With its Mifid tied agent status, the new branch will be able to provide investment advice in its own right and set up direct terms with local companies and institutions.
Officially known as Aisa International s.r.o, the Czech office has also opened the door for the branch to offer services to local residents.
Set up branches
James Pearcy-Caldwell, chief executive of Aisa, which recently won International Adviser’s Best Practice Adviser Awards 2016 for excellence in client service and best adviser firm in Europe, said: “We previously operated under service passporting arrangements for investment advice throughout the EU using Mifid.
“We are now looking to establish physical branches, country-by-country, with our two main brands: Aisa International and OpesFidelio.
“While many other firms operate under [Insurance Mediation Directive] licences, we do not see this as viable with new EU legislation coming through, although we also hold these insurance-based licences as well.
“In the Czech Republic, and indeed in each country where we have branches established, they will be sympathetic to local systems and will have local residents who ideally speak the language as employees or advisers.”
Appointment
Pearcy-Caldwell continued: “This now allows our firm to appoint Christopher Lean, who is an associate of the Personal Finance Society and an ex-CII Examiner, as investment adviser in the Czech Republic.
“Chris lives there and speaks the language, whilst retaining a close link with the UK through our UK head office”
“Aisa will retain responsibility for oversight of investment business in the Czech Republic, he said.
