Blacktower Financial Management Group, providers of individual and corporate financial planning, has gained a licence to offer its bespoke services in Panama, South America.
This follows the recent acquisition of a full broker dealer licence for its Cayman entity and the group's expansion into Swiss and Australian markets this time last year.
Blacktower said in a statement on 10 october that its full range of services, including overseas pensions advice, tax planning and wealth management, will be available to both residents and expats, after acquiring the regulatory and licensing requirements needed to operate in this region.
Group managing director Gavin Pluck said "It can be incredibly challenging for advisers and smaller wealth management firms to gain access to smaller markets such as Panama; this expansion is not only significant in Blacktower's development, but it also represents a pivotal moment in the evolution of our IFA network and offers a real opportunity to those operating under our regulatory umbrella."
Chairman and founder of both Blacktower and Nexus Network, John Westwood, added that "Panama, whilst small, is a valuable addition to our regulatory footprint. It has proved itself to be one of the fastest growing economies in the last decade,doubling its income per capita.
"With our Cayman entity just across the Caribbean sea, it is incredibly encouraging to see Blacktower cementing its presence in this part of the world and illustrates our ongoing expansion outside of Europe in to regions such as LATAM."
