Vanguard-IOMA sign major services deal
Manama, March 4, 2010
Bahrain's business advisory boutique Vanguard has signed a strategic partnership with Isle of Man-based bespoke international fiduciary and administration services provider IOMA Solutions.
The agreement will provide tailor-made consultancy services relating to structuring requirements, establishing and administering a vast array of structures including trusts, companies and partnerships to hold both financial and non-financial assets.
The agreement was signed by Vanguard managing director Hazem Janahi and IOMA Solutions' managing director Michael Hodgson, at the Capital Club.
Under the terms of the deal, Vanguard will represent IOMA Solutions in the GCC region and after the formation of a joint task force, promote the full array of specialised financial advisory services with a focus on family business governance services.
Janahi said they are happy to have entered into a partnership with an international organisation.
'IOMA Solutions is part of the IOMA Group which has various licence holders within the Group that are regulated by the Financial Supervision Commission and Insurance and Pensions Authority of the Isle of Man,' Mr Janahi said. He said the task force will promote in the GCC region the solutions, services and products that the IOMA group provides, ultimately leading to the formation of a joint venture company between the parties next year.
'The services provided by IOMA Solutions come as complimentary to the array of services currently provided by in the GCC region by Vanguard in the areas of family corporations structuring and governance.'
Hodgson said the deal would provide a firm base to their company for the provision of its services to GCC-based family enterprises.
'By launching our services in Bahrain and then expanding to other GCC countries is the logical step in the right direction.' He said IOMA would utilise the opportunity to provide advisory services that were of the highest quality and expectations in the areas of family business governance and advisory and consultancy to financial institutions in relation to their structuring requirements.
Vanguard had announced in November last year the launch of a new service aiming at providing turnkey advisory services to family enterprises in the GCC.-TradeArabia News Service