Boal & Co, an Isle of Man-based provider of actuarial and consulting services, has purchased Zurich Trust, a Jersey-based trust business of Zurich Insurance Group, following approval from the Jersey Financial Services Commission.

The acquisition will see Boal expanding its pension trustee services into Jersey. The move follows a recent expansion of its operations in Gibraltar.

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As part of the deal, the trust company will be renamed as Boal & Co Pensions (Jersey) Limited.

Boal & Co said that existing customers will see no changes in the provision or levels of service provided to them, and the business will continue to be based and regulated in Jersey.

Founded in 1995, Boal & Co provides trustee services to international pension plans with over $10bn of pension trustee assets.

Boal & Co CEO Mark Kiernan said: "The acquisition is a natural fit for Boal & Co in terms of our International Pension Plan (IPP) client base and a natural extension to our existing relationship with Zurich International Life.

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"We are pleased that Zurich recognises the strength of our IPP trustee services and the benefits of the independence that they bring to clients and members alike."

Boal & Co Chairman, Gary Boal, added: "The purchase of ZTL and expansion of our pension trustee services into Jersey further demonstrates Boal & Co’s very strong commitment to international pensions business.

"Coming on the back of our authorisation in Gibraltar and the opening of our office there earlier this year, our multi-jurisdictional offering means we are uniquely well-placed to meet the pension trustee needs of multinationals and other companies requiring IPP solutions for globally mobile expatriates and other international employees."