Brooks Macdonald International (BMI) has secured a Category I license from the Financial Services Board (FSB) to offer advisory and intermediary services in South Africa.
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Following the license approval, the firm will be able to offer discretionary investment management, security as well as dealing services to South African investors.
South African investors can now access the firm’s diverse investment services such as its international bespoke portfolio service, international managed portfolio service, and established segregated equity and bond strategies, which will be offered from BMI’s Channel Islands base.
BMI CEO Darren Zaman commented: "The granting of the license demonstrates our commitment to growing and servicing BMI’s international professional adviser and wider investor base in South Africa.
"The number of advisers looking to outsource their investments to an independent discretionary fund manager is rising due to increasing regional and international regulatory change.
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By GlobalData"In addition, investors are increasingly seeking to access offshore investments as a result of the relaxation of exchange controls and benefits of greater asset security and returns."
The granting of the license comes following the appointment of Lindsay Bateman in the role of a business development director in last January, as part of a strategy to expand in South Africa and internationally.
