In a letter to clients seen by International Adviser and dated 2 May 2016, Montpelier Malaysia director Keith Bayliss said the move was necessitated due to expansion plans within Asia by UniCap Global, Montpelier’s parent company of which Bayliss is a shareholder.
“UniCap Global is close to completing the acquisition of two brokerages based in Malaysia and also two further brokerages: one in Hong Kong and one in China.
“Consequently, a management restructure has been necessary, and as part of this, two of Montpelier’s directors, Stuart Williamson and Diane Docherty, were suspended from the company and have subsequently resigned,” Bayliss said.
Bayliss went on to tell clients that any correspondence they may have received from Williamson and Docherty recently, including any from a Montpelier e-mail account, had nothing to do with the company’s future plans.
Restructure plan
The latest developments at Montpelier follow the sudden and brief closure of the Montpelier office in Kuala Lumpur in February when the two directors were first suspended pending an audit of the business.
Bayliss said as part of the restructure and UniCap’s future plans, the Montpelier office in Kuala Lumpur had now been formally closed and all client files and policy servicing rights transferred to Three Sixty Financial (360).
Writing in his capacity as a director of Montpelier Malaysia Ltd, Montpelier Administration Services Sdn Bhd and Montpelier Tax Consultants Sdn Bhd, Bayliss told clients that, other than a change of contact point to 360, there would be no impact on their existing accounts.
“Your money is safe,” he said.
360 appointment
Justin Moorhouse, chief executive of 360, underlined the same message in a separate letter to Montpelier’s clients.
“The change is in your best interests and will allow you to enjoy a secure and stable service now and in the future,” Moorhouse said.
Three Sixty Financial has been licensed and regulated since 2001 and is wholly owned by its directors.
“As a business we have matured greatly in the last 15 years and developed an excellent reputation for strong ethics, integrity and expertise which I am looking forward to delivering to you too,” Moorhouse said in the letter to clients.
“It is for these reasons UniCap have identified 360 as the most qualified team to drive their expansion throughout Asia, whilst also offering their existing clients the highest levels of service and integrity.”
