Isle of Man fund administrator Portal, a joint venture between insurance manager Thomas Miller and Boston, a multi-family office and wealth management firm based on the island, says it is

Isle of Man fund administrator Portal, a joint venture between insurance manager Thomas Miller and Boston, a multi-family office and wealth management firm based on the island, says it is on track to reach USD1bn in assets under management by the end of this year.

Portal, which was launched in April, focuses on real estate and money-market funds as well as funds of hedge funds, and already has some USD500m in assets, according to Boston.

The firm offers services including assisting with the establishment of funds, full reporting and accounting services, net asset value calculations, shareholder and registrar services, and compliance and regulatory services.

Boston - not to be confused with the Boston Family Office based in Massachusetts - provides a range of bespoke services and business solutions to high net worth individuals and their families. Founded in 2002 as the family office for a single wealthy family, it now offers its services to other individuals and families.

Its private client division offers involves estate planning and wealth preservation through the use of Isle of Man structures, international trusts and corporate entities and private trust companies.

According to Boston managing director Arthur Lancaster, Portal -like several other Isle of Man administrators - is looking to serve clients seeking a closer and more personalised service than is available from some of the larger global administrators.

The London-based Thomas Miller Group specialises in the management of mutual, captive and other specialist insurance companies, offering underwriting, claims handling, loss prevention, financial, legal, risk management and investment services. Thomas Miller Investments has USD1.5bn in client funds under management and employs a staff of 550 worldwide. The group has had a significant presence on the Isle of Man since 1988.