The arrangement will result in the loss of “four or five” jobs in the company’s Isle of Man offices on St Georges Street, where the company’s administration operations are currently carried out, Thomas Miller Investment (TMI) said in a statement today. It did not say who would be leaving the company, or when they would be leaving.
Currently around 29 people work for TMI in those offices, TMI said.
BNY Mellon Asset Servicing will now be responsible for Thomas Miller Investment’s institutional business, while Pershing will look after the retail investment side, the statement added.
TMI said it had decided to outsource its administration and custodial operations in order to “enhance the client offering” and provide it “with the infrastructure to create a scalable platform, to allow the business to fulfil its future potential”.
The outsourcing would also benefit TMI’s investment management operations, the statement added.
Thomas Miller has had a presence in the Isle of Man for more than 20 years, and it is “100% committed to growing both its insurance and investment business” there, the firm said.