Finance sector firm Utmost Wealth Solutions has announced a major expansion.

Utmost Wealth Solutions’ parent, Life Company Consolidation Group [LCCG], has bought Generali PanEurope in Ireland, now renamed Utmost PanEurope.

It means assets under management have more than doubled over the last year to €24bn, with projected annual income of €2bn. [€1.96bn in 2017].

Utmost Wealth Solutions says it will now be a formidable force in the UK/European market for specialist cross-border wealth management ‘solutions’.

The company says further acquisitions are the pipeline for 2018 and beyond and the firm is on target to reach its target of more than €30bn assets under management.

The Isle of Man office, Utmost Limited, currently employs 200 staff and is gearing up to grow more.

Mike Foy, chief executive of Utmost Limited, said: ‘With our ambitious growth plans, we are creating a wealth of opportunity for staff at our Isle of Man office.

‘These are exciting times at Utmost Wealth Solutions as we continue to expand our operations throughout Europe and beyond, and put in place the necessary infrastructure to support that.

‘The Isle of Man office is a key element in our ability to deliver efficiencies and further opportunities across the Utmost group of companies.’

Utmost Wealth Solutions used to be known as AXA Isle of Man before it was acquired by LCCG in 2016.

The company is in Walpole Avenue, Douglas.