The third adviser is Grant Bibby.
The additions to the AAM Advisory team come as the firm prepares its business to accommodate the changes being brought in to Singapore’s financial advice industry by FAIR, an industry-wide review unveiled last year by the Monetary Authority of Singapore.
It also follows the news, announced in January, that a major, Australian Securities Exchange-listed company, Easton Investments, had taken a 19.9% stake in AAM Advisory, as it moved to boost its corporate presence in Singapore.
At AAM, the three advisers will find themselves again working alongside Kelso Beggs, another former IFS executive, who earlier this year was named head of distribution at the company.
Also at AAM, the company, which has said it is looking to expand significantly in response to changes in the marketplace being brought about by the Financial Advisory Industry Review, recently acquired the floor below its existing offices, doubling its space to 7,000 sq ft, according to Nick Anderson, executive director. The offices are located on Robinson Road in the heart of Singapore’s financial district.
As reported, the Financial Advisory Industry Review was unveiled last year by the Monetary Authority of Singapore, with the aim of boosting the standards of advice being given to Singaporeans. As in other countries that have sought to improve advice standards by introducing new regulations, the FAIR review is expected to bring about a consolidation in the industry, as the smaller companies merge or are acquired or go out of business because of the presumed high costs of compliance.