Financial services provider Wilton Group has acquired IOMA Group for an undisclosed sum.
The group comprises of Isle of Man Assurance, IOMA Horizons and Isle of Man Insurance Management – which are an life insurance provider, a pension firm and a captive insurance manager, respectively.
The IOMA companies currently employ 29 staff and manage just under £500m ($674m, €553m) in assets.
Tony Flanagan, Wilton founder and managing partner, said: “The IOMA business is highly synergistic with Wilton and will become a key component of our wider financial services offering. Wilton and IOMA target similar markets and clients with complementary products and we are excited by IOMA’s potential as part of Wilton.”
IOMA’s executive chairman Robin Bigland added: “Joining Wilton provides IOMA with a strong, stable, locally managed parent, securing the futures of IOMA’s staff here in Douglas and affording IOMA excellent growth opportunities as part of a bigger network, enabling IOMA to thrive into the future as it has throughout its 50-year history here in the Isle of Man.”
In the past few years, Wilton has acquired several UK-based pension businesses, including Hartley Pensions, Greyfriars Asset Management, Guinness Mahon, Guardian Pensions and The Lifetime Sipp.
