Abacus undergoes business restructure
Following a restructure, fiduciary and fund services specialist Abacus has formed the Abacus Financial Services Group.
The new group structure will include Abacus’ two entities in Malta, Abacus Financial Services (Malta) Limited (AFSML) and Abacus Corporate Services Limited (ACSL), and Abacus Financial Services Limited (AFSL) in the Isle of Man.
Former managing director of AFSML and AFSL Paul Kneen (pictured) will head the new group as chief executive officer. Martin Heaney has been promoted to managing director of AFSL.
Kneen says: “The formation of the Abacus Financial Services Group aims to advance the growth of business across the full range of solutions provided by its respective companies and to consolidate management and responsibility of group resources in order to create synergies that support our focus of new business acquisition and growth. Having established fiduciary and fund entities in Malta to complement our service offering already available in the Isle of Man, we have positioned ourselves in two key financial centres to allow us to service both the offshore and onshore financial markets. As Abacus Financial Services Group, we will continue to develop our range of products and services within the pensions, funds, fiduciary, yachts and aircraft industries offered from our offices in Malta and the Isle of Man.”
Kneen joined Abacus in 2007, prior to which he held senior management and executive board roles, overseeing banking, custodial, trust and fund services operations. Kneen also currently sits on the board of a number of fund and holding company structures across a diverse range of financial investment strategies.
Heaney has been with Abacus for 16 years, prior to which he worked 10 years in banking on the Isle of Man with responsibilities across investments, global settlements, lending and corporate structuring.
Heaney says: “I am honoured to have been appointed as the new managing director of AFSL. I am looking forward to my new role in assisting and supporting the development of the Abacus Financial Services Group as we drive the business forward into new markets across our growing client base.”
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