New digital-first bank Monument gets the green light from regulators
First challenger bank in the UK to focus on the needs of 4.8 million “mass affluent” clients.
30 November 2021
Richard Hughes, CEO, Brooks Macdonald International, said: “The Isle of Man is well regarded as an international centre of excellence for financial services. This expansion supports our aim to partner with advisers and trustees in a way that works best for them and their business. We see a strong opportunity to extend our relationships through the Isle of Man. Building on our acquisition last year of the Lloyds International funds and wealth management business, the opening of our new office is an exciting development that confirms our commitment to all three islands as leading international finance centres.”
The new office, the Group’s 14th, is led by Phil Penrose who has more than 25 years’ experience in international financial services, having spent 10 years overseas in the Middle East and Singapore before joining Brooks Macdonald.
Phil Penrose, Head of Office, Isle of Man, added: “I’m delighted to have our new team in place and our office open and ready for business. The focus now is on building on the success of the Channel Islands offices by delivering our cutting-edge investment and wealth management proposition to clients and intermediaries throughout the Isle of Man, alongside actively supporting the island’s community.”
Simon Pickering, Head of Insurance & Pensions, Finance Isle of Man, commented: ‘The Isle of Man has always been proactive and at the forefront of global finance. We are proud to be a jurisdiction of choice for private clients and intermediaries across the world and we are especially pleased to welcome a firm of the calibre of Brooks Macdonald to the island. The opening of their new office is a welcome reflection of the good reputation the Isle of Man has as an international finance centre and of the high-quality financial services infrastructure we have in the island.”
Brooks Macdonald International opened its Jersey and Guernsey offices in 2012, with the aim to protect and enhance clients’ wealth through investment management and wealth management services. Since then, it has grown to be one of the largest independent investment managers in the Channel Islands, with £2.5bn of funds under management.