Blacktower Group is planning to foray into Caribbean and Latin American markets, with the establishment of an office in the Cayman Islands.

International Adviser quoted John Westwood, CEO of Blacktower, saying that the company has obtained a securities and investment business license from the Cayman Islands Monetary Authority, which will enable it to act as a securities adviser and securities manager of its clients’ assets.

"Initially we will be concentrating on our traditional strengths in wealth management, but we intend to expand our service offering there, as we build the Cayman business over the next couple of years," Westwood added.

The new office will be based in George Town on Grand Cayman, and will operate as a separate within the Blacktower Group structure.

Currently, Blacktower has some 10 offices in eight countries, including one in Surrey in UK; three offices in Spain; a new one in Malta; and one each in Germany, Portugal, France, Gibraltar and Italy.

Westwood said the new office initially plans to hire two people and expects to hire six more staff by the end of 2014.