Isle of Man-based superyacht ownership structures business, Abacus IOM, has merged with the Landmark Trust Group. Expansion of the superyacht-related activities is an area identified by both companies to develop. Both companies are independently owned and a rebranding will be implemented in due course.
Abacus is one of the largest companies in the Isle of Man for handling superyacht ownership and other high-valued asset structures. An Abacus spokeswoman declined to inform IBI how many superyachts they currently have in their portfolio or whether the merger was on a 50:50 basis. Apart from superyachts and private aviation, Abacus offers a wide range of fiduciary services for high net worth individuals.
The Landmark Trust Group has little or no involvement in the yacht market but focuses on family office services, companies and trusts and foundations. What is does bring to the merger is offices in four locations where Abacus is not represented. In particular from a yacht perspective the Landmark offices in Monaco and Hong Kong may be of particular value. Its other two offices are in Geneva and London.
Abacus, in addition to its IOM office, also has an office in Malta which opened a few years ago. In regard to yachts, it focuses especially on the IOM and Maltese registration and leasing schemes.
Both companies have been involved in providing professional fiduciary businesses for around 40 years. The new group will continue to build upon this important background of independence and decades of experience in the industry. The merger represents a significant step forward in expanding the geographical span of Abacus and Landmark.
Andrew Tailby-Faulkes, Landmark Group CEO, commented: “We are very excited about the merger as it brings together tremendous strength from both sides, creating a wider offering of cross-jurisdictional and multi-disciplined services and expertise. It introduces great synergies whilst retaining the solid foundations both businesses have created over many years. We are all looking forward to working with our new colleagues and continuing to deliver the high level, independent services our clients have come to expect.”
Chris Talavera, Abacus chairman, added: “This is a really positive and major step forward for both Abacus and Landmark which will benefit our clients due to the increased range and depth of service the new combined group will be able to offer. Both Abacus and Landmark share similar values and have always valued their independence. It is unusual in today’s environment to be able to increase your offering and reach through merger, whilst still retaining your professional independence as our new combined group will be able to.”
Each office continues to operate from its current location without any changes in its local staff and management.