Gilliat appoints director for offshore launch

Structured products specialist Gilliat Financial Solutions has appointed Andy Savill as director to oversee the launch of the company’s new offshore business.

According to Adrian Neave, managing director for Gilliat, the offshore market is currently ‘underbroked’ by UK companies.

This, he says, is partly due to the less-than-sterling reputation the offshore market has gernered following coverage of Europe-based boiler-room frauds and other questionable behaviour.

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Mr Neave said: “People have always looked at the offshore market a little askance because there have been people operating in it that haven’t been properly regulated and it doesn’t have the best name.”

However, Gilliat will mitigate this by partnering with Federation of European Independent Financial Advisers for “a kind of quality control”.

“We have had a partnership in association with Feifa for something approaching 18 months and we are looking to take our business to mainland Europe through that connection initially.”

Mr Savill formerly worked as an account manager at The Royal Bank of Scotland.

Mr Neave said: “We needed it to be someone like Andy because the product base and payoffs will be different because the client profile is different than in the UK. We will expect there to be more aggressive payoffs, for example.”