Holborn Assets has acquired Kuala Lumpur-based advisers Greenwood Private Wealth Management.
The Dubai-based international finance company announced via a statement earlier today that Greenwood will adopt full Holborn Assets branding imminently, after the acquisition was confirmed.
Holborn Assets new South East Asia (SEA) region is fully licensed and compliant with the Labuan Financial Services Authority. The company did not disclose how much it paid to conclude the deal.
As part of the acquisition, Holborn Assets said that it has invested in new, state-of-the-art facilities to accommodate up to 25 additional staff members by December.
Matthew Green, director of Greenwood and continuing director of the new Holborn Assets Malaysia arm, said that he was “thrilled” to be joining the Holborn Assets team.
“Holborn Assets is heavily invested in technology and has developed proprietary systems which has enabled it to provide top quality service to its clients and support its advisory staff, particularly in marketing and generating customer enquiries.”
Holborn said that it plans to ensure that every adviser within the firm’s global offices is Diploma Level 4 qualified or beyond – an ambition which will be complete across its global workforce by “the end of next year”.
The news is the second boost for Holborn in a matter of days, after it confirmed last week, as reported, that it has returned to pension advice in the UK.
Holborn has secured an agreement with the UK financial services regulator the Financial Conduct Authority, to be allowed to work on UK pensions advice via an outsourced ‘second check’ arrangement, that is conducted by an FCA-approved third party.
On the Malaysian outpost deal Robert Parker, chief executive of Holborn Assets said that rapid growth of the financial sector in Malaysia is something that company has “had our eye on for some time”.
“Our new SEA division has been warmly welcomed into the Holborn family as we look to duplicate our operations, client services, IT, admin and centralisation processes, bringing the muscle of a global organisation to our Malaysian team.
Our Kuala Lumpur office will have immediate access to the same training, tools and resources which continue to enable our Dubai HQ to go from strength to strength.”