Reputation, independence and longevity – these are the keys to success according to Abacus Group Managing Director Stewart Fleming as the company celebrates 40 years in business this month.

Based on Circular Road in Douglas, Abacus provides a range of fiduciary and professional administration services including management of trusts, funds, property, yachts and aircraft.

The trust business arm of accountants Coopers & Lybrand for many years, Abacus became fully independent in July 1998 following the merger of Coopers & Lybrand and Price Waterhouse. An office in Malta, specialising in yacht registration and corporate structures, was opened in 2010.

“For a company of our size we are close to unique in having no private equity ownership and no influence from anyone outside the business,” says Stewart. “We have also always been very particular about not accepting any commission, introductory fees and the like so our clients know they are getting unbiased advice with no possible conflict of interest.”

The majority of Abacus clients are private individuals and developing these personal relationships has been a cornerstone of the company’s success, says Stewart: “Managing the wealth of individuals requires a very hands-on approach and the ability to work with them to help them achieve their goals. Every individual is different so we have to be able to offer a very personalised service. It’s been extremely rewarding to see those personal relationships develop over the years.”

This longevity in relationships is not confined to Abacus clients – many of the staff have been with the company for decades.

Stewart himself has worked there for 23 years and fellow Director Emer Dowling has recently marked her own 25th anniversary. Emer commented: “Abacus has been a great place to work. It has given me many opportunities to develop my career over the years and the way the business is set up, there is clear understanding that we need to spend time thinking about and working on the best outcome for our clients.”

Stewart added: “We recognise that our staff are our greatest asset and it is important to us that we invest in staff training. We encourage all of our employees to study for professional qualifications, whatever role they perform, and we support them in this both financially and in terms of study leave. It is part of our overall employment package and probably accounts for why so many of our staff are so loyal and stay with us for so long.”

While the past 40 years have seen great changes in the finance sector, Stewart believes that, fundamentally, the business still provides the same kind of services it always has, although new niche areas and financial vehicles have emerged.

“What’s interesting is that while over this time we’ve not seen any dramatic change to our business or our client base, we have seen a considerable shift in the perception of “offshore”,” he says. “This has led to an increasing amount of tax legislation over the years and the continued drive towards more transparency.

“While this is to be applauded on many counts, it is important to recognise there is a great deal of difference between secrecy and privacy and we need to be careful that we continue to protect the interests of our clients. Privacy is an essential element of our service, it is our hallmark, and while we clearly need to ensure we follow all relevant legislation and regulation, we also need to guard against unnecessary intrusion into legitimate financial arrangements.”

The 40th anniversary was marked by a celebration dinner, complete with anniversary cake, for all staff at Enzo’s Restaurant in Douglas.

Photo - Abacus Group Managing Director, Stewart Fleming