Taking on GS Wealth’s Singaporean clients and some of its advisers is understood to be Singapore-based International Financial Services (IFS), one of the largest expatriate specialist advisory firms in Asia. IFS officials did not respond to requests for comment.
Earlier this year, GS Wealth sold its Labuan operation to “a private individual”, who retiring founder and chief executive Alan King declined to name.
However, Neal Davies, a partner at Dubai-based Elite Capital Solutions, confirmed reports that Elite Capital has taken over the operations of GS Wealth (L) Ltd, a fact also stated on Elite’s website. In addition to its Labuan office and its Dubai headquarters, Elite Capital also has a presence in Hong Kong.
King said there was “no story” to the fact that GS Wealth was relinquishing its Singaporean licence, and contacting its clients with details about how to authorise a shifting of their business to IFS.
He also stressed that the decision did not have anything to do with a reprimand by the Monetary Authority of Singapore of GS Wealth in June, for allegedly breaching its licence “by providing…advisory services to individuals who did not meet [its licensing] criteria” because their assets or income were too low.
“I’m 59, I think it’s time to retire,” he said in a telephone interview, adding that he had been planning his retirement for some time.
In a letter to clients, a copy of which was obtained by International Adviser, King said that GS had “come to an agreement with IFS, one of Singapore’s largest expatriate financial advisory firms, to provide the necessary business support and continuity to our clients moving forward.
“As a result of this, our advisory team will transfer to the IFS organisation and GSW will relinquish its FA licence.”
King founded GS Wealth in Labuan in 1997, after more than ten years with Legal and General in the UK. He opened the Singapore office in 2003. King declined to say whether his brother and an associate in the business, Colin King, was also planning to retire.
