The chief executive and founder of Cyprus-headquartered financial services and wealth firm 3D Global has stepped down following a management buyout.
David Rumsey has been at the helm since 3D Global’s inception in 1997. The financial advice business was not only one of the founding members of Cyprus International Financial Advisers (CIFSA) but was also one of the first to become regulated by the Cyprus Securities & Exchange Commission (CySEC) following Cyprus’ acceptance into the EU.
3D Global comprises 3D Global Financial Services, 3D Global Insurance Advisors, agents and sub agents. From its headquarters in Limassol, 3D Global passports its services across Europe.
As part of the management buyout deal, 3D Global’s executive team takes the reins from Rumsey who will remain with the business as a consultant.
Mark Nowell, who has been with 3D Global since 2005 and worked as a director since 2013, assumes the role of chief executive. He will oversee the firm’s €130m (£110m, $130m) assets under management and its international client portfolio, which spans 50 countries and focuses on EU member states.
The firm will now look to expand its existing range of client services and grow its team of advisers.
Rumsey said: “After 25 years, I felt it was the right time to pass on the management of the company. I believe the current management are the right team to develop the business from here on and I will continue to support them as I am able.”
Nowell added: “3D Global has been at the forefront of Cypriot financial services throughout some of the most tumultuous geopolitical and macroeconomic events in modern history.
“Internationally, we have witnessed the dot com bubble, the war on terror, the 2008 financial crash, Brexit, a global pandemic, and now war in Europe for the first time since 1945.
“Domestically, we’ve seen the Cypriot banking crisis, Cyprus joining the EU, a change in the national currency, and the introduction of sweeping financial services regulation.
“Against the backdrop of these developments, 3D Global has continued going from strength to strength under David’s guidance, tenacity, and vision. I’m now very excited to follow in his footsteps as chief executive.”
The financial terms of the deal were not disclosed.