Fraser Mackinlay Group, a Cyprus-based expat-focused advisory firm, has merged with Caratfin Holdings to form a new entity, the FM Group, with nearly 145.5 million in assets under advice.
The merger is part of both the firms plan to expand across Europe and Africa, according to International Adviser.
The merger is scheduled to be completed in the next six months subject to regulatory approval.
The principals of Fraser Mackinlay and Caratfin, Martin Treanor and Derek Melly, who have been serving on the board of the Cyprus International Financial Services Association, currently employ around 30 people.
According to Melly, the merger follows the growing regulatory environment across the world which made difficult for small and medium-sized advisory firms to survive.
Following the merger, Treanor will become the group managing director of the newly-formed company.
Through this merger, Caratfin is planning to expand its range of services and operations into France and Italy, where it plans to open new offices in the next few months.
"Caratfin have a very strong presence in Africa, and do a lot of their business outside of Cyprus, although they have clients in Cyprus, too. Down the road, we’re looking to expand further into Africa, and eventually, into Southeast Asia and the Middle East as well.
"Among the things Fraser Mackinlay brings to the party, meanwhile, is its MIFID licence, which we got towards the end of 2011, and which Caratfin doesn’t have," Melly added.