IOMA Group spins off asset management arm-report

IOMA Group has reportedly spun out its asset management arm in a management buyout by two of its senior executives.

IOMA Group, an Isle of Man-based wealth management firm, has reportedly spun out its asset management arm in a management buyout by two of its senior executives.

IOMA Group CEO Philip Scales and Russell Collister, director of IOMA Fund and Investment Management, will lead the spun-off unit, which will be renamed as FIM Capital, International Adviser has reported.

FIM Capital, which employs over 30 staff, will continue to operate from IOMA Group’s existing headquarters in Douglas.

The deal is subject to FCA approval in the UK.

FIM Capital manages assets for a range of private and institutional businesses globally.

In 2014, IOMA Group restructured its senior management by hiring two non-executive directors Rupert Cottrell and Ken Watterson, and promoting Scales as chief executive replacing Nigel Wood.

The publication quoted Scales as saying that the Isle of Man continues to provide a well regulated and cost effective jurisdiction, particularly for closed-ended schemes, listed and unlisted.

Collister added that although the business, particularly on the investment management side, is increasingly technology driven, the personal nature of managing money and assets means that longevity and experience remain essential qualities.