Over the past 11 years, we have amassed a client bank of well over USD1 billion across our offices and with a recent addition of Dubai, we are now proud to announce our new set up in Labuan.
Labuan FSA announced at the beginning of 2019 that all companies registered in Labuan, will need to maintain an office and staff in Labuan or face changes to the way they are taxed and monitored.
Stuart Yeomans Now CEO of Farringdon Asset Management (Dubai) stated that “Although we are moving and setting up a physical operation in Labuan, we will still maintain our offices in Kuala Lumpur. We have made some changes to the office and are happy to announce Daniel Carnie will replace me as the new CEO of Farringdon Asset Management (Malaysia: Formally – Farringdon Group)
Daniel has been working under myself for over 8 years and is 100% ready to make the big step into becoming the new CEO and to run his new office. There is no end to changes to our industry and even this week we have been informed by clients that competitors are saying we are closing our door. It just goes to show that no matter what you do; like expand into Singapore and Dubai, then into Labuan, not to mention break the USD1 billion barrier, there is always a way in which our industry twists things. These types of rumours are exactly why we need someone knowledgeable at the top and Daniel is the right man for the job.
Daniel commented that “It makes us glad that we made the move to asset management and have expanded the team significantly to ensure that client assets are managed correctly.
Our main aim now is to focus on managing current clients and we are not focused on dozens of sales people; we are now strongly working from referrals and introducers and no longer need to focus on a core sales team. This is good news for prospects as we see the curtain coming down for these heavily sales driven teams as opposed to selecting the lowest cost investments that perform and working from referrals.
The office has gone under some recent restructuring to ensure that in the long term it is viable; we have new introducers that pass us business that they can’t do anymore, and we are always on the look out for good quality consultants. We are specifically after people with USD10 million in AUM to join and we have the correct set up to ensure that they are looked after correctly.
New members of our team will have an existing book that our asset management team can assist on lowering fees for the end client, whilst getting them better performance. This really is possible with our knowledge and because we control a relatively large AUM we can get better deals than most companies.
Stuart closed by saying that people will be surprised that very soon, we are on target to exceed US$2 billion under management this year which will make us one of the dominant players in the offshore wealth space in the world.