At Boston Group, Fray will be responsible for overseeing the company’s finances, operations, technology and strategic change, the company said.
Many of these duties were formerly handled by chief executive Greg Ellison, who will now focus on overseeing the Boston Group’s expansion in the Middle East as well as its growth in Malta, which it entered in the second half of 2013, after being granted a trust licence by the Malta Financial Services Authority.
Ellison will also have more time to focus on developing the company’s multi-family office business, a company spokesperson said.
Fray comes to Boston Group from Mountstone Partners, a boutique investment management company in London, where he had been chief financial officer. Previous roles included overseeing large-scale technology development projects for British Telecom.
As reported, Boston Group’s move into the Maltese market was made with the intention of being able to offer there a “full spectrum” of professional services in the realm of Maltese trusts and foundations, in addition to an existing range of corporate services for the fiduciary, yachting, aircraft, eGaming, property and family office sectors.
Boston was founded in 2002 as a family office. In 2011, it lured Ellison from Barclays Wealth’s Isle of Man operation – the largest private sector employer on the island at the time, where he had been managing director – to become CEO.
Last April, its Boston Trust Co subsidiary acquired IOMA Fiduciary, a part of the Isle of Man-based IOMA Group, which is said to have been one the first composite insurance companies on the Isle of Man and continues to lay claim to being one of the island's largest independent financial services groups.
In December, it announced that it had opened a multi-family office and trust services operation in the Gulf, to cater to the company’s existing client base in the region, as well as reach out to a new audience.
