Cyprus’s 3D Global issues call for UK wealth managers
At 4:30pm in Limassol, Cyprus, today, it was 27°C (81°F) under sunny skies; tomorrow is also expected to be sunny, with a high of around 31°C. In London, around the same time on Monday, it was just 7°C, and it was pouring rain, as it had been doing for most of the day – and on and off throughout the just-ended, gloomy, cold, traditionally British late April weekend.
At 3D Global, a wealth manager based in Limassol, they insist that wealth managers shouldn’t relocate to Cyprus just for the weather. After all, they note, it rains there, too. Snow is even known to fall in the mountains in the centre of the island, on occasion.
Nevertheless, if the return of winter-like temperatures and gloomy skies to Britain over the past week has prompted some financial advisers there to consider relocating to a sunnier part of Europe, 3D Global executives suggest these advisers get in touch straightaway – because 3D Global just happens to be hiring.
In fact, according to Mark Nowell, a director of 3D Global, the company is currently looking to hire around 10 new advisers and client relationship managers, “to help us tackle the challenges posed by Brexit, MiFIDII, PRIPS, DGRP etc”.
“As the European financial landscape is changed in the wake of increased regulations, along with the UK’s exit from Europe, there are exciting opportunities, alongside the difficulties to be faced,” adds Nowell, who himself came to Cyprus from Abu Dhabi in 2001, after relocating there in 1995 (after a recruitment consultant got in touch with him on a particularly dark and gloomy November day).
“It has become apparent that for small companies, the costs in time, expertise and finances are making the adoption of the greater regulatory burden hard, if not impossible to bear.
“And it is also still a sad fact that there is a dearth of good, qualified advisers to look after the expat British client base in Europe.
“All too often, we see people who have been poorly advised, and who are now suffering the consequences of investing in unsuitable products that they didn’t fully understand.
“Invariably, the ‘adviser’ that sold these plans has long since fled the scene. We are left to help pick up the pieces and see what can be salvaged.”
This is why, Nowell adds, that 3D Global will only consider candidates who have at least a “Level 4” diploma or who are “working towards it”. They would also need to pass a Cyprus-specific exam which would test their understanding of MiFIDII and local advisory regulations, before which they would be assigned to work alongside one of 3D Global’s qualified advisers.
Twenty years in Cyprus
3D Global Wealth Management was founded in 1997 by David Rumsey, who, as reported, is now based in the UK, after handing over the reins of the business to Tony Pentland, and selling part of his stake in it to four key members of its management team in 2016. (He remains the majority shareholder.)
Pentland had joined the business in 2012 from the Fry Group, where he had been general manager of that firm’s Cyprus and Middle East businesses.
As Pentland and Rumsey noted in a 2016 profile on their company, 3D Global today has clients in more than 50 countries, even though it has offices only in Limmasol and the UK (now that Rumsey is back, as he is remaining involved with the business). The company also maintains an affiliation with an accountancy in Malta.