Financial Services: Horizon Capital’s investment in Boston MFO

Armstrong is pleased to have provided Commercial Due Diligence support for Horizon Capital’s investment in Boston MFO, a specialist trust and fiduciary services business based in the Isle of Man.

Katherine Ellis (CEO) and Alex McNee (COO) led a management buyout of Boston MFO from its family office ownership in October 2019. Since then, the business has grown substantially via strong organic growth through the winning of new customer relationships and through the acquisition of IQE in 2020, a highly complementary fiduciary services business based in the Isle of Man. Horizon’s investment will enable Boston to continue to grow the business both organically and via acquisition.

Armstrong’s work comprised of full CDD, including validation of the market opportunity and Boston’s competitive position, interviews with clients and intermediaries, analysis of the firm’s internal data, and a detailed assessment of management’s growth strategy. Armstrong carried out over 40 interviews with clients and market participants as part of our work.

Adam Lewis, Horizon, said: “We are pleased to have completed our investment in Boston MFO with the support of Matt, Simon, and the Armstrong team. They carried out an extensive client, and intermediary interviews and business analysis, which together with their extensive sector expertise gave us clear & useful insight to support our investment hypotheses.”

Simon Hemsley, Partner and Head of Financial Services, Armstrong, said: “Boston MFO is a high quality business providing a differentiated service in a complex, fragmented market. Boston MFO and Horizon have the ability to grow organically and through acquisitions, and we look forward to seeing the further, successful growth of the firm.”

The transaction remains subject to regulatory approval.

For more information or to find out Armstrong’s views on opportunities in offshore fiduciary services and in the wider financial services sector, please contact:


Matt McNally, Director

[email protected]
+44 7894 736523

Email Matt


Simon Hemsley, Partner & Head of Financial Services

[email protected] 
+44 7957 340534

Email Simon