)
22/10/2008It has been announced that Thomas Miller Investment (Isle of Man) Limited is to buy Singer & Frielander Investment Management (IOM) Limited, subject to regulatory approval.
Singer & Frielander Investment Management (IOM) Limited provide investment management services for private individuals, companies, pension funds, Trusts, captive insurance companies and other institutional accounts including the Isle of Man Government contracts.
Thomas Miller Investment (Isle of Man) Limited have a proven track record in many areas, particularly risk and institutional investment Management, but are less well known for their work with private clients and Trusts. The acquisition of Singer & Frielander Investment Management (IOM) is seen as an opportunity to build upon these areas at a time when Thomas Miller Investment is already seeing significant growth in Assets Under Management.
As part of the deal, all 14 jobs of the investment arm of the collapsed Kaupthing Singer & Friedlander (IOM) are to be kept. The skills of the team, which has been operating for over 15 years, are very complementary to the existing business and will form the core of a new division, ‘Thomas Miller Investment Private Wealth’.
It is believed that Thomas Miller’s successful proposal addressed three key areas of concern; an innovative scheme to help compensate clients of Singer & Friedlander Investment Management (IOM) Limited to reduce any potential losses they may suffer through the failure of the bank; the fact that all members of staff will be offered positions, with no redundancies; and the fact that the deal also involved making a cash payment for the business, which will help offset liabilities elsewhere.
John Greenwood, Chief Executive of Thomas Miller Investment (Isle of Man) Limited, said ‘This is good news for both Singer & Friedlander Investment Management (IOM) Limited’s clients, its staff and for the Isle of Man. We are delighted to have provided the Isle of Man a solution to this problem.’
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