McCallion was formerly responsible for developing Barclays Bank’s African business via Mauritius and previously spent seven years with Close Wealth Management, focusing on the QROPS market in Africa.
“He’s already making a great contribution to the business and I’m sure his work will improve the lives of advisers and their clients across Africa,” said Clive Moore, managing director of IDAD.
McCallion’s brief at IDAD is to work with advisory and discretionary businesses across the African continent. He joins recent recruits Martin Cartwright (Far East), Stacey Arcus (Middle East) and Miranda Karademir (Central Sales) – who have all been hired to ensure IDAD has regional representation to help advisers globally.
Moore said IDAD was currently benefiting from its consistent delivery of products that are designed to be suitable for investors rather than just to generate large fees for investment banks and distributors.
“Sadly, the market has seen a number of short-term, stock-linked products mature with massive losses of capital for investors (over 90% in some case),” he said.
“But the FCA’s recent consultation paper in the UK is now forcing investment banks to take more responsibility for the products they issue, resulting in a significant reduction in the number of inexperienced distributors and inappropriate products out there.
“This is great news for investors and vindication for our approach to product development,” Moore added.
