MAC Financial Ltd (part of the MAC Group) has announced a further expansion with the acquisition of the clients of Island Financial Solutions Limited (IFS), an independent financial advisor business based on Prospect Hill in Douglas.
All IFS employees have been offered contracts with MAC Financial with the exception of IFS co-founders and directors.
Commenting on the acquisition, Jon McGowan, MAC Group CEO, told B365: “MAC is constantly looking at strategic opportunities to grow our successful financial services business”
“IFS has built up a significant number of long-established clients who have similar needs to our own and we look forward to welcoming them, along with our new colleagues, into the MAC family.”
An IFS Director, said: “We are pleased we have found a company such as MAC Financial who can fully support our clients and employees going forward. In these uncertain times, we came to the conclusion that a much larger group, with a higher number of specialist financial advisers and support staff, would provide our clients with an excellent and consistent quality of service, together with the peace of mind that their financial planning needs are in good hands. We have worked closely with the team at MAC to ensure there is a smooth transition for our clients and employees.”
Alongside its private client division, MAC Financial offers financial advice to companies and delivers market leading employee benefit schemes to more clients than any other Financial Adviser on the Island. Mr McGowan said that negotiating the acquisition in the current difficult circumstances was an achievement and a credit to the MAC team, and formed part of a planned growth strategy.
“We have a number of discussions underway regarding further acquisitions and would always like to hear from both IFAs and general insurance brokers who may wish to retire or exit the industry,” he added. “We can offer an attractive package to work with business owners to unlock the value they have built up in their companies.”
The FSA has confirmed the acquisition can go ahead and is expected to be completed by 1st November 2020.