The position is a new one, according to Nick Anderson, director of AAM, another Singpaore advisory group, who said Beggs would “enhance the support and service we provide our clients, advisers and staff”.
Anderson added that AAM had “been working on getting [Beggs] on board ever since we heard [he] was available a few months ago”.
As reported, Beggs left IFS in February, when he was retained temporarily by Henley Group to oversee an in-house review and revamping of that advisory company’s business model, in response to planned changes in the way Singapore regulates financial services. The Monetary Authority of Singapore announced plans to conduct a major review of the industry last March, and since then has outlined some of the changes it expects to implement.
Henley Group CEO Antony Michell said the company’s review has been completed, and has been presented to the Henley executive committee.
“We wish him [Beggs] the best in his new role, and look forward to working closely with him and the team at AAM in the future, as together we embrace the changes that [the Financial Advisory Industry Review] will undoubtedly bring,” Michell added.
Easton stake
Earlier this year, Easton Investments Ltd, a Melbourne, Australia-based, Australian Securities Exchange-listed company, purchased a 19.9% stake in AAM Advisory, through its Easton Wealth Asia subsidiary, as part of a strategy of boosting its presence in the city-state.
In March, Easton announced it had entered into a non-binding memorandum of understanding with ICBC (Australia) Investment Management Company (ICBCAIM), “to allow EW Asia and ICBCAIM to collaborate in the development of products and investment strategies for distribution through the ICBC network in China”.
Originally from IoM
Beggs is originally from the Isle of Man, and before leaving it earlier this year, had been with IFS since 2005. His career in financial services dates back more than 15 years. Previous roles included around five years with Zurich International Life on the Isle of Man.
To read about how the FAIR review was announced last year, click here. To read some of the FAIR review panel’s recommendations – which notably do not include a ban on commissions – click here.
