International Broker Insurance Services (IBIS), the Athens-based financial advisory firm, has become a member of the Inter-Alliance Network (IAN), a subsidiary of Inter-Alliance International located in Cyprus. IBIS provides offshore investment products to the Greek market.
According to Stavros Alexakis, product manager at IBIS, being part of the IAN will provide IBIS with access to the big product providers: firms which small brokerage firms would normally have difficulty accessing because of the relatively low volumes they bring.
In addition, being part of IAN will potentially aide IBIS to make adequate commissions, based on the volumes of business generated by all the members of the network, added Alexakis.
IAN, through its internet support services, will also improve the level of efficiency IBIS can provide its customer base, he said.
IBIS was founded by Nick Demaras in December 1997. The company has built its distribution capability by working with some of the largest tied sales forces in Greece.
Total funds introduced since the company was founded amount to $80m. Alexakis said that investor morale in Greece is very low, after many people lost money on the stock exchange. However, Demaras is optimistic the company will raise between $6m-$10m in funds this year. In 2002, turnover in respect of international business exceeded £400,000.
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