Global management consultancy Alpha FMC has added three executive vice presidents to its New York office as part of its plans to develop its US business.

IOMA Group, the specialist provider of services to the insurance and wealth management industries, is launching a new planning tool that allows clients to regulate the sum of money they pass on to beneficiaries under the age of 18.

The Legacy Gift Plan is a controlled way to gift a sum of money to a beneficiary that allows the donor to invest in a range of options which, subject to a certain withholding tax, can accumulate tax free, IOMA said in a statement.

The firm a said a donor sets up a gift plan for a chosen child beneficiary using a Bare Trust and then appoints trustees to administer it. It also appoints a responsible adult beneficiary to help ensure the child does not gain access to the trust too early.

The child beneficiary does not automatically receive the money on their 18th birthday, with the donor instead specifying certain dates at which point policies will mature for the benefit.

After the child beneficiary reaches the age of 18, up to five percent of the original capital remaining can be distributed to the child beneficiary each year. The child beneficiary will then gain full access to the trust fund on the date determined by the donor at outset.

IOMA operates from offices in London and the Isle of Man and had assets under management and administration of £5.5 billion ($9.23 billion) as at January 2014.