Boston announces acquisition of Turnstone’s fiduciary business
19 January 2024
Boston Multi Family Office has completed the acquisition of the fiduciary business from Turnstone (Isle of Man) Limited.
The move will see Roelf Odendaal, the co-founder of Turnstone (Isle of Man), and his fiduciary team and clients join Boston.
It is the third acquisition by Boston since the management buyout in October 2019 by CEO Katherine Ellis and Alex McNee, who has since moved into the role of Group Director – Mergers & Acquisitions, and follows the purchase of IQE Limited in 2020 and Fedelta Trust Limited in early 2023.
Commenting on the deal, Katherine Ellis said, “We are delighted to acquire the fiduciary business from Turnstone (Isle of Man) Limited. Turnstone is known for its commitment to wealth protection, family succession planning and building strong relationships with clients so its business is an excellent fit for our strategic growth plans.
“Having Roelf and his professional team on board will ensure continuity for Turnstone’s clients. They will also bring with them a great deal of experience and knowledge that will be valuable to the wider Boston group.”
Roelf Odendaal co-founded the Turnstone Group in 2001 with his wife Kirsten and his brother, Heinrich. Their aim was to assist families in transferring their wealth from generation to generation while establishing and imbedding the family’s identity. He commented, “It has always been a passion of ours to help families build and create a legacy that reflects their identity and the values that they hold.
“We see that same commitment at Boston and I am sure that, by joining forces, our clients will benefit from the combined expertise and enthusiasm of our hardworking and dedicated staff.”
The acquisition is supported by Horizon Capital as part of Boston’s ambitious long-term strategy of organic and acquisitive growth in the private client fiduciary sector.