Myself and Martin have been working tirelessly over the last couple of years to get our very own license in Singapore. We decided not to continue our partnership with an IFA down there and decided to get the capital & markets service license instead. This allows us to do way more than we previously thought possible.
Martin should take most if not all of the credit for obtaining the license, because he has moved there and dealt with the daily matters that arise from trying to obtain this milestone.
Once SEA see’s the ways in which we plan to change the expat advisory market in Asia, we hope it will open up a new era of lower cost and seamless managed advice. In our view the current set up for advisers is outdated, too expensive for the client and the reputation of the industry needs changing.
Below is the full article published in the International Adviser.
Farringdon Asset Management, part of the Malaysia-based Farringdon Group, has received a licence to operate in Singapore where it will focus on focus on providing expat clients with discretionary portfolio management services.
The wealth management company said it was awarded a Capital and Market Service licence by the Monetary Authority of Singapore on 7 October 2016.
Martin Young, one of the founders of Farringdon Group and FAM’s chief executive, said the company believed the asset management licence was better fit for the company’s business model in Singapore rather than a financial adviser licence.
“The Singapore financial advice market is heavily focused on long-term contractual insurance plans and historically Farringdon Group has generated less than 10% of its revenue from such policies,” Young said.
Expat DFM provider
“The company has always focused on providing discretionary portfolio services, for single premium investments and felt that in Singapore the asset management license was a better fit for our business model.
“We see a lot of potential in Singapore, as there are no other company’s able to offer the kinds of services that we do in the expatriate space. As a financial hub we find Singapore investors are quite sophisticated and tend to shy away from the traditional IFA model, which is based on portfolios of managed funds,” he said.
Stuart Yeomans, Farringdon’s marketing director, said: “We also have a number of big announcements in the coming few months, which will certainly shake up the investment sector throughout Asia and we believe that our business model will be pioneering a few new ideas that the market has not yet seen, but sorely needs.
“It will be interesting to see how other firms react when we come to market with our new strategies and offer advice in a unique and lower cost format,” he added.
Thank you to International Advisor for another great article, for the full article please follow the below link to their website. Farringdon gets asset management licence for Singapore.
CEO
Kuala Lumpur : Malaysia
Stuart Yeomans 