Aviva, the UK-based insurance and financial services company which yesterday unveiled a new, 280-adviser-strong financial advisory business in Singapore, today explained that the new business will run alongside, but separately as a “different firm”, from Professional Investment Advisory Services Pte Ltd, an existing, and major, Singapore-based advisory business that it also owns.
In a statement in response to questions from International Investment, an Aviva spokesperson said: “We are very pleased with the progress we have made with PIAS since the acquisition three years ago.
“Aviva Financial Advisers will be another brand that enables customers and distributors to choose the firm they are most comfortable with.”
As reported, PIAS was launched in 2001, and according to its website, currently manages “close to S$800m ($US590m)” and employs “more than 500 advisers and staff”.
The new operation will be based in offices on Orchard Road in Singapore, which is north of the Singapore River and thus some distance from PIAS’s offices on Shenton Way, near Tanjong Pagar.
The company said it would announce the name of the person who will head up the new Aviva advisory business “in due course”.