The Fraser Mackinlay (FM) Group, a financial planning advice provider to expat community in Cyprus, has set up a new advisory business in Nairobi in a move to expand its regional footprint in East Africa.

Known as FM East Africa, the new business will be headed by Neil Ferguson, reported International Adviser.

Prior to joining FM Group, Ferguson managed African operations for Lifecare International, Holborn Asset Management and Hansard International.

Ferguson said that he will start hiring new staff in early 2015.

"I am confident the company’s client proposition will attract high calibre professionals who want to live and practice in this incredibly dynamic region," Ferguson added.

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By GlobalData

Martin Treanor, managing director of FM Group, said: "This is an exciting development for the group and signals the beginning of our non-European expansion plans."

Additionally, FM Group expects to launch a firm in the Middle East early next year.

Treanor said that they are actively researching the region to identify a suitable opportunity to launch the Middle East business.

The FM Group was created in February this year after Cyprus’s expat-focused advisory firms Fraser Mackinlay and Caratfin Holdings merged.