The Isle of Man-based financial services group, Equiom, has reported that its yacht and private aviation portfolio has passed the $4bn value milestone. The company told IBI: “The current split of assets under administration is yachting (65%) and aviation (35%).”
Equiom claims to have one of the largest yachting and aviation departments in the corporate service sector globally. The company has a 30-strong yachting and aviation team worldwide which provides support to clients covering such areas as registration, structuring, tax, customs and legal matters relating to yachts and aircraft.
Edward Leigh, Equiom’s director of yachting and aviation, commented: “We are pleased to have reached such a significant milestone. We manage transactions for some of the highest-valued yachts and aircraft in the world, including helicopters, other types of aircraft, motor and sailing yachts. With larger superyachts and corporate aircraft currently in high demand, it will be interesting to see how the market develops over the next few years.”
He told IBI: “The superyacht market has picked up of late and we are seeing increasing demand for new constructions particularly for yachts above 100m (328ft). Whilst it remains a buyer’s market for pre-owned vessels, it also presents opportunities for yacht owners looking to trade up. With changing regulations and the onset of Brexit, it is becoming increasingly important for yacht and aircraft owners to partner with the right service provider in order to ensure their assets are safeguarded.”
Equiom has been providing services to the yachting and aviation sectors for over 10 years. In 2016, the company achieved Authorised Economic Operator (AEO) status, which is a globally recognised quality mark in the industry. This recognition affords certain benefits to clients in the yachting and aviation customs process, such as fast-tracked paperwork and fewer customs checks.
Equiom has yachting and crewing teams based in the Isle of Man, Jersey, Guernsey and Malta and provides services to clients worldwide. The company also has offices in BVI, Hong Kong, Japan, Singapore, Scotland, the UAE and Qatar.
Leigh continued: “A number of new recruits in the team this year has enabled us to attend more and more industry events, including the European Business Aviation Convention and Exhibition (EBACE) and the Monaco Yacht Show in September. We look forward to seeing existing clients and intermediaries and making new contacts as we continue our commitment to serving the industry.”