Local wealth management firm IOMA Group has embarked upon the next stage in a series of expansions with two new high profile appointments. Karen Barretto joins the Group as its new Head of Technical Services with responsibility for enhancing and adding value to the firm’s existing suite of structures. Debbie Mahanta, who was voted in Private Client Practitioner’s ‘Top 35 under 35’ in 2010, joins the Group’s Business Development team with responsibilities for developing its private client network and portfolio of corporate partnerships.
The two senior appointments come during a period of expansion for IOMA as it enters into a renewed five-year marketing and business development strategy. Already one of the Island’s most established wealth management firms, IOMA was the first composite insurance company on the Isle of Man and has grown to become one of its largest independent financial services groups.
A graduate of Law from London Guildhall University and a registered Trust & Estate Practitioner since 2004, Ms Barretto has extensive experience in the wealth management sector having spent five years with Canada Life as Head of the Trust and Estate Planning team and two years as a Trust and Tax Manager with MetLife, joining IOMA from Barclays Private Wealth where she was Head of UK Trust Sales. Ms Barretto will draw upon this experience, as well as a raft of industry qualifications, to develop new products in line with the ethos of the Group and which are relevant to, and technically and legally compliant within, the private client world.
Commenting on her appointment, Ms Barretto stated: “It is important to be aware that we operate within an environment that is subject to ever changing law and regulation. Products must remain compliant with these changes and continue to be fit for purpose. However, with change comes opportunity. I have been in the industry long enough to witness changes in legislation that have impacted the financial services industry enormously. Yet some of the most innovative and exciting new products have come about as a result, and I hope to continue in that vein. I look forward to working alongside a Group of highly talented and motivated individuals who all share this common vision and provide high quality wealth management services to the private client world.”
Ms Mahanta, a BSC. Neuroscience graduate from University College London, is a student member of the Society of Trust & Estate Practitioners and holds a Cert PFS from the Chartered Insurance Institute and Personal Finance Society. An extensive résumé includes past roles in business development, wealth planning and sales management from such leading organisations as UBS Zurich, Goldman Sachs Zurich, Ardel Holdings and St James’s Place. Ms Mahanta also entered into the Talent and High Potential pool nominees at UBS within the first 12 months of her appointment.. Her role at IOMA will see Ms Mahanta work to enhance the Group’s product proposition with the potential to increase its range in correspondence with market demand.
Also commenting on her appointment, Ms Mahanta enthused: “I aim to demonstrate the strength of the IOMA product position amongst suitable partner Private Banks whilst looking to take a collaborative approach in terms of marketing and product drives. Overall, our aim is to be the preferred provider of offshore insurance and pension solutions for the HNWI advisory community and I believe recent developments put us comfortably on track to be so. I believe this is a time of change for the Group and I look forward to being part of a forward thinking, boutique firm, which is well respected for providing excellent levels of service and innovation.”
Mike Batey, Director of Life and Pensions at IOMA, added: “The appointments of Karen and Debbie punctuate what has been a continual growth curve for the Group. As a niche wealth management organisation, we have a proven track record of delivering innovative solutions that has resulted in our growing to become one of the largest independent financial services Groups in the industry. Key to this success is the trust and peace of mind of our clients and this can only be achieved by appointment of the brightest and most committed talents available. I would like to welcome Debbie and Karen to the IOMA team and wish them the best of luck in what is sure to be a bright future.”