The new structure is comprised of three limited companies – Abacus Financial Services (AFSL) in the Isle of Man, and two Maltese operations: Abacus Financial Services (Malta) (AFSML) and Abacus Corporate Services (ACSL).
Paul Kneen, who until now had been managing director of the two financial services entities – AFSL and AFSML – will head up the new group as chief executive, while Martin Heaney has been promoted to managing director of Abacus Financial Services, Abacus said in a statement.
Kneen said the creation of the group was aimed at advancing the growth of Abacus's business, while at the same time consolidating management and responsibility for the group's resources, "in order to create synergies that support our focus of new business acquisition and growth".
"Having established fiduciary and fund entities in Malta to complement our service offering already available in the Isle of Man, we have positioned ourselves in two key financial centres to allow us to service both the offshore and onshore financial markets," he added.
"As Abacus Financial Services Group, we will continue to develop our range of products and services within the pensions, funds, fiduciary, yachts and aircraft industries."
Kneen has been with Abacus since 2007. Previously he had held senior management and executive board roles with such companies as Bermuda Commecial Bank and BCB Group. Heaney has been with Abacus for 16 years, prior to which he worked for Barclays Bank.
As reported here last year, the Isle of Man arm of Abacus joined forces with Guernsey's Carey Group to launch a Malta-domiciled qualifying recognised overseas pension scheme (QROPS), the Falcon Plan, in October.
