Issue link: https://maltatoday.uberflip.com/i/1143967
18.07.19 2 NEWS BOSTON Multi Family Offi ce announced yes- terday a management buyout. e new structure will see former Group Di- rector of Business Development Katherine Ellis step into the Chief Executive Offi cer role with Alex McNee remaining as Managing Director upon completion. Boston Multi Family Offi ce will continue to be headquartered in the Isle of Man with the new ownership focused on organic growth and strategic acquisitions for broader jurisdictional reach. Boston's Maltese and Dubai operations are included in the management buyout, which has been undertaken with the support of a group of high net worth investors via Rockpool Invest- ments LLP. For the immediate future, it is very much busi- ness as usual and no staff will be aff ected with the exception of current Group CEO Alex Fray who has decided to leave to pursue other inter- ests. ere will be no immediate changes to the Malta offi ce although there are plans to expand the team in the future. Boston Multi Family Offi ce was founded in 2002 as a single family offi ce and has been held in private ownership ever since. Boston has grown into a commercial mul- ti-family offi ce providing boutique administra- tion services from offi ces in the Isle of Man, Mal- ta and the Dubai International Financial Centre (DIFC). Boston has experienced strong organic growth and has completed three acquisitions in its history. Chairman Richard Moore said the time was now right to pass over the ownership, comment- ing: "Both Katherine Ellis and Alex McNee are ex- tremely experienced and highly regarded in the trust and fi duciary sector, and they have been instrumental in growing Boston's client base and developing the business internationally. ey will make a formidable team and I wish them well as they go forward to write the next chapter of Boston's story." Katherine Ellis said: "It is a privilege for Alex and me to take the reins of such a reputable busi- ness at a very exciting time in its history. e creation and preservation of family wealth re- mains our overriding mission and I am looking forward to working with the team to implement our strategy for future growth." Speaking on behalf of Boston's Malta Offi ce Director Ann Baldacchino said the management buyout was exciting news. " e new manage- ment team has ambitious growth plans for the business and we are looking forward to playing our part in the new business strategy," she said. "I am sure this will be another very positive step for the Group and refl ects Boston's on-going commitment to provide outstanding services to high net worth individuals and for their business interests." Kristianne Fenech, who also serves as a Direc- tor at Boston's Malta Offi ce, added: "Boston's Malta Offi ce has contributed to the multi-ju- risdictional reach of the Group and its ability to also off er services from EU locations. is allows us to provide great fl exibility when structuring assets globally and we therefore remain well-po- sitioned to capitalise on future opportunities un- der the new management." Boston Link, the recruitment specialist fi rm and former sister business to Boston Multi Fam- ily Offi ce, now becomes a standalone company. e management buyout is subject to regula- tory approval. Management buyout of Boston Multi Family Office announced Alex McNee and Katherine Ellis THIS week, Credorax an- nounced that it has part- nered with Cisco to upgrade its data-center network's capabilities, capacity and la- tency. e agreement enables Credorax to adopt Cisco's advanced data-center net- working technology, includ- ing an automation, visibility and management system. Credorax has also agreed to beta-test Cisco's advanced and future monitoring and management products. Credorax's system is al- ready considered one of the fastest in the world with its cutting-edge high through- put, low latency, and mul- ti-continent redundancy, and Cisco's technology will allow Credorax to push the envelope even further in terms of decreasing transac- tion latency and increasing throughput. Cisco's software solution for centralised man- agement and monitoring of network components will play a signifi cant role in Cre- dorax's solutions, simplify their roll-out of new prod- ucts and reduce ongoing cost of ownership. As a licensed merchant ac- quiring bank, with offi ces in Malta, Credorax helps mer- chants accept payments eas- ily with its recently launched Source gateway. e platform off ers tele- com-grade (99.999%) avail- ability for processing pay- ments as well as a host of payments products and ser- vices, including cards and alternative payment meth- ods, hosted payment pages, advanced KYC screening, smart fraud solutions, and sophisticated business intel- ligence and data tools. Cisco is at the forefront in building the network plat- form that can now deliver a connected, autonomous, and programmable digital platform for Credorax cus- tomers. In an era of demanding cus- tomers and changing expec- tations, e-commerce mer- chants simply can't survive without the best-in-class cross-border payments pro- cessing capabilities. Being both a technology company and an acquiring bank, Credorax has built a full suite of NextGen prod- ucts and services to help merchants grow their busi- ness online. And now with Cisco's support, Credorax has augmented its off ering even further. Credorax partners with cisco to boost payments gateway to the next level Credorax is one of the fi rst Fintech companies to evolve into a licensed European Merchant Acquiring Bank