FOUR or five redundancies are on the cards at Thomas Miller Investment after the company signed a new outsourcing agreement.
Thomas Miller Investment, a member of the 127-year-old Thomas Miller Group of Companies, has signed a 10-year administration and custody outsourcing agreement with BNY Mellon Asset Servicing and Pershing, a BNY Mellon company.
BNY Mellon Asset Servicing will be responsible for Thomas Miller Investment’s institutional business while Pershing will service the private investment management business.
As a result, the company confirmed there would be redundancies.
‘The investment, in providing added value to clients, has been made to enhance the client offering and provides TMI with the infrastructure to create a scalable platform to allow the business to fulfil its future potential,’ said a spokesman. ‘It also enables TMI to concentrate on delivering excellence in its investment management. TMI continues to develop its business and has recently appointed Tom Richards as head of private investment management (offshore).
‘The agreements with BNY Mellon Asset Servicing and Pershing cover both the onshore and offshore business requirements of TMI. As a result of the outsourcing agreement there will be four or five redundancies in the Isle of Man office where the administration function is currently carried out.
‘Thomas Miller has been established in the Isle of Man for over 20 years and employs 50 people in its St George’s Street office. Thomas Miller is 100 per cent committed to growing both its insurance and investment business here on the island.’