‘After the decision for the UK to leave the EU was made, we could not risk any impact to our advisers’ EU passporting status. We took immediate action to Brexit-proof the business and our Cyprus office has been operational for some time. It is a testament to the work of the team on the ground that this licence has now been approved.’ says John Westwood, Founder & Group Managing Director of the Blacktower Group.
‘We remain committed to Gibraltar; we have a strong operations team working from there and are constantly seeking ways to promote the benefits of this jurisdiction. All EU resident clients though will be moved to the Cypriot entities during 2020, enabling us to continue to service our clients in Europe, while Blacktower Financial Management (International) Limited will maintain a book of non-EU clients.’ he confirms.
The development follows the launch of Blacktower Cayman Limited back in November 2019, along with the expansion of the Group’s IFA network, Nexus Global, into the US and precedes plans to expand into Australia, South Africa and UAE later this year.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Lehman Brothers filed for bankruptcy on 15 September 2008. With $639 billion in assets and $619 billion in debt. Their bankruptcy filing was the largest in history and prompted an immediate fall in the FTSE 100 of 4%. It was the beginning of a slump that by Christmas of 2008 had resulted in 23% being wiped off the value of Britain’s top 100 companies. As a stock market crash, it ranks alongside the dotcom bubble and the shock of 1987. However, while living standards have flat-lined since that date, the stock market revival has been spectacular. Many investors were, however, spooked by the financial crisis of 2008 and liquidated their investment portfolios. Unfortunately as shown below – they lost out on the bull run of the next 10 years.