barnes: Malaysia shows growth
Fry Group
expanding into
Kuala Lumpur
to court ex-pats
The Fry Group has opened
an office in Kuala Lumpur,
as it looks to cater for the
growing number of ex-pat
British citizens who are
living, working and retiring
in Malaysia and the region
around it.
Fry, a UK-based financial
adviser and wealth
management company,
recently opened an office
in Cyprus and acquired a
stake in its chief rival in
the Belgian market, Fulcra
International Financial
Planning.
“We have a group of
existing clients there who
we wish to service,” said
Graham Barnes, Fry’s international
director, of the
new Kuala Lumpur office.
“Malaysia will show
strong economic growth,
and we need to be positioned
in those markets.”
Although Kuala Lumpur
is not far from Singapore,
where Fry already has an
office, the company must
have a presence in Malaysia
to be licensed to handle
clients living there. It is in
the process of obtaining
that license, Barnes said.
He added that Fry is
responding to what it sees
as “a need for better advice
in popular ex-pat retirement
markets,” of which
Kuala Lumpur and the
region around it is one, and
that the company’s lowcost
model was thought
particularly well suited to
that market. In addition
to Singapore, Fry also has
offices in Hong Kong.
NEWS
Boal & Co launches QROPS
scheme based in Guernsey
by daniel judge
Isle of Man-based actuaries
Boal & Co has rolled out a
Guernsey-domiciled QROPS
scheme, which benefits
from the island’s tax-free
distribution of benefits.
Boal & Co’s launch of
the Synergy scheme fol-
SyNERgy SIpp
PERMITTED INVESTMENTS
n Stocks and shares
n Fixed income
n Mutual funds, including
ETFs, hedge funds and
other collectives
n Commercial property
n Insurance bonds
n Structured investments
n Bank and building society
accounts.
Privy Council expected to move on foundations
by helen burggraf
The Privy Council is
expected to gives its nod
to Jersey’s new foundations
law, which was approved
by the island’s government
in October, when it meets
on May 13.
If the Privy Council
gives its assent, the first
foundations could be up
and running by mid June,
legal experts said.
Giles Corbin, partner
Maitland moves into Maltese terrritory
Maitland, the global wealth
and professional services
firm, has opened an office
in Malta.
The company described
Malta as “one of the most
interesting jurisdictions” for
the structuring of investments
into the European
Union, and for establishing
and administering companies.
The office is Maitland’s
13th worldwide.
The company said it plans
to establish a fund services
business in Malta, and
to provide client relation-
lows the UK tax authority,
HMRC, last year giving
Guernsey’s pension system
a clean bill of health in
terms of its operating
within a UK approved
QROPS framework. There
had been speculation a
provision allowing benefits
to be paid tax-free could
BENEFITS OF THE SCHEME
n Benefits taken as drawdown
rather than annuity
n Free of Guernsey tax
n 25% tax free lump sum can
be taken at retirement
n Tax free nomination of any
residual pension benefits
paid on scheme members
death
n Retirement from age 50
and trust expert at Jersey
law firm Mourant du Feu &
Jeune, said the company has
two confirmed instructions
already, one of which is an
existing Lichtenstein foundation.
He said he expects
more would follow once
the law is in place, and
the concept “becomes a lot
more tangible” to clients.
Some legal experts note
that foundations may be
more appealing than ever
as a result of the UK’s new
ship services to investment
funds administered through
its operation in Cape Town.
Ian Crockford, a dual-qualified
Maltese lawyer and
chartered accountant, will
head up the office.
Among the services
Maitland will offer through
Malta will be the formation
and administration of
Maltese companies and
other entities, as well as the
provision of directorships
and accounting.
Maitland said its Malta
team will work closely with
be interpreted by HMRC as
contrary to QROPS rules.
The Isle of Man, also home
to several QROPS schemes,
taxes benefits at 18%.
The Synergy scheme is
administered by Boal &
Co from the Isle of Man,
but held under trust in
Guernsey by actuarial firm
BWCI. Both companies are
part of Abelica Global, an
international actuarial consulting
group.
Boal & Co has three
existing Isle of Man QROPS
master trust schemes,
under which more than 30
QROPS registered schemes
have been approved by
HMRC. Synergy is the
firm’s first non-Isle of
Man scheme.
50% income tax rate.
The introduction of
foundations is seen as an
effort on Jersey’s part to
maintain its appeal as an
offshore financial centre at
a time of growing global
competition.
At present, neither
Guernsey nor the Isle of
Man has a provision for
foundations, although they
are known to be considering
them, as is the Cayman
Islands.
the company’s international
legal, tax, fund services and
asset management experts
on behalf of its clients.
Steve Georgala, Maitland
managing director, said:
“Since joining the EU in
2004 and the eurozone in
January 2008, Malta has
developed into a sophisticated
financial services centre,
offering a safe, secure and
low-tax environment for
high-net-worth individuals
and companies.”
www.maitlandgroup.
com.
NEWS
Headline over two please
Head
over two
IN BRIEF
Duke University opens
campus in Dubai
The business school
of America’s Duke
University will open
a campus in the Dubai
International Financial
Centre. Duke’s Fuqua
School of Business last
year announced its
plans to establish five
campuses overseas;
the others will be in
London, New Delhi,
Shanghai and St
Petersburg.
RL360° links Sarasin
to Paragon offering
Royal London 360°
has added two Sarasin
funds to its regular
premium product
Paragon: Sarasin
AgriSar and Sarasin
EquiSar Global
Thematic.
ECPI launches global
water-related index
ECPI, a research,
rating and index
company specialising
in environmental and
governance issues,
is launching what it
calls its ECPI Global
Blue Gold Equity
Index. The index
will give investors
equity exposure to
publicly traded firms
active in water-related
businesses, which are
poised to benefit from
declining global water
availability.
Ogier names Ray
Wearmouth partner
Ogier has named Ray
Wearmouth group
partner in its BVI
office. Wearmouth
joined the firm in
March after seven years
at Harney, Westwood
& Riegels, in the BVI
and Hong Kong.
For the current and all
previous editions, with
full news archive, go to
www.international-adviser.com
MAY 2009 [www.international-adviser.com] INTERNATIONAL ADVISER 11 5
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