Hansard International has been granted an investment manager licence in Japan, which the long-term savings provider described as the first step to enable the company to enter the market with an “innovative, next generation savings proposition”.
The pursuit of Japanese permissions has been on going for a number of years.
Gordon Marr, group chief executive of Hansard Global, hinted that the licence was pending in the firm’s third quarter results earlier this year.
However, the financial statement painted a difficult picture of the Far East market, reporting that the present value of new business premiums at Hansard dropped, year-on-year, by 30.6% in the three months ending 31 March 2019.
On a nine-month basis, the company reported a 34% decline.
Hansard said that new business in the region had been impacted by the firm’s efforts to reposition towards a locally-licensed business.
Engaging with local distributors
An unnamed general manager has been appointed in Toyko.
International Adviser reached out to Hansard for details of the appointment and a spokesperson advised that they would be named in due course.
The general manager will be tasked with “building on the opportunity that the new licence presents and lead the development of local resource and distribution relationships,” the company said.
Marr said: ‘‘This is a major development for Hansard’s business in a market that we are confident demonstrates high potential, and represents a key part of our strategic growth plan.
“We are well advanced in implementing our business plan, which includes registering our next generation product, the appointment of a General Manager and engaging in productive discussions with distributors in the local market.
“There is more to do before we are fully operational but this presents us with a very significant and material opportunity to achieve a step change in Hansard’s future growth potential.”