Tom Richards, head of private investment management (offshore), told International Adviser that he is “actively looking for a London or South East-based investment management business” to balance out the already established Isle of Man and Edinburgh offices, and to increase the scale of its London base.
The Thomas Miller Group sees offshore as a growth part of its business, he said, and the search for a suitable business has been ongoing for the last 18 months.
Once the UK acquisition is made, the next stage would be to buy a business in the Channel Islands.
Richards added that there has been good organic growth, notably from US offshore clients seeking a new FATCA-compliant home for their assets to the point where over the last six months between 15-20% of all new business for the offshore arm has come from this source.
Thomas Miller uses the BNY Mellon-owned Pershing platform which provides the necessary compliance for funds suitable for US clients.
In the next few years, Richards also wants to look for business further afield by building contacts in places such as South Africa, while still retaining the sales people based in the Isle of Man.
In November last year, Thomas Miller Investment (Isle of Man) appointed David Thomas as managing director.
