The Blacktower Group has received full licencing for its Cypriot operations, Blacktower Financial Management (Cyprus).
Up until now, the firm’s European operations were based solely in Gibraltar, but following the UK’s decision to depart from the EU, in 2016, Blacktower sought approval and licencing for both IDD and Mifid II business on the Mediterranean island.
“After the decision for the UK to leave the EU was made, we could not risk any impact to our advisers’ EU passporting status,” said John Westwood, founder and group managing director of the Blacktower Group.
“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.”
Growth plans
The Gibraltar business will still be up and running, however, Westwood added.
“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) will maintain a book of non-EU clients.”
The Cypriot licence follows the group’s expansion in the US, where it received an extension to its advisory licence to include Nexus Global, the financial advisory network; and the creation of a “fully regulated” Cayman entity in November 2019.
