Provisca marketing director Bryan Low told International Adviser: “We’ve done the initial job in terms of getting them established in the market and set up terms of business with all key providers and adviser firms in the Middle East and Asia.
“They are now going to take the distribution in-house and run it from teams they have in Guernsey and South Africa.
“Phase one of the job is done, we’d like to continue but they want to take it back in house. We’re still best of friends,” he added.
Momentum and Provisca signed their marketing and distribution deal in July 2016 and it formally ended on 6 March this year when Momentum triggered an option to end the deal.
New players
Provisca, the international product distribution business set up by industry veterans Low and Nigel Watson, said it is now in discussion with other potential partners in that same kind of space as Momentum.
“We’re currently in dialogue with some potential new big brand partners to bring them to the offshore market,” Low said.
He said changing regulation and its impact on commissions, especially in centres like Dubai, was making the transparent, pure platform model more attractive to advisers by offering better value for the client.
Provisca is also still in partnership with London-based asset management firm Heptagon Capital and has an agreement with QB Partners (formerly The Qrops Bureau) on the Isle of Man.
