Industry news | Adviser to offer services to both local and international top-end investors who are willing to invest £2m or more
Intermediary firm Global Strategies has been the first western international brokerage to get a license to do business in Singapore for HNW and sophisticated investors.
Global Strategies will make its services available to both local and foreign investors in the top end of the market ' those that are willing to invest £2m or more. The application was submitted last August and was approved in March. The business will be formally set up in July.
Presently, the Monetary Auth- ority of Singapore only grants licenses to intermediaries who wish to sell to the top-end of the market.
Global Strategies will sell private banking services and hedge funds but only if they are registered in Singapore. The list of product providers includes financial institutions UBS, Credit Suisse and Merrill Lynch Investment Managers.
The firm is in the process of developing business partnerships with companies who have international clients. Intermediaries at Global Strategies will work with both these companies and investors to cater for what they want.
Alan King, chief executive of Global Strategies, said: 'The expatriate market is declining in Asia. Since the financial crisis of the late 1980s, Asians have been looking elsewhere to put their money and businesses are becoming more and more international. The opportunities for us lie in the HNWI and sophisticated market.'
Furthermore, investors from other countries such as Europe are looking to place their money in Asia. This is because while it is has strict regulations, it is exempt from rules such as the EU savings directive, but has the same tax benefits as other financial centres.
To start the new business there are presently four partners and five support staff. The majority of the staff are made up of locals and there will not be made more than three or four westerners working in Singapore. In the future the company hopes to grow to about 20 staff.
Global Strategies currently operates throughout Asia and has a major office in Malaysia other target markets include Indonesia, Thailand and India. The company chose Singapore because of its tight regulation.
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