In an exclusive interview with International Investment, Hansard's chief executive officer, Gordon Marr provided more detail about the successful application that resulted in Hansard International Limited being recently granted with what he called a "precedent setting" Investment Manager license in Japan.
As reported by International Investment on Friday, Hansard International has been granted the licence for its new Tokyo-based business and will announce the appointment of its new general manager next week, as the company prepares to launch into the huge domestic, Japanese savings market.
"It was certainly a precedent to get the licence. The level of scrutiny and disclosure has been enormous. We persevered and now are the only business [from the international savings marketplace] that can match up to Japanese regulatory requirements. To have a licence in one of the biggest savings market in the world is a great achievement for us. We look forward to the challenge of making the most of this fantastic opportunity."
We are extremely confident that we will be able to offer local, long-term savers with a proposition that is not currently available."
"Being part of a totally transparent, FTSE-listed business, we are used to sharing information about our company, so lots of the information requested by the regulators was readily available, which certainly helped in the application process" Marr added. "We are also making good progress on the delivery of a completely new administration system - which we are confident will enable us to be incredibly flexible with product design, and to replicate this model elsewhere".
Marr outlined that the operation will be a Japanese business selling to Japanese clients, through Japanese distribution. The license is for capital redemption business, rather than insurance. Hansard are now planning marketing activity for the roll out of what it calls its new "innovative ‘next generation' savings proposition" ready by early next year.
"We are well advanced in the development of the product offering" says Marr "While I cannot share too much information right now, we are extremely confident that we will be able to offer local, long-term savers a proposition that is not currently available. The new product will represent excellent value to the client, providing them with flexibility and access to a best of breed range of funds".
‘We are well advanced in implementing our business plan, which includes registering our product, the appointment of a general manager and engaging in productive discussions with distributors in the local market.
There is more to do before we are fully operational but this presents us with a very significant and material opportunity to achieve a step change in Hansard's future growth potential."
Marr added that the company's new general manager for the Tokyo operation is "an experienced Japanese executive" who will start their new role on 1 July.