Atlantic – April, 2022: Global wealth management firm, Blacktower Financial Management has today announced that it has obtained the industry’s first underwater licence, offering its suite of holistic financial planning services to underwater residents and professionals through the new entity Blacktower Financial Management (Oceana).
The Group has obtained licencing via the Submerged Entities Authority after a challenging three year application process, initially being told by the regulator ‘Don’t hold your breath’.
The licence will cover the Mediterranean Sea, Atlantic and Pacific Oceans, with further expansion planned later in the year.
Gavin Pluck, Group Managing Director said of the launch:
‘We knew that there was a real market for those clients who largely work within the ocean spaces and indeed permanent underwater residents who do not benefit from onshore financial management services; often left to quite literally store their assets in treasure chests. We wanted to be the first brokerage in the industry to launch our services to these previously abandoned markets and really take a deep dive on their financial circumstances; so we are very excited about this expansion.’
‘Obviously, the Submerged Entities Authority* is notoriously a very difficult regulator to appease and so we will be setting up a virtual office off the Strait of Gibraltar, along with a team of advisers experienced with the legal intricacies of underwater territory. We are delighted to further expand the Blacktower Group of Companies both above and under the shoreline.’
Blacktower Financial Management was founded in 1986 by Group Chairman, John Westwood and the launch of Blacktower (Oceana) follows recent expansions into Australia and Switzerland.
*This regulator does not exist and is purely fictitious. Happy April Fool’s Day from Blacktower Financial Management.
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.
As part of our new NEWS WRAP feature we take a look at an industry-related news item which directly affects our business and our clients.
Expat financial advice is a must for any British expat living in Portugal, Spain or Italy to ensure they meet their cross-border taxation obligations while also making the most of the financial growth and preservation opportunities available to them.