Professional Investment Services’ (PIS) plans to buy back 20 per cent of adviser shares in the company’s Singapore operation.
PIS chief executive Robbie Bennetts announced the proposed move at Professional Investment Advisory Services’s (PIAS) recent strategic review.
The offer, similar to a proposal to buy back part of PIS’ New Zealand operation, would value shares in the Singapore operation at S$4.00 ($3.00), and is subject to final approval from the PIS board and Singapore regulatory authorities.
Bennetts said both deals demonstrated that PIS is growing as an international company.
“As with our New Zealand operation, we have great faith in the future of PIAS and its staff members,” he said.
“PIS has huge faith in the economies of South East Asia. We have operations in Malaysia, Hong Kong and China.”
“As I said at the time we announced the New Zealand offer, it underpins PIS’ business model of sharing our wealth not just with the upper echelons of management but advisers and all those connected with the group,” he said.
While abroad, Bennetts also opened offices of PIS’ Hong Kong offshoot, Horwaths Financial Services.
“It’s very exciting to be here in Hong Kong and are looking forward to leveraging from the experience we have gained in our Singapore operation.”
As well as announcing a buy back, Bennetts said PIS plans to increase revenue in its Singapore advisory business by 50 per cent in the next financial year.
Professional Investment Advisory Services (PIAS), the dealer group’s Singapore offshoot, current has S$500 million ($380 million)under management as at June 2007, up from S$300 million ($228 million) in December 2006.
In the past year PIAS adviser numbers have leaped 56 per cent, while revenue is up a staggering 83 per cent. The company is also said to be on track to grow its adviser numbers to more than 500 in the next year.
