The Blacktower Group obtains Cyprus licence
Cyprus, June 2020 – In the latest stage of its global growth plans, the Blacktower Group has announced today the complete licencing of its Cyprus entity, Blacktower Financial Management (Cyprus) Limited.
Previously, Blacktower’s EU operations have been based solely from Gibraltar, however following the vote for the UK to leave the EU back in 2016, the business sought to gain regulatory approval and licencing for both IDD and MiFID business in Cyprus.
‘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.